Mumbai: Billionbrains Garage Ventures Ltd, which operates online investment platform Groww, has entered into a definitive share subscription and share purchase agreement with State Street Global Advisors Inc for an investment of up to ₹580 crore in Groww Asset Management Ltd (Groww AMC), its wholly owned subsidiary and the investment manager to Groww Mutual Fund.
Under the proposed transaction, State Street Global Advisors will acquire a mix of primary and secondary shares, resulting in a dilution of up to 23% of Groww AMC’s fully diluted share capital. Despite the dilution, the US-based asset management major will not hold more than 4.99% of the voting power in Groww AMC. Post-transaction, Groww AMC will cease to be a wholly owned subsidiary but will continue to remain a subsidiary of Billionbrains Garage Ventures.
The investment comprises up to ₹381.35 crore to be received by Billionbrains from the secondary sale of shares, while State Street will also subscribe to fresh shares worth up to ₹198.68 crore directly in Groww AMC. The total deal size aggregates to ₹580.03 crore.
Groww AMC, incorporated in 2008, reported a turnover of ₹16.94 crore in FY25, contributing about 0.42% to Billionbrains’ consolidated income, while accounting for 3.66% of consolidated net worth as of March 31, 2025. Over the past three years, the asset manager’s revenues have grown sharply, reflecting the rapid scale-up of Groww’s mutual fund business.
As part of the transaction, Groww AMC and State Street Global Advisors will also enter into a strategic relationship agreement, details of which were not disclosed. The proposed deal is subject to regulatory approvals and customary closing conditions, and is expected to be completed within six months from the agreement date of January 14, 2026, or by a mutually agreed later date.
State Street, one of the world’s largest financial services firms, had assets under custody and administration of $51.7 trillion and assets under management of $5.4 trillion as of September 30, 2025, according to the disclosure. The investment marks a significant foreign strategic entry into Groww’s asset management business at a time when digital-first mutual fund platforms are scaling rapidly in India.