GIC Seeks CCI Approval for Stake in Investment Tech Unicorn Groww

Singapore's sovereign wealth fund GIC is poised to expand its foothold in India's burgeoning financial technology industry by acquiring a 2.14% stake in the investment tech unicorn, Groww. Details of this strategic acquisition were revealed in a filing with the Competition Commission of India (CCI).

GIC's affiliate, Viggo Investment Pte, is set to oversee the transaction which is subject to approval under India's Competition Act, 2002. Despite its scale, the acquisition is not expected to impact competitive market dynamics, according to GIC's submission to the CCI.

Bengaluru-based Groww, founded by former Flipkart executives, has rapidly ascended in the investment tech sector. Its online platform offers stock trading and mutual fund services, a business model that bolstered the company's valuation to USD 6.8 billion following a robust funding round earlier this year.

(With inputs from agencies.)