Indiabulls Receives CCI s Approval To Sell AMC Business To Groww inc42.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from inc42.com Daily Mail and Mail on Sunday newspapers.
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Existing investors Sequoia India, Ribbit Capital, YC Continuity and Propel Venture Partners also participated in the round.
The deal values the company at close to $1 billion.
ET
first reported on the impending deal on March 1.
Founded in 2017 by former Flipkart employees Lalit Keshre, Harsh Jain, Neeraj Singh and Ishan Bansal, Groww is an investment platform with more than 15 million registered users. The Bengaluru-based startup, targeted at millennials investing in financial products, faces stiff competition from Zerodha, Upstox and Paytm Money in India s burgeoning online investment market.
Groww also competes with the likes of Steadview Capital- and Tiger Global-backed IndWealth, Accel’s portfolio company Scripbox, and Time Internet-owned ET Money in providing an online investment platform to consumers and retail investors. Times Internet is part of the Times group which also publishes this paper.
Tiger Global is likely to bring in $50 million to the $100-million funding round, which will peg Groww s valuation at $1 billion. The latest valuation is about three times of its