Singapore's GIC seeks approval from CCI for 2.14% stake in IPO-bound Groww

The proposed investment is part of Groww's broader plan to raise $200 million in pre-IPO funding and may double its valuation to $6.5 billion

Singapore’s sovereign wealth fund GIC has applied for approval from the Competition Commission of India (CCI) to acquire a 2.14 per cent stake in wealthtech firm Groww, according to people familiar with the matter.

 

The proposed investment is part of Groww’s broader effort to raise approximately $200 million in pre-IPO funding, which could double the Bengaluru-based company’s valuation to around $6.5 billion from its last private-market mark.

 

Groww, which offers online investing services and competes with domestic brokerage platforms such as Zerodha and Angel One, counts roughly 13 million active users.

 

In November 2024, Groww shifted its domicile from the US to India as it gears up for a public offering. For the financial year ended March 2024, the company reported revenue of ₹3,145 crore and a net loss of ₹805 crore, driven in part by a one-time tax expense related to the relocation.