Singapore sovereign fund seeks CCI nod for a 2.14% stake in Groww

Singapore's sovereign wealth fund GIC has approached the Competition Commission of India (CCI) for approval to acquire a 2.14% stake in Indian fintech major Groww. The proposed investment is part of Groww's pre-IPO funding round that values the company at approximately ₹43,000 crore (∼$5.2 billion). This move comes as Groww prepares for its anticipated public listing, with the investment expected to strengthen its balance sheet and support expansion plans. The transaction highlights growing international investor confidence in India's digital financial services sector. CCI's clearance is being sought under the combination regulations of the Competition Act, with the regulator expected to evaluate potential market impact before granting approval. The deal would make GIC one of the key institutional investors in Groww alongside existing backers like Tiger Global and Sequoia.