State Street to buy stake in Groww AMC at about Rs 2,500 Cr valuation
The US-based asset managers' entry follows a similar move by rival BlackRock, which formed a joint venture with Jio Financial Services Ltd. to tap into India’s asset management sector.
State Street Investment Management will make a strategic minority investment in Groww Asset Management Ltd., valuing the mutual fund business at about Rs 2,500 crore, according to regulatory disclosures filed on Tuesday.
The investment of up to Rs 580 crore will be split between a secondary share purchase of about Rs 381 crore from Groww’s parent entity and a primary infusion of nearly Rs 199 crore into Groww AMC, the filings showed.
The transaction will result in dilution of up to 23% of Groