Acquisition · Financial Services

Groww bids for PGIM India AMC to deepen asset management presence

By Startup Enthusiast · 31 January 2026

What they do

State Street Investment Management bought a 23% stake in Groww AMC for INR 580.02 Cr via primary and secondary capital

State Street seeks to exit PGIM India due to limited growth since Deutsche Bank AG acquired it nearly a decade ago

Groww entered asset management by acquiring Indiabulls Housing Finance mutual fund business for INR 175.6 Cr in 2023

State Street Investment Management sold a 23% stake in Groww AMC to deepen the partnership.
The total transaction value was INR 580.02 Cr involving both fresh shares and existing share sales.
INR 381 Cr came from a secondary sale of existing shares while INR 198 Cr was for fresh equity.
This move helps Groww access quantitative and passive investment knowledge from its global partner.
Groww aims to strengthen its balance sheet to support the next phase of growth in asset management.
The acquisition marks a significant step in Groww's expansion into the asset management sector.
State Street is the fourth largest asset manager globally with $5.4 Tn in assets under management.
PGIM India AMC had managed assets worth approximately INR 26,600 Cr before the transaction.

PGIM India reported after-tax losses exceeding INR 23.5 Cr in FY25.
The Indian asset management market is highly competitive and consolidated.
Edelweiss Asset Management was also competing for the PGIM India AMC stake.
Groww benefits from an established platform and regulatory licenses through this strategic partnership.

Groww provides online demat accounts and trading services for stocks and ETFs.
The platform allows users to invest in direct mutual funds and participate in IPOs.
Users can trade in futures and options (F&O) and commodities through the app.
API trading capabilities are available for algorithmic and high-frequency trading strategies.
Groww serves over 2 Cr active investors across India.
Groww AMC manages assets worth INR 4,118.8 Cr with 12 Lakh unique investors.
The company operates a comprehensive suite of financial products for retail investors.
Groww entered the AM space by acquiring Indiabulls Housing Finance's mutual fund business.
The group reported operating revenue of INR 1,216.1 Cr in Q3 FY26.

State Street Investment Management (buyer) — US-based division of State Street Corp; global 4th largest asset manager.