"The three investment firms are offloading about 236 million shares - roughly 5.6% of Groww's total equity base - per the draft IPO documents filed on Tuesday. That makes them the single largest selling bloc, accounting for about 41% of all shares being offered to the public. Pine Labs, Razorpay, Meesho, and Zepto are among the Indian startups that have recently shifted their base back home."
"Last year, Groww became one of the first startups to shift its headquarters back to India from the U.S. The startup paid around $159 million in taxes as part of the move. Relocating their base back home helps startups align with evolving local regulations and meet requirements for domestic stock listings. It also makes sense to tap India's public markets, given the expanding retail investor base and rising appetite for IPOs."
Groww plans a multi-billion-dollar IPO in India after shifting its corporate headquarters from Delaware back to India last year. Investors include Satya Nadella, Y Combinator, Ribbit Capital, and Tiger Global. Per draft IPO documents, three investment firms will sell about 236 million shares, roughly 5.6% of equity and about 41% of shares being offered. Founders Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal are selling about 4 million shares, around 0.7% of the offer. Groww paid about $159 million in taxes during the relocation. Other startups have returned to India to meet listing and regulatory requirements, reflecting maturation of local capital markets.
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