Viggo Investment Pte. Ltd., an investment entity linked to Singapore’s sovereign wealth fund GIC, is seeking approval from the Competition Commission of India (CCI) for the acquisition of a minority shareholding in Billionbrains Garage Ventures Limited, the parent company of digital broker Groww.
According to disclosures filed with the CCI, Viggo Investment proposes to acquire a 2.143% stake in Groww. The transaction is pursuant to a deed of adherence and share subscription agreement executed on April 28, 2025.
The investment is understood to be part of a larger funding round. This move comes as Groww is reportedly preparing for a potential initial public offering.
Groww had previously received CCI approval earlier in April for a significant corporate restructuring. That approval facilitated the collapse of differential voting rights held by the founders and authorized the issuance of bonus compulsorily convertible preference shares to existing equity shareholders, including prominent investors such as Peak XV Partners, Ribbit Capital, Y Combinator, Tiger Global, and ICONIQ Strategic Partners.
This restructuring is understood to allow certain shareholders to acquire additional voting rights.
In the fiscal year ending March 31, 2024 (FY24) the Bengaluru-based unicorn’s consolidated revenues more than doubled, surging 119% to Rs 3,145 crore from Rs 1,435 crore in the preceding fiscal year. Operational profitability also saw an improvement, reaching Rs 535 crore for FY24, up from Rs 458 crore.
However, the company reported a net loss of Rs 805 crore for the year, primarily attributed to a one-time tax expense of Rs 1,340 crore related to its decision to redomicile in India.
Edited by Jyoti Narayan
