CCI Clears GIC’s Strategic Stake Buy in Groww, Paving Way for Fintech Unicorn’s Next Growth Phase

India’s Competition Commission (CCI) has approved Singapore sovereign wealth fund GIC’s acquisition of a 2.14% stake in investment tech unicorn Groww, marking a key milestone ahead of Groww’s anticipated public listing. The stake will be acquired through GIC’s affiliate, Viggo Investment Pte, as part of a broader pre-IPO funding round expected to value Groww at up to $6.8 billion.

 

Key Highlights:

 

Regulatory Green Light: The CCI found that the transaction, formalized via a share subscription agreement and deed of adherence on April 28, 2025, does not raise competition concerns or alter the dynamics of India’s fast-growing fintech sector.

 

Pre-IPO Momentum: GIC’s investment is part of a larger $200–250 million funding round, with participation from existing backers like Tiger Global, positioning Groww for a high-profile IPO targeted for FY26.

 

Fintech Leadership: Groww, founded by ex-Flipkart executives, has become India’s largest stockbroker by active clients, boasting 13 million users as of February 2025 and a surging FY24 revenue of ₹3,145 crore—up 119% year-on-year.

 

IPO Readiness: The company recently shifted its domicile from the US to India and has been settling regulatory cases to clear the path for its domestic listing. Investment banks JPMorgan and Kotak Mahindra have been roped in for the IPO process.

 

Strategic Use of Funds: The new capital will support not only IPO preparations but also potential acquisitions and further expansion of Groww’s product suite.

 

With CCI’s nod, GIC’s entry adds further credibility and financial muscle to Groww’s ambitious growth story.

 

Sources: Economic Times, The Week, Inc42