Groww Raises $200 Million in Pre-IPO Round Led by GIC and ICONIQ Capital
Online investment platform Groww has secured Rs 1,735 crore (around $200 million) in a pre-IPO funding round, led by Singapore’s sovereign wealth fund GIC and existing backer ICONIQ Capital. The fresh capital comes shortly after Groww filed a confidential draft red herring prospectus (DRHP) with SEBI, aiming to raise between $700 million and $1 billion through its upcoming initial public offering.
The company’s board approved the issuance of 3.59 crore preference shares at Rs 482.8 apiece, according to regulatory filings accessed from the Registrar of Companies. GIC, through its affiliate Viggo Investment, and ICONIQ Capital, via ISP VII-B Blocker GW, will each infuse approximately Rs 867.5 crore ($100 million).
Post-funding, both investors are expected to hold a 1.43% stake each in the company. The capital will be used to scale Groww’s core business and its subsidiaries.
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The pre-IPO round values Groww at around $7 billion, marking a substantial leap from its previous $3 billion valuation during its $251 million Series E round in October 2021. Groww has cumulatively raised nearly $600 million from marquee investors such as Peak XV Partners, Tiger Global, Ribbit Capital, and YC Continuity.
According to internal company documents, Groww reported Rs 4,056 crore in revenue for FY25, a 31% year-on-year increase, while profits surged threefold to Rs 1,819 crore. In FY24, the Bengaluru-based company clocked Rs 3,145 crore in revenue with an operating profit of Rs 545 crore. However, a one-time tax expense of Rs 1,340 crore related to its domicile shift to India resulted in a net loss of Rs 805 crore for FY24.
Groww’s audited financials for FY25 are yet to be filed with the Registrar of Companies.
Disclaimer: This post is for general informational purposes only. It does not constitute financial advice. Please consult a qualified professional before making financial decisions.
