Singapore’s GIC seeks CCI approval to acquire 2.14% stake in Groww

Viggo Investment Pte. Ltd. has sought approval from the Competition Commission of India to acquire a 2.143% stake in fintech unicorn Groww.

Groww has been planning to raise around $200 million in its pre-IPO round. The deal could value the Bengaluru-based stockbroking platform at $6.5–7 billion.

Groww was last valued at approximately $3 billion after securing $251 million in its Series E round in October 2021 and has not raised any new funding since. The Lalit Keshre-led firm has raised close to $400 million so far from prominent investors, including Peak XV, Tiger Global, Ribbit Capital, and YC Continuity.

Last month, Groww also secured approval from the CCI to issue bonus shares to its existing investors ahead of its Initial Public Offering (IPO).

As per media reports, Groww is targeting to raise around $1 billion in the IPO, with a valuation goal between $6 billion and $8 billion.

Groww's revenue from operations jumped to Rs 3,145 crore in FY24. Despite the strong topline growth, the company reported a net loss of Rs 805 crore for the fiscal year, largely due to a one-time tax expense of Rs 1,340 crore incurred as part of its relocation of domicile to India.

Groww is set to join the ranks of fintech unicorns like Paytm and MobiKwik, which have already gone public. Pine Labs and PayU are also anticipated to launch their IPOs by the end of the current fiscal year (FY26). Recently, Razorpay also transitioned into a public entity.