Brokerage firm Growww, Wealth Management Startup Fisdom (FISDOM) is about to buy in a $ 150 million cash deal. This was given to Moneycontrol by a source knowing about the case. The approval of the capital market regulator SEBI is yet to be received on this deal and it may take 2-3 months. Purchase of 100% stake in Fisadom will expand the product offering of Grow. This will be Grow’s second major acquisition after the acquisition of Indiabulls AMC in May 2023.
A day earlier there was news that Grow can file a draft near SEBI within two weeks with the help of a confidential route for his IPO. It has also been learned that Grow is raising $ 15 million on a $ 7 billion post-money valuation from Singapore’s investment firm GIC. It is part of a large pre-iPO round of $ 25-30 million. The round is expected to be closed in the next two weeks.
Fisadom started in 2015
Fisadam Anand Dalamia and Subramanya S.V. Was started in 2015. This startup offers mutual funds, stock, bond, portfolio management services (PMS) and tax filing solutions. It has 15 offices and more than 1 million customers across India. The company has money from investors like Prose, Sama and Quona Capital. The revenue of Fisadam in FY 2024 was Rs 84 crore. This is 28 percent more than the earlier financial year. At the same time, the net deficit was 19 percent to Rs 57.4 crore.
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Grow Bangalore has shifted registered office
Grow started in 2016 as a mutual fund investing platform. Then it continuously expanded by offering stocks, IPOs and ETFs. Grow has a strong distribution of mutual funds (including its own MFS) and Systematic Investment Plan (SIP) portfolio with its large customer base. On the consolidated basis, the company’s revenue increased to Rs 3,145 crore in FY 2024 in FY 2024. Consolidated operating profit increased by 17 percent to Rs 535 crore on a annual basis. Pure consolidated deficit was recorded at Rs 805 crore. Grow shifted his registered office during the financial year 2024 to Bangalore from the Delaware of America.
