Billionbrains Garage Ventures, the parent company of online investing platform and mutual fund house Groww, has raised Rs 1,735 crore (around $200 million) in its Series F funding round led by Singapore sovereign wealth GIC and existing investor ICONIQ Capital, people aware of the development told VCCircle.
The new round valued Groww around $7 billion, the people said Friday.
The round comes as the company’s net profit surged to around Rs 1,819 crore in the financial year through March 2025. It had made a loss in FY24 due to a one-time tax expense of Rs 1,340 crore related to its move from the US to India. On the other hand, its net revenue grew to Rs 4,056 crore in FY25, up from Rs 2,958 crore in the previous year.
Earlier this month, Groww, which is also backed by New York-based Tiger Global and several other venture capital firms, confidentially filed for an initial public offering (IPO) with the Securities and Exchange Board of India (SEBI).
Groww is expected to raise between $800 million and $1 billion through the IPO at a valuation of around $7 billion, VCCircle reported earlier. The offering will be a mix of a fresh issue and an offer for sale. The company, which is India’s largest stock broking firm by active investor base, plans to use the proceeds to enhance its technology infrastructure and expand its business.
Founded in 2016, Groww held over 26% market share as of March 2025. In FY25, it added 34 lakh new accounts. Its active client base rose from 9.5 million in March 2024 to 12.9 million in March 2025, a robust 36% year-on-year increase.
Groww's other investors include Peak XV Partners, Ribbit Capital, Y Combinator, as well as Microsoft CEO Satya Nadella. With the latest funding round, the company has raised nearly $600 million to date.
Meanwhile, the company has hired JP Morgan India Pvt Ltd, Kotak Mahindra Capital Co Ltd, Citigroup Global Markets Pvt Ltd, Axis Capital Ltd, and Motilal Oswal Securities Ltd as the merchant bankers for the IPO.
