Copyright indiatimes
Global crossover fund Sequoia Capital Global Equities (SCGE) is likely to join the anchor investor book of online investment platform Groww, making it the Silicon Valley firm’s first direct investment in India after its exit from the country two years ago.According to people aware of the matter, SCGE, which invests across late-stage private and public companies globally, has been allotted shares in the anchor round. While Peak XV Partners is one of the major shareholders in Groww with a 19.8% stake in the company, Sequoia Capital owns 1.85% in the firm through its growth fund. Sequoia Capital had exited its India business and split into three entities back in 2023. Sequoia India was subsequently rebranded as Peak XV Partners.Groww’s Rs 6,632-crore initial public offering comprises a fresh issue of Rs 1,060 crore and an offer for sale (OFS) of 557 million shares by existing shareholders, including Peak XV Partners Investments, Y Combinator, and Ribbit Capital. The price band has been fixed at Rs 95–100 per share. The firm is targeting to go public at a valuation of $7 billion.Founded in 2016 by ex-Flipkart executives Lalit Keshre, Harsh Jain, Neeraj Singh and Ishan Bansal, Groww has expanded from a mutual fund discovery app into a full-stack investment platform offering equities, derivatives, mutual funds and fixed-income products.
