Groww has never been shy about its ambition of becoming more than a broking app. Its latest deal with State Street Investment Management (SSIM) suggests that its ambition is now shifting from treating asset management as an adjacent offering to making it a core pillar of its business. Nearly three years after its foray into the mutual fund business, Groww is selling a 23% stake in its asset management arm, Groww AMC, to SSIM for INR 580.02 Cr through a mix of primary and secondary capital. The significance of the transaction lies less in the capital involved and more in the profile of the partner. State Street oversees more than $5 Tn in assets globally, and its interest underscores growing institutional confidence in India’s asset management market. Once the deal bags the regulatory approval, INR 381 Cr will be routed through a secondary share sale, while the AMC will issue fresh shares worth INR 198 Cr to the global asset manager. The transaction values Groww AMC at roughly INR 2,500 Cr, up from the INR 175.6 Cr Groww paid in 2023 to acquire the mutual fund business of Indiabulls Housing Finance. Groww’s AMC journey began in 2021, when it signed… Read MoreInc42 Media
