IPO-bound fintech unicorn Groww is on course to raise $202.3 Mn (around INR 1,735 Cr) in a Series F funding round from investors like GIC and ICONIQ Capital.
The startup’s board will hold an extraordinary general meeting on June 6 to approve the allotment of 1.8 Cr Series F compulsorily convertible preference shares (CCPS) at INR 482.8 each to Singapore GIC (Viggo Investment Pte Ltd) and ICONIQ Capital-linked ISP VII-B Blocker GW.
The board will also allot 1,000 equity shares to GIC for INR 96,560. The startup hopes to dilute 2.86% equity shares on conversion of the preference shares. The startup will be valued at $7 Bn for the Series F round, sources said.
In a notice to shareholders, the startup board said that the purpose of the offer “is to raise funds for growth of its existing business and the business of its subsidiaries”. Groww declined to share more details.
The Series F fundraiser would be separate from Groww’s pre-IPO fundraiser. On May 26, Groww filed its draft red herring prospectus (DRHP) with the SEBI, to raise between $700 Mn and $1 Bn from the listing.
The Series F round has been in the making long before the invest tech major solidified its listing plans. The company’s board of directors had approved the issuance of 3.6 Cr Series F CCPS to the investors on May 30.
Since then, GIC had approached the Competition Commission of India (CCI) to in the IPO-bound startup. ICONIQ Capital was also reported to be investing $150 Mn in Groww’s pre-IPO funding round.
The company is said to be aiming at a conservative valuation of $7 Bn on listing on the bourses – same as the valuation for its Series F round. The public float is expected to largely comprise an offer-for-sale (OFS) component and a small share of fresh issues.
Groww Maps Its Way To Dalal Street
While much isn’t known about Groww’s listing plans, it has been fairly active in sorting out its operations and expanding its business verticals on its way to the IPO.
Marking a key development last month, the invest tech company signed a definitive agreement to acquire wealthtech startup Fisdom in an .With Fisdom’s capabilities, Groww will look to expand its offerings in the wealth management space.
The fintech has also doubled down on its mutual fund play in the run up to the public issue. Its mutual fund arm last week rolled out its new fund offer (NFO), Groww Nifty 500 Low Volatility 50 ETF, an open‐ended scheme that aims to track the Nifty 500 Low Volatility 50 Index – TRI.
Its long-term strategy is built around the AMC business. As of March 31, 2025, the mutual fund industry’s assets under management
In its nine years of business, Groww has emerged as the country’s largest discount brokerage platform with an active user base of 1.29 Cr, about 30 Lakh more than its closest competitor Zerodha, as of April-end. Over the years, Groww has also diversified its offerings from being a discount brokerage to credit, UPI, wealth management, and so on.
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