Singapore sovereign wealth fund GIC is looking to acquire a 2.14% stake in Indian stockbroking platform Groww, per media reports.
GIC, through its affiliate Viggo Investment Pte., is understood to have approached the Competition Commission of India (CCI) seeking the antitrust watchdog’s approval for the deal.
Apart from GIC, which is expected to lead the funding round, the company is also expected to see its existing investor Tiger Global pump more capital.
The proposed investment is part of Groww’s larger plan to raise about $200 million in a pre-IPO round, The Economic Times reported on Thursday (May 15), adding that it could potentially boost the unicorn’s valuation to $6.5 billion—double its previous private market valuation.
Groww, which competes with platforms like Zerodha, Upstox, and Angel One, made headlines earlier this year after initiating talks with several investment banks to raise $700 million through an IPO planned over the next 12–18 months.
The company also plans to use a part of the proposed funding to facilitate its acquisition plans. While it is already in talks to acquire the investment platform Fisdom, there could be others in the fray as well, according to media reports.
Originally launched as a direct mutual fund distribution platform, Groww has rapidly evolved into India’s largest stockbroker by active clients. As of February 2025, the platform had around 13 million active users.
In a strategic move to pave the way for its public listing, Groww shifted its domicile from the US to India in November 2024. The company reported revenue of Rs 3,145 crore for FY24, and a net loss of Rs 805 crore, hit by a one-time tax expense linked to the relocation.
It had entered the unicorn club in April 2021 after raising $83 million as a part of its Series D funding round, led by Tiger Global Management, at a valuation of more than $1 billion. Existing investors Sequoia India, Ribbit Capital, YC Continuit, and Propel Venture Partners also participated in that round.
In October of that year, Groww raised $251 million as part of its Series E funding led by Iconiq Growth, nearly tripling its valuation to $3 billion in a little over six months.
