Groww files IPO papers, eyes $1 billion

BENGALURU: Investment platform Groww has confidentially filed for an IPO with markets regulator Sebi, a newspaper advertisement showed on Monday. The offering is expected to raise between $700 million and $1 billion through a mix of fresh issue and an offer for sale, people familiar with the matter said. The proceeds will be used to invest in tech and expand the company’s financial services footprint.As of March, it accounted for over 26% of the active client base on NSE, with 1.3 crore investors, up from 9.5 million a year earlier. Sources added that Groww is in advanced talks to raise $100-150 million each from Singapore investment firm GIC and Iconiq at a $7 billion post-money valuation.