GIC had approached the competition regulator in May, seeking approval for acquiring a 2.14% stake in the Bengaluru-based fintech startup. The investment is part of a larger funding round estimated at $250-300 million.
GIC is expected to lead the round with an infusion of around $150 million, while Groww has also engaged with existing investor Tiger Global to participate. ET had first reported on the financing on March 26.
Viggo Investment is a special purpose vehicle wholly owned by Enterprise Holdings, which in turn is held by GIC Ventures.
Groww recently closed a $250 million funding round led by GIC at a valuation of around $6.5 billion. On May 26, the company filed its draft red herring prospectus (DRHP) for a public listing with the markets regulator Securities and Exchange Board of India (Sebi). The IPO size is estimated to be in the range of $700 million to $1 billion, people in the know told ET.
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