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Groww Closes $200 Mn Funding Round Ahead Of IPO
- Wealthtech startup Groww has closed a Series F funding round of $202.3 Mn from GIC and ICONIQ Capital at a $7 Bn valuation.
- The Bengaluru-based unicorn has seen a 250% valuation jump.
- The funding round comes after reports of the startup planning to raise funds before its public listing.
- The startup approved the allotment of Series F CCPS to GIC and ICONIQ Capital.
- Groww has diluted 2.86% equity shares on conversion of the preference shares.
- The new funds are for the growth of its business and subsidiaries.
- Founded in 2017, Groww is an online discount broking platform.
- Despite reporting a net loss of INR 805 Cr in FY24, Groww's total revenue surged by 119%.
- Groww filed its DRHP with SEBI last month for an IPO.
- The startup aims to raise $700 Mn to $1 Bn and seeks a valuation of $8 Bn to $7 Bn.
- Groww's IPO is expected to have a larger OFS component and a small fresh issues portion.
- Recently, Groww completed the acquisition of Fisdom and launched a new fund offer.
- The startup settled cases with SEBI for misconduct and technical glitches.
- Groww's IPO journey and recent developments mark significant milestones.
- The funding round positions Groww for its impending IPO.
- The startup has seen both challenges and achievements leading up to its IPO.
- The funding and developments indicate a dynamic phase for Groww in the wealthtech sector.
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