Groww's Confidential IPO: A Billion-Dollar Bet
Billionbrains Garage Ventures, Groww's parent firm, has confidentially filed for a billion-dollar IPO with Sebi. Known for its rapid growth and investor-friendly platform, Groww aims to use the proceeds for technological and business expansion. The company has seen significant recent growth and profitability, attracting major investors.
- Country:
- India
Billionbrains Garage Ventures, the parent company of Groww, has filed confidential draft papers with Sebi to raise between USD 700 million and USD 1 billion through an initial public offering (IPO), industry sources revealed.
The IPO will comprise a fresh issue of equity shares combined with an offer for sale. The company announced on Monday that it filed the pre-filed draft red herring prospectus with Sebi and the stock exchanges for its proposed IPO on the main board.
Backed by prominent investors such as Peak XV, Tiger Capital, and Microsoft CEO Satya Nadella, Groww plans to allocate the IPO's proceeds towards technology development and business expansion.
(With inputs from agencies.)
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