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Groww pays $160 mn in tax for US to India domicile shift
The Arc Web
·
9m ago
Medial
Investment platform Groww paid Rs 1,340 crore ($160 million) in taxes while shifting its domicile from USA to India in FY24, representing 5.33% of its $3 billion valuation. The company managed to reduce its tax liability by demonstrating lower valuations compared to similar companies. This contrasts with PhonePe, which paid $1 billion in taxes (18% of valuation) when moving from Singapore to India. Despite the one-time tax expense causing a net loss of Rs 805 crore, Groww's operating profits increased by 17% to Rs 535 crore, with total revenues up 119% to Rs 3,145 crore in FY24.
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Groww's Strategic Move Domicile Shift to India through Cross-Country Merger Raises Tax Questions
Business Bytes
·
1y ago
Medial
Indian investment platform Groww plans to shift its domicile to India through a cross-country merger with its US holding company, Groww Inc. The move aims to align with the company's growth objectives in the Indian market, but tax liabilities remain uncertain. A thorough understanding of Indian and US tax regulations, as well as cross-border transaction intricacies, is crucial. Capital gains tax, corporate tax, and international tax treaties may all factor in. Collaboration with tax experts and legal advisors will be vital in minimizing tax exposure and ensuring the success of the merger.
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Flipback Tax: Razorpay restructures to cut levy; Groww pegs tax outgo at $70 million
Economic Times
·
1y ago
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.
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Groww in talks to raise $200 Mn in pre-IPO round
Entrackr
·
4m ago
Medial
News All Stories Groww in talks to raise $200 Mn in pre-IPO round: Report Groww was last valued at approximately $3 billion after securing $251 million in its Series E round in October 2021 and has not raised any new funding since. Shashank Pathak 26 Mar 2025 09:54 IST Follow Us New Update Stock broking company Groww is in discussions to raise $200 million ahead of its initial public offering, which is likely to hit the stock exchange by the end of the year or early next year. The Economic Times, which first reported the development first, said that Groww has held discussions with Singapore’s sovereign wealth fund GIC, as well as existing investor Tiger Global, for the fundraise. The deal could value the Bengaluru-based startup at around $6.5 billion. Groww has raised close to $400 million so far from prominent investors, including Peak XV, Tiger Global, Ribbit Capital, and YC Continuity. The company was last valued at approximately $3 billion after securing $251 million in its Series E round in October 2021 and has not raised any new funding since. Earlier this year, media reports suggested that Groww is targeting to raise around $1 billion in the IPO, with a valuation goal between $6 billion and $8 billion. Groww is the leading stockbroking company in India, with more than 13 million monthly active users as of February. Groww’s revenue from operations surged to Rs 3,145 crore in FY24. The Lalit Keshre-led 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.
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Exclusive: Groww’s valuation cut in domicile shift to India; Razorpay may follow
Economic Times
·
8m ago
Medial
Indian stockbroking platform Groww underwent a flip back process from the US to India, resulting in a fair market valuation of under $2 billion, down from its previous $3 billion valuation. The move was aimed at minimizing tax burdens in the US by reducing fair market value, which took into consideration factors such as stock issuance and fundraising. Fintech company Razorpay, which is also looking to move its domicile to India, may see a similar 30-40% decrease in fair market value. The founders of these companies expect the time required for the process to reduce significantly without the need for National Company Law Tribunal approval.
