Groww, a health tech startup preparing for its IPO, has raised $200 million in a new Series F funding round. This brings the company’s value to $7 billion.
Singapore’s GIC, a new investor, and ICONIQ Capital, an existing backer, also took part in this funding round.
Last month, the Bengaluru-based company secretly filed documents with SEBI to prepare for its IPO. It plans to raise between $700 million and $1 billion through the public offering.
On June 6, Groww held a special meeting to approve the issue of new shares.
They agreed to allot 1.8 crore Series F preference shares at INR 482.8 each to Singapore’s GIC (Viggo Investment Pte Ltd) and ICONIQ Capital’s ISP VII-B Blocker GW.
The share issue led to a 2.86% drop in ownership for existing shareholders.
In its filing with the Registrar of Companies (RoC), Groww said the money raised will be used to expand its main business and support its subsidiaries.
Groww was founded in 2017 by Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal.
It is an online platform that helps people invest in stocks, exchange-traded funds (ETFs), and initial public offerings (IPOs).
Groww has grown to offer digital lending, wealth management, and other related services.
Recently, it bought the wealth-tech startup Fisdom for $150 million in cash, entering the wealth advisory business. This is Groww’s second big purchase after acquiring Indiabulls AMC in 2023.
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