New Delhi, May 15 – Singapore’s sovereign wealth fund GIC has approached the Competition Commission of India (CCI) for approval to acquire a 2.14 percent stake in Billionbrains Garage Ventures, the parent entity of investment tech unicorn Groww.
The stake acquisition will be carried out through Viggo Investment Pte, a special purpose vehicle wholly owned by GIC’s subsidiary Enterprise Holding, which in turn is wholly owned by GIC (Ventures) Pvt Ltd.
According to a filing to CCI on Tuesday, the transaction is governed by a deed of adherence and a share subscription agreement signed on April 28, 2025. The acquisition falls under Section 5(a) of the Competition Act, 2002, which covers deals requiring antitrust watchdog scrutiny.
Groww, headquartered in Bengaluru, offers a suite of financial services through its online platform, including stock trading, mutual fund investments, and other financial instruments. It also operates its own asset management business.
In its submission, GIC asserted that the proposed acquisition would not impact competition in any Indian market segment, and therefore, a detailed market definition was unnecessary.
Earlier in March 2025, Groww was reportedly in talks to raise approximately USD 250 million in a pre-IPO funding round led by GIC. The round significantly boosted Groww’s valuation to around USD 6.8 billion, surpassing its previous valuation of USD 3.1 billion in 2021.
Founded in 2016 by former Flipkart executives Harsh Jain, Lalit Keshre, Neeraj Singh, and Ishan Bansal, Groww has emerged as one of India’s leading fintech platforms.
Despite posting a net loss of Rs 805 crore in FY24, mainly due to a one-time tax outgo of Rs 1,340 crore linked to its redomiciling from the US to India, Groww maintained its operational profitability. The company reported an operational profit of Rs 535 crore for FY24, a 17 percent increase from Rs 458 crore in FY23.
Revenue for the financial year ending March 31, 2024, surged 119 percent to Rs 3,145 crore, up from Rs 1,435 crore in FY23, underlining the company's strong growth trajectory.
