Viggo Investment Pte. Ltd, an entity backed by Singapore’s sovereign wealth fund GIC, has approached India’s Competition Commission (CCI) for approval to acquire a 2.143% equity interest in  Groww.

This development comes as Groww prepares for a pre-IPO fundraising round aiming to secure approximately $200 million. 

If successful, the funding round could reportedly peg Groww’s valuation between $6.5 billion and $7 billion.

The Bengaluru-based investing platform was previously valued at around $3 billion after raising $251 million in its Series E round back in October 2021. Since then, the company hasn’t raised additional capital. To date, Groww has secured close to $400 million in funding from key investors including Peak XV Partners, Tiger Global, Ribbit Capital, and YC.

In a separate move, Groww recently received CCI’s clearance to issue bonus shares to existing stakeholders ahead of its upcoming IPO.

The company is eyeing to raise $1 billion through its public listing at $6-$8 billion valuation.

For FY24, Groww reported operational revenue of Rs 3,145 crore. It posted a net loss of Rs 805 crore, driven primarily by a one-time tax charge of Rs 1,340 crore while shifting its domicile back to India.