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Groww receives RBI approval to operate as payments aggregator

EntrackrEntrackr · 1y ago
Groww receives RBI approval to operate as payments aggregator
Medial

Fintech unicorn Groww has received approval from the Reserve Bank of India to operate as a payment aggregator. The firm has joined several fintechs which recently received similar in-principle approval from the central bank. RBI has granted the licence to Groww Pay, the UPI payments platform of broking firm Groww. The licence will allow the Tiger Global and Peak XV Partners-backed firm to facilitate e-commerce transactions through its UPI app. Launched in July last year, Groww’s UPI app allows bill payment services such as making loan and credit card repayments, paying electricity and water bills and DTH recharge, among others. In October last year, Groww surpassed its arch rival Zerodha for the first time in terms of active users. Further, Groww ended 2023 with 7.5 million monthly active users whereas Zerodha and AngelOne had 6.7 million and 5.3 million MAUs, respectively. In terms of valuation, Zerodha stood at the top with $3.6 billion followed by Upstox and Groww with $3.4 and $3 billion, respectively. Last week, Groww’s Mutual Fund also received SEBI’s approval to launch the Nifty Non-Cyclical Consumer Index Fund through a new fund offering (NFO). Groww registered more than 260% jump in its operating revenue to Rs 1,277 crore in FY23, according to startup data intelligence platform TheKredible. The company also posted Rs 448.7 crore profit against Rs 239 crore loss in FY22. Like several fintechs, Groww is also planning to move its domicile to India. Entrackr exclusively reported the development in May last year. Other companies on the list include KreditBee, Pine Labs, Groww, Razorpay, Meesho and Zepto. Most recently, PayU received in-principle approval from RBI to operate as a payment aggregator. Besides PayU and Groww, fintech firms Razorpay, Cashfree, Open, EnKash, Juspay, and Infibeam also received PA licence from the apex banking body.

Turtlemint receives SEBI nod for IPO

EntrackrEntrackr · 12d ago
Turtlemint receives SEBI nod for IPO
Medial

Insurtech firm Turtlemint has received approval from the Securities and Exchange Board of India (SEBI) to launch its initial public offering (IPO), according to the processing status updated by the market regulator on its website on December 12, 2025. The company pre-filed its Draft Red Herring Prospectus (DRHP) through the confidential route in May 2025, reportedly planning to raise up to Rs 2,000 crore through IPO. Founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai, Turtlemint operates a marketplace connecting advisors with customers, offering insurance products across motor, health, and life categories. It also provides access to other financial products such as mutual funds and loans, while equipping advisors with digital tools to expand their reach and grow their business. Turtlemint is expanding its enterprise offerings via its SaaS arm, Turtlefin (Fintech Blue Solutions Pvt Ltd), to serve banks, NBFCs, and e-commerce companies. According to startup data intelligence platform TheKredible, Turtlemint has raised $190 million to date and was valued at around $900 million in its last $120 million funding round in April 2022. Nexus and Peak XV are the largest shareholders, holding 24% and 20.83% stakes, respectively. For the fiscal year ended March 2025, the Peak XV-backed company reported a 33% year-on-year increase in revenue to Rs 675 crore. At the same time, the firm slipped into losses, with a net loss of Rs 47 crore during FY25. In the insurance segment, PolicyBazaar parent PB Fintech and Go Digit General Insurance are the key listed players, while Acko is targeting a 2027 listing.

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