🚀 Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. 🔥
Login

News on Medial

Groww moves domicile to India from the US

EntrackrEntrackr · 1y ago
Groww moves domicile to India from the US
Medial

Full-stack financial services platform Groww has completed its domicile transition back to India from the US. The company’s co-founder and chief executive officer Lalit Keshre confirmed the development through a post on X (formerly Twitter). “With this update, the Groww group and its subsidiaries are completely based in India,” wrote Kesre. On Thursday, the firm also completed eight years of its operations. “By the way, today marks the completion of 8 years of Groww. Still, a long way to go,” he mentioned on X. Entrackr had exclusively reported about Groww’s relocation plan in September 2023. With this, Groww joins the likes of PhonePe which relocated its domicile to India from Singapore. A bunch of fintech companies such as KreditBee, Pine Labs, Razorpay, Meesho and Zepto have been working on reverse flips. According to experts tracking the fintech space, companies in the segment want to be headquartered in India as regulators tend to like firms which are based out of the country as diligence and monitoring become easy. The Indian government has been encouraging local startups to redomicile to India and set up their base in the IFSC GIFT City l and tap into the international market opportunities. Shifting domicile for Groww, however, must have come at a high cost. While the company didn’t disclose the exact amount of taxes it paid to local authorities, PhonePe’s investors paid Rs 8,000 crore in taxes to complete the process. The quantum of the tax depends on the company’s valuation and third-party audits. According to the startup data intelligence platform TheKredible, Groww raised its last round at a valuation of $3 billion (Rs 22,500 crore).

Related News

Flipback Tax: Razorpay restructures to cut levy; Groww pegs tax outgo at $70 million

Economic TimesEconomic Times · 1y ago
Flipback Tax: Razorpay restructures to cut levy; Groww pegs tax outgo at $70 million
Medial

Indian startups that were originally domiciled abroad are now making moves to shift their registered entities to India. Razorpay, a digital payments firm valued at $7.5 billion, has initiated a restructuring process to bring all of its India units under a single local holding company. This move is expected to reduce the company's tax outgo. Similarly, online stockbroker Groww has completed its domicile shift to India, accounting for around $60-70 million in taxes. Other startups, such as quick-commerce firm Zepto, are also planning to shift their domiciles to India. This trend is driven by the desire to align with regulatory frameworks and potentially prepare for IPOs in India.

Fintech unicorn Groww eyes $6-8 Bn IPO: Report

EntrackrEntrackr · 1y ago
Fintech unicorn Groww eyes $6-8 Bn IPO: Report
Medial

News All Stories Fintech unicorn Groww eyes $6-8 Bn IPO: Report Groww is the leading stockbroking company in India, with more than 13 million monthly active users, according to the latest data from the National Stock Exchange (NSE). Harsh Upadhyay 13 Jan 2025 13:26 IST Follow Us Stockbroking company Groww is gearing up for its initial public offering (IPO), according to a media report. While a few fintech startups have already gone public, the Lalit Keshre-led company will be the first contemporary startup from the stockbroking industry to take this step. TechCrunch, which first reported the development, added that Groww has begun talks with investment bankers and will soon choose advisers for the IPO. The firm is targeting a listing in 10-12 months, with a valuation goal between $6 billion to $8 billion. Groww has raised nearly $400 million to date from notable investors such as Peak XV, Tiger Global, Ribbit Capital, and YC Continuity, and was valued at around $3 billion following a $251 million Series E round in October 2021. It hasn’t raised a new round since then. It’s worth noting that Groww completed its domicile transition back to India from the US in May last year. Entrackr exclusively reported on Groww’s relocation plan in September 2023. Groww’s revenue from operations surged to Rs 3,145 crore in FY24. The company recorded a net loss of Rs 805 crore in FY24, primarily due to a one-time tax payment of Rs 1,340 crore for relocating its domicile to India. Entrackr has reached out to Groww for comments. Groww is the leading stockbroking company in India, with more than 13 million monthly active users. According to the latest data from the National Stock Exchange (NSE), it holds a 26.59% market share in this space as of December. Its arch-rivals, Zerodha and AngelOne, held market shares of 16.41% and 15.67%, respectively. Paytm was the first fintech from the Indian startup ecosystem to be listed on the stock exchange in 2021, followed by Mobikwik, which debuted on the bourses in December last year.

Groww Creditserv’s loan book grows to Rs 965 crore by June

Economic TimesEconomic Times · 1y ago
Groww Creditserv’s loan book grows to Rs 965 crore by June
Medial

- Groww Creditserv Technologies (GCS), the NBFC arm of Groww, witnessed a significant increase in its proprietary loan book, reaching around Rs 965 crore as of June 2024. - GCS, a wholly owned subsidiary of Billionbrains Garage Ventures, primarily focuses on providing personal loans and consumer durable loans for household essentials. - GCS started its full-scale operations in April 2023, initially offering unsecured loans, and later expanded its consumer durable lending business to Karnataka and Tamil Nadu. - In July 2024, GCS completed a pass-through certificate transaction, selling loan assets to investors and plans to issue non-convertible debentures (NCDs) to support its growth. - Groww's core broking business reported a net profit of Rs 297 crore in 2023-24, four times higher than the previous financial year, solidifying its position as the largest broking platform in India with over 10 million active investors. - Earlier this year, Groww relocated its domicile to India from the US, aligning with the growing trend among Indian startups to leverage India's maturing startup ecosystem.

Meesho gets NCLT nod to relocate base to India

EntrackrEntrackr · 9m ago
Meesho gets NCLT nod to relocate base to India
Medial

Meesho gets NCLT nod to relocate base to India The National Company Law Tribunal (NCLT) has approved Meesho’s move to shift its headquarters back to India from Delaware in the US, taking it a step closer to its initial public offering (IPO). This allows Meesho to separate from its US entity and merge back with its Indian company, completing its move back to India. A Moneycontrol report also added that Meesho is likely to pay $288 million in taxes for the reverse flip. Confirming the development to Entrackr, a Meesho spokesperson said, “This filing is part of our ongoing transition to re-domicile in India. With the majority of our operations, including customers, sellers, creators and Valmo partners already based here, this step aligns our corporate structure with our day-to-day business footprint.” However, the spokesperson did not comment on the tax amount paid by the company. Media reports suggest that Meesho has also shortlisted Morgan Stanley, Kotak Mahindra Capital, JP Morgan, and Citi as its bankers and is likely to launch its IPO by the end of this year. Last week, the homegrown e-commerce platform also transitioned into a public entity from a private one ahead of its $1 billion IPO. Meesho adds to the growing number of Indian startups such as Razorpay, PhonePe, Groww, Pine Labs, and Zepto that have paid hefty taxes to relocate their base back home after originally being incorporated overseas. While Zepto and Dream11 did not disclose the amount of tax paid for the reverse flip, Razorpay paid $150 million, PhonePe and Groww paid Rs 8,000 crore ($1 billion then) and Rs 1,340 crore ($157 million) in taxes, respectively, to complete the process. Meesho’s rival Flipkart, with an estimated valuation of $36 billion, is also working on relocating its domicile from Singapore to India.

Download the medial app to read full posts, comements and news.