New Delhi, Oct 6: IPO-bound investment platform Groww has completed the acquisition of wealth-tech startup Fisdom after receiving regulatory clearance from the capital markets watchdog Sebi last week,
people familiar with the development said on Monday.
Expansion into Wealth Management
The transaction, concluded on Monday, paves the way for Groww's foray into the wealth management space through a new offering named 'W', aimed at High Net-worth Individuals (HNIs) and affluent investors, they added.
The move marks a significant expansion beyond Groww's traditional stronghold in retail investing and mutual funds.
Groww’s Evolution and Fisdom Integration
Groww, founded in 2016, has steadily evolved into a full-stack financial platform, diversifying into asset management, corporate bonds, margin trading facilities, and now wealth management.
Fisdom's founders, Subramanya SV and Anand Dalmia, along with their core team, will continue with Groww to lead the wealth business. The company is expected to ramp up hiring to serve its growing base of affluent customers.
Growing Affluent User Base
As per Groww's Draft Red Herring Prospectus (DRHP), the platform has more than 2.7 lakh active affluent users with portfolios exceeding the Rs 25 lakh segment, that has grown nine-fold between FY23 and Q1FY26.
Groww's entry into this segment comes at a time when India's wealth landscape is rapidly expanding. Rising disposable incomes and financial awareness are driving middle-class households to diversify across asset classes once considered exclusive to HNIs. Moreover, structured investment products and advisory-led models are now finding traction among new-age investors.
IPO Plans and Funding Details
Last month, Billionbrains Garage Ventures, the parent company of Groww, filed updated draft papers with Sebi for an Initial Public Offering (IPO), with industry sources familiar with the development pegging the issue size at an estimated Rs 7,000 crore.
The proposed IPO comprises a fresh issue of equity shares worth Rs 1,060 crore along with an Offer For Sale (OFS) component of 574,190,754 equity shares by promoters and investor shareholders, according to the updated Draft Red Herring Prospectus (DRHP).
Fisdom’s Portfolio and Reach
Founded in 2015, Fisdom has built a strong franchise in investment advisory, Portfolio Management Services (PMS), Alternative Investment Funds (AIFs), and private investment products.
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With Assets Under Management (AUM) exceeding Rs 10,000 crore, Fisdom serves over one million clients through 15 offices across India and 150 wealth partners, a number expected to grow to 250 as it expands its reach. Also, it serves as a wealth-tech partner for more than 15 leading banks, with access to over 400 million potential customers.
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