CCI Clears GIC's Investment In Groww, Approves 2.143% Stake Acquisition

CCI Clears GIC's Investment In Groww, Approves 2.143% Stake Acquisition

Introduction

The Competition Commission of India (CCI) has approved the proposed combination relating to the acquisition of 2.143% shareholding in Billionbrains Garage Ventures Limited (which operates the brand ‘Groww’) by Viggo Investment Pte. Ltd. (GIC Investor).

Factual Background

Billionbrains Garage Ventures Limited is an Indian company that operates the popular Groww online trading platform and mobile application, allowing investors to invest in stocks, mutual funds, and other financial instruments. GIC Investor is an investment holding vehicle and a wholly-owned subsidiary of Enterprise Holding Pte. Ltd., which, in turn, is a wholly-owned subsidiary of GIC (Ventures) Private Limited.

Procedural Background

The proposed combination involves the acquisition of 2.143% shareholding in Groww by GIC Investor pursuant to the execution of a Deed of Adherence and Share Subscription Agreement dated April 28, 2025. The CCI has reviewed the proposed combination to determine whether it would have any adverse impact on competition in the relevant market.

Reasoning & Analysis

The CCI's approval suggests that the proposed combination is unlikely to have any significant adverse impact on competition in the relevant market. The acquisition of a minority stake by GIC Investor may not result in a substantial change in the control or management of Groww, and therefore, may not raise any competition concerns.

Implications

The CCI's approval of the proposed combination highlights the growing interest of foreign investors in Indian companies, particularly in the fintech and technology sectors. This deal reflects continued investor confidence in India’s growing fintech market. The approval also underscores the importance of ensuring that such investments do not raise any competition concerns.

Final Outcome

The CCI has approved the proposed combination, and a detailed order may follow in due course, as per CCI’s usual practice.