**Groww Plans Confidential IPO Following GIC Investment**
Online stock trading platform Groww is set to file a confidential draft red herring prospectus (DRHP) within the next two weeks as it prepares to go public. This move comes shortly after Viggo Investment Pte. Ltd., an investment arm of Singapore’s sovereign wealth fund GIC, sought approval from the Competition Commission of India (CCI) to acquire a 2.143% stake in Groww, valuing the company at approximately $7 billion.
The anticipated funding from GIC is expected to elevate Groww’s valuation significantly, as sources indicate that the company will be valued at $7 billion post-investment. This follows a previous funding round in October 2021, where Groww raised $251 million at a valuation of $3 billion, bringing its total funding to $393.3 million.
Groww has not commented on inquiries regarding the IPO. For its public offering, the company has engaged banks such as JPMorgan Chase & Co. and Kotak Mahindra Bank Ltd. In a strategic move earlier this year, Groww issued compulsorily convertible preference shares as bonuses to existing investors, including Peak XV and Ribbit.
Founded in 2016, Groww has been transitioning its base from Delaware to Bengaluru, making its Indian entity, Billionbrains Garage Ventures, the parent company. This shift aligns Groww with other Indian startups, such as electronics brand BoAt and edtech company Physics Wallah, that have opted for the confidential IPO route. Food delivery platform Swiggy also recently filed a confidential DRHP ahead of its public listing.
As Groww prepares for its IPO, the fintech landscape in India continues to evolve, with increasing interest from investors and a growing number of startups seeking to enter the public market.
**FAQ**
*What is Groww’s current valuation and funding status?*
Groww is currently valued at approximately $7 billion following a recent investment from GIC, with a total funding of $393.3 million raised to date.
