Funding · Financial Services

State Street invests in Groww AMC for strategic partnership

By Startup Enthusiast · 31 August 2026

What they do

Groww AMC manages mutual funds and exchange-traded funds for Indian investors

State Street invested ₹580 Cr to gain a 23% economic stake in the company

The deal supports plans to expand passive products and global market access

State Street Investment Management has closed its strategic investment in Groww AMC after receiving regulatory approvals.
The total investment amounts to ₹580 Cr ($64.2m) as announced in January 2026.
The transaction includes an existing share purchase of ₹381 Cr and fresh issuance of ~₹198 Cr.
State Street acquires a 23% economic interest with capped voting rights of 4.85%.
This marks the end of Groww AMC being a wholly owned subsidiary of parent Billionbrains Garage Ventures.
The valuation of Groww AMC is estimated at approximately ₹2,500 Cr following this deal.
Groww entered the asset management space by acquiring the Indiabulls Housing Finance mutual fund business in 2023.
The investment facilitates deeper collaboration on product development and distribution strategies.

The partnership allows Groww to leverage State Street’s expertise in indexing and ETFs.
It signals Groww's diversification beyond core stockbroking into broader financial services.
The deal enables access to global markets through a new GIFT City platform.

Groww AMC offers active and passive equity, debt, hybrid, and commodity fund categories.
The firm manages index funds, ETFs, and funds of funds for retail investors.
Average assets under management reached ₹5,777.1 Cr as of June 2026.
AUM grew from ₹4,736 Cr at the end of March 2026, showing a 22% sequential increase.
The platform served 12 Lakh unique investors with an AUM of ₹4,118.8 Cr in December 2025.
Plans include expanding passive investment offerings and evolving into a broader asset management platform.
A new GIFT City platform will allow Indian investors to access international investment products.
Groww is scaling operations in margin trading, commodities, and lending alongside asset management.

Expand passive investment offerings and evolve into a broader asset management platform.
Set up a GIFT City platform for accessing global investment products.

State Street Investment Management (Lead) — Global investment manager providing strategic capital and expertise in indexing and ETFs.