State Street Global Advisors, Inc. has agreed to invest up to Rs 580.02 crore in Groww Asset Management Limited (Groww AMC) through a combination of a secondary share purchase and a primary share subscription, a transaction that will result in the dilution of up to 23% of Groww AMC’s fully diluted share capital, as per Groww’s regulatory filing dated January 14.
As a result, Groww will convert Groww AMC from a wholly owned subsidiary into a subsidiary with an external institutional investor. Under the agreement, State Street will hold no more than 4.99% of Groww AMC’s aggregate voting rights. The parties have structured the transaction subject to regulatory and other approvals and expect to complete it within six months of signing.
State Street Global Advisors operates under the State Street Investment Management brand, which in turn is the asset management division of the State Street Corporation. As of September 30, 2025, the corporation reported $51.7 trillion in assets under custody and/or administration, and $5.4 trillion in assets under management.
Meanwhile, Groww began operations in 2017 as a digital investment platform focused on simplifying access to mutual funds for retail investors. Over time, it expanded into stocks, exchange traded funds (ETFs), initial public offerings (IPOs) and other financial products.
Subsequently, Groww entered the AMC business after completing the acquisition of Indiabulls Mutual Fund in May 2023, following a definitive agreement signed in 2021. The business was rebranded as Groww Mutual Fund, with Groww AMC acting as its investment manager.
Groww’s Q3FY26 Numbers
Groww’s parent company, Billionbrains Garage Ventures, reported robust operating metrics in the third quarter of the 2025-26 financial year (Q3FY26). The platform recorded revenue of Rs 1,261 crore, up 26% year-on-year (YoY). Meanwhile, net profit declined to Rs 547 crore, down 28% YoY, due to the absence of a one-off gain seen in the previous year, although the company said its underlying operating profit increased by about 24%.Â
Furthermore, despite a broader industry slowdown, Groww continued to expand its user base and gain market share. The company grew its transacting users by 25% YoY, taking the total past two crore, while active users increased 7.5% sequentially. During the quarter, Groww added 217,000 active clients on the National Stock Exchange (NSE) and remained the only major broker to record active-client growth in October, November and December. Meanwhile, total customer assets rose 39% YoY, reflecting sustained investor engagement across its platform.
Groww went public in early November 2025, after earlier filing its Draft Red Herring Prospectus(DRHP) in September 2025. It opened subscription from November 4, with a price band of Rs 95–Rs 100 per share, and a total issue size of Rs 6,632.3 crore, comprising a Rs 1,060-crore fresh issue, and an offer for sale of Rs 5,572.3…
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