Billionbrains Garage Ventures Limited, the parent company of Groww , has entered into a major investment agreement with State Street Global Advisors, Inc. for its asset management subsidiary. The comprehensive deal, announced on January 14, 2026, involves both primary and secondary transactions worth up to ₹580.03 crores.

Investment Structure and Financial Details

The transaction comprises two key components structured through a Share Subscription and Share Purchase Agreement (SSPA) and Shareholders' Agreement (SHA). State Street Global Advisors will invest through both secondary purchase and primary subscription of shares in Groww Asset Management Limited (Groww AMC).

The deal structure ensures that while State Street gains a significant economic stake through the 23% dilution, its voting control remains limited to 4.99% of the aggregate voting power in Groww AMC.

Groww Asset Management Performance

Groww AMC, incorporated on April 10, 2008, serves as the investment manager for Groww Mutual Fund. The subsidiary has demonstrated strong growth trajectory over recent years, with its financial performance showing consistent improvement.

The subsidiary's revenue growth has been particularly notable, with turnover increasing from ₹3.22 crores in March 2023 to ₹11.52 crores in March 2024, and further to ₹16.94 crores in March 2025. This represents substantial year-over-year growth in the asset management business.

Strategic Partnership with State Street

State Street Corporation, one of the world's leading financial services providers to institutional investors, brings significant expertise to the partnership. The company manages USD 51.70 trillion in assets under custody and administration, with USD 5.40 trillion in assets under management as of September 30, 2025.

Beyond the financial investment, Groww AMC will enter into a strategic relationship agreement with State Street Global Advisors, which will become effective on a mutually agreed date. This partnership is expected to enhance Groww's asset management capabilities and market reach.

Regulatory Approvals and Timeline

The proposed transaction is subject to receipt of regulatory and other necessary approvals, along with fulfillment of obligations and conditions prescribed in the SSPA. The deal is expected to complete within six months from the January 14, 2026 agreement date, or such other date as mutually agreed between the parties.

Impact on Corporate Structure

Upon completion of the transaction, Groww AMC will cease to be a wholly-owned subsidiary of Billionbrains Garage Ventures Limited but will continue as a subsidiary. The company's contribution to the consolidated financials shows income of ₹17.09 crores (0.42% of total) and net worth of ₹177.13 crores (3.66% of total) as of March 31, 2025.

The transaction represents a significant milestone for Groww's asset management business, providing both capital for growth and strategic partnership with a global financial services leader. The deal structure maintains Groww's control while bringing in expertise and resources from State Street's extensive asset management platform.

Groww has announced a significant strategic investment agreement with State Street Global Advisors, Inc., marking a major milestone in the company's asset management expansion. The investment involves Groww's wholly owned subsidiary, Groww Asset Management Limited, which serves as the investment manager for Groww Mutual Fund.

Strategic Investment Details

The company has executed a Share Subscription and Share Purchase Agreement (SSPA) and Shareholders' Agreement (SHA) with State Street Global Advisors, Inc. The strategic partnership involves a comprehensive investment structure designed to strengthen Groww AMC's market position.

Additional Share Acquisition

Separately, Billionbrains Garage Ventures has disclosed plans to acquire additional shares in Groww AMC for up to ₹282.01 crores. This acquisition will be conducted in one or more tranches and is specifically aimed at meeting working capital requirements and pursuing further growth opportunities.

Groww AMC Financial Performance

Groww Asset Management Limited has demonstrated strong growth trajectory over the past three years. The subsidiary, incorporated on April 10, 2008, manages various funds under the Groww Mutual Fund umbrella.

As of March 31, 2025, Groww AMC contributed ₹17.09 crores in income (0.42% of consolidated financials) and maintained a net worth of ₹177.13 crores (3.66% of consolidated net worth).

State Street Global Advisors Profile

State Street Corporation, the parent company of the investor, stands as one of the world's leading financial services providers to institutional investors. The organization manages substantial assets globally:

• Assets under custody/administration: USD 51.7 trillion
• Assets under management: USD 5.4 trillion (as of September 30, 2025)
• Business focus: Investment servicing, management, research and trading

Transaction Timeline and Approvals

The strategic investment agreement was executed on January 14, 2026, with completion expected within six months. The transaction remains subject to regulatory approvals and fulfillment of closing conditions outlined in the SSPA. Upon completion, Groww AMC will transition from a wholly owned subsidiary to a regular subsidiary of Billionbrains Garage Ventures, while the company will receive up to ₹381.35 crores from the secondary share sale to State Street Global Advisors.