Investment tech platform Groww taps JPMorgan, Kotak for IPO: report

Investment tech platform Groww has tapped lenders including JPMorgan Chase and Co. and Kotak Mahindra Bank Ltd for a potential initial public offering (IPO), Bloomberg reported, citing people familiar with the matter who asked not to be identified as the information is private.

Billionbrains Garage, the company the operates Groww, may raise $750 million or more from the share sale and seek a valuation of up to $8 billion, the report said, adding that the company could proceed with an IPO this year.

Negotiations are at a preliminary stage and details such as size and timing may change, the report said, adding that more banks may be added to help arrange the deal.

Billionbrains Garage and Kotak didn’t respond to a request for comment, while a spokesperson for JPMorgan declined to comment.

Co-founded in 2016 by four Flipkart colleagues, groww has about 50 million customers and is backed by Microsoft Corp. Chief Executive Officer Satya Nadella, according to its website.

Other investors in the Bengaluru-based firm include Tiger Global, Peak XV Partners (erstwhile Sequoia Capital India and Southeast Asia), and Ribbit Capital.