IPO-bound wealthtech startup Groww has closed its Series F funding round of $202.3 Mn (around INR 1,735 Cr) from GIC and ICONIQ Capital at a valuation of $7 Bn, sources close to the matter told Inc42.

The Bengaluru-based unicorn has seen a 250% jump in its valuation which was being reduced to under $2 Bn .

The development comes almost a week after Inc42 reported that .

Groww declined to comment on Inc42’s queries.

The startup held an extraordinary meeting on June 6 to approve the allotment of 1.8 Cr Series F compulsorily convertible preference shares (CCPS) at INR 482.8 each to Singapore GIC (Viggo Investment Pte Ltd) and ICONIQ Capital-linked ISP VII-B Blocker GW.

Groww has diluted 2.86% equity shares on conversion of the preference shares. It further said in a filing with the Registrar of Companies (RoC) that the new funds are raised for “growth of its existing business and the business of its subsidiaries.”

Founded in 2017 by Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal, Groww is an online discount broking platform that allows users to invest in stocks, exchange-traded funds (ETFs) and IPOs.

On the financial front, . Despite the loss, Groww’s total revenue surged by 119% to INR 3,145 Cr during the same period.

Last month the Zerodha-rival (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) through a confidential pre-filing route.

As per media reports, Groww is looking to raise anywhere between $700 Mn to $1 Bn from its public listing and is seeking a valuation of $8 Bn to $7 Bn, almost the same at which it has raised its current funding round.

Groww’s IPO is likely to have a larger offer-for-sale component (OFS) component and a small bit of fresh issues.

Ahead of its IPO, the startup has marked some major milestones. Last month it completed the in an all cash deal of INR 150 Cr to expand its offerings in the wealth management space. Besides, it has also fortified its mutual fund playbook with the launch of its new fund offer (NFO), Groww Nifty 500 Low Volatility 50 ETF, an open‐ended scheme that aims to track the Nifty 500 Low Volatility 50 Index – TRI.

But it has not been all rainbows and sunshines for Groww.

Last month, the startup for misconduct in client due diligence and technical glitches experienced on the platform in 2024, coughing out INR 47.85 Lakh and INR 34.1 Lakh respectively on both occasions.

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