PE Fund Investments
GIC to acquire 2.14% stake in stock broking platform Groww
Viggo Investment Pte Ltd., an investment unit of Singapore's sovereign wealth fund GIC, is to acquire a 2.143% in Billionbrains Garage Ventures Ltd, the parent company of Bengaluru-based digital stock investment enabler Groww . The investment is part of a larger funding round even as Groww is preparing for an initial public offering. GIC has applied to the Competition Commission of India (CCI) for approval.Founded in 2017 by Lalit Keshre, Neeraj Singh and Ishan Bansal, Groww is an online discount broking platform that allows users to invest in stocks and exchange-traded funds (ETFs), IPOs. It also operates an asset management company.
Between Jul 2018 and Oct 2021, Groww had attracted about USD 394 M from Insignia Ventures Partners, Kairos, Peak XV Partners, Propel Venture Partners, Ribbit Capital, Tiger Global, Y Combinator Continuity Fund and others.
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