Why founders of Groww have sold shares worth ₹260cr
What's the story
The promoters and promoter group of wealth-tech firm Groww have sold a combined 0.23% stake in the company for ₹250-260 crore. The move marks the founders' first major liquidity event in nearly a decade. The sale of 1,44,58,797 shares is likely to be used for funding start-ups and philanthropic activities, sources told Moneycontrol.
Stake distribution
Founders hold 27.4% stake in Groww
The promoters, including founders Lalit Keshre, Harsh Jain, Ishan Bansal, and Neeraj Singh, own a whopping 27.4% stake in Groww. This is the highest holding by promoters in new-economy companies. The founders are known for their angel investments and have backed several successful start-ups over the years. However, it is still unclear if they will set up a family office or fund to formalize their investment portfolio.
Market performance
Block deals worth ₹6,000cr post lock-in expiry
After its six-month lock-in period expired on May 12, Groww shares worth ₹6,000 crore have changed hands in block deals. The transactions were backed by over 60 funds, including sovereign wealth funds (SWF), global asset management and private equity firms, domestic mutual funds, and insurance companies. Groww's market capitalization has surged to some ₹1.17 lakh crore as of today, nearly double its IPO valuation of ₹62,000 crore.
Philanthropy focus
Groww Foundation's initiatives
Groww also runs the Groww Foundation, its philanthropic and social impact arm. The foundation works with organizations like Bal Utsav to transform rural schools into functional learning environments. It also runs the Imprint initiative with the Jaipur Literature Festival to help emerging Indian writers launch their books. The foundation funds projects such as the Centre for Nano Science and Engineering (CeNSE) at IISc Bengaluru to strengthen innovation in India's semiconductor research ecosystem.