Groww to raise $250 million at $6.8 billion valuation in GIC-led round: Report

Stockbroking firm Groww is currently in talks to raise nearly $250 million in a funding round prior to going for IPO, the Times of India reported, citing people familiar with the matter. The funding round is expected to see participation from a host of investors, led by Singapore's sovereign wealth fund GIC.

The funds will be raised at a valuation of nearly $6.8 billion. This is more than double the $3.1 billion valuation the Bengaluru-based company had recorded in its last funding round in 2021. The report further claimed that other investors who may participate in the round include Tiger Management, among existing investors.

Moneycontrol couldn't independently verify the report.

The stockbroking firm has engaged in talks with multiple investment bankers regarding its IPO and aims to raise over $1 billion, sources earlier told Moneycontrol.

"Kotak Mahindra Capital, JP Morgan, Axis Capital, Citi and Motilal Oswal have been engaged for the deal. The plan is to kick off the IPO next week, file the draft documents by April-May and list by the end of the calendar year or within FY26," said one of the persons familiar with the development," said a person familiar with the matter.

Another source told Moneycontrol, "With multiple investors onboard, the deal is expected to be largely an OFS or offer for sale, along with a primary component." Two other persons confirmed the above. Considerations are preliminary, and details on issue size and timing may change later if required, they added.

Notably, the company had completed shifting the domicile of its holding company from the US to India in 2024.