Groww Parent Files for India IPO, Seeking Up to $8B Valuation

Bloomberg.com reports that Billionbrains Garage Ventures Ltd., the parent company of India’s largest investment platform Groww, has formally filed for an initial public offering (IPO) in Mumbai. This filing details the company's intention to list on the Indian stock market. Groww, a significant entity in the financial technology sector, boasts notable investors including Microsoft Corp. CEO Satya Nadella. The proposed IPO involves raising fresh capital through the issuance of new shares. The filing indicates plans to raise up to 10.6 billion rupees, which is approximately $120 million, from this new share issuance. Additionally, the offering will include a sale of shares by existing investors, allowing stakeholders such as founders and early backers to divest a portion of their holdings. While the current filing specifies the amount to be raised via new shares, a prior Bloomberg News report suggested the firm aims to secure between $650 million and $800 million in total from the IPO. This fundraising initiative is designed to support a company valuation of up to $8 billion.