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Flipkart targets to shift domicile from Singapore to India
Entrackr
·
1y ago
Medial
E-commerce major Flipkart is planning to shift its domicile or holding company from Singapore to India, according to a media report. With this, it will join several late stage companies which are also planning to move back to India over the next few months. The domicile shift can be linked to Flipkart’s plan to go for an initial public offering (IPO) in the near future, ET reports. Walmart-controlled Flipkart will be the second firm from the group which is planning to shift the domicile. Earlier, PhonePe became the first to do a reverse flip. It’s worth highlighting that PhonePe was fully separated from Flipkart Group in December 2022. PhonePe’s investors had to pay Rs 8,000 crore in taxes to the government for the move and Flipkart is also expected to pay heavy taxes in the process. The quantum of the tax to move domicile depends on the company’s valuation and third-party audits. Flipkart was last valued at $33 billion after a $600 million funding from existing backers in December last year. Also, it’s the most valued Indian-origin private company till now. In July 2021, Flipkart received $3.6 billion led by SoftBank at a valuation of $37.6 billion. The company was revalued at $33 billion after separation from PhonePe. Entrackr has reached out to Flipkart for comments. Walmart owns nearly 85% stake in Flipkart followed by Tencent and CPP Investment which own 7.1% and 2.3% shares, respectively. The company’s co-founder Binny Bansal officially exited the company in January this year. Most recently, fintech unicorn Groww announced moving back its base to India from the US. The firm already completed the process in March this year. Besides the above-mentioned three companies, KreditBee, Pine Labs, Razorpay, Meesho, Eruditus and Zepto have been working on reverse flips.
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Meesho gets NCLT nod to relocate base to India
Entrackr
·
1m ago
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.
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Desh Wapsi: Groww Moves Back Domicile To India
Inc42
·
1y ago
Medial
Groww, the Indian investment platform and unicorn, has successfully completed its domicile transition back to India in March 2024, making it the second major startup to do so after PhonePe. Other Indian startups such as Zepto, RazorPay, and Pine Labs are also considering the domicile reversal.
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Fintech unicorn Groww eyes $6-8 Bn IPO: Report
Entrackr
·
6m ago
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.
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Groww to acquire Fisdom in a $150 million all-cash deal
Economic Times
·
2m ago
Medial
Investment platform Groww has agreed to acquire wealthtech startup Fisdom in an all-cash deal, pending regulatory approval. Valued at $140-$160 million, the acquisition will enhance Groww's wealth management offerings, building on its 13 million active users. Fisdom, established in 2015, offers services including mutual funds and tax solutions. Groww, preparing for a $700 million public listing, aims to expand its market presence, with the acquisition facilitating entry into the competitive wealth management sector.
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Decoding Groww’s $200 Mn pre-IPO funding round
Entrackr
·
1m ago
Medial
Decoding Groww’s $200 Mn pre-IPO funding round The development comes just days after the company filed a confidential DRHP with the Securities and Exchange Board of India (SEBI). Groww is looking to raise $700 million to $1 billion through an IPO. Billionbrains Garage Ventures Limited, the parent firm of Groww, is raising Rs 1,735 crore (approximately $200 million) in a fresh round led by Singapore-based GIC and existing investor ICONIQ Capital. The development comes just days after the company filed a confidential DRHP with the Securities and Exchange Board of India (SEBI). Groww is looking to raise $700 million to $1 billion through an IPO. The board at Groww has passed a special resolution to issue 3.59 crore preference shares at an issue price of Rs 482.8 each to raise the aforesaid amount, its filing accessed from the Registrar of Companies shows. Government of Singapore Investment Corporation (GIC), through its affiliate Viggo Investment, will be injecting Rs 867.5 crore ($100 million) while ICQNIC Capital will contribute a similar amount through its entity ISP VII-B Blocker GW. According to the filing, the company will use these proceeds for the growth of its existing business and its subsidiaries. Following the fresh proceeds both ISP Blocker and Viggo Investment will hold 1.43% each. As per Entrackr’s estimates, Groww will be valued at $7 billion post-money. Groww has raised close to $600 million so far from investors including Peak XV, Tiger Global, Ribbit Capital, and YC Continuity. The company was last valued at approximately $3 billion after securing $251 million in its Series E round in October 2021. According to a company internal document, Groww reported a 31% jump in its revenue to Rs 4,056 crore in FY25 whereas its profit jumped 3X jump to Rs 1819 crore in the same period. Groww reported revenue of Rs 3,145 crore and an operating profit of Rs 545 crore in FY24. However, it paid a one-time tax of Rs 1,340 crore for shifting domicile to India, leading to a net loss of Rs 805 crore in FY24. Its audited financial numbers for the fiscal year ending March 2025 has yet to be reported with the RoC.
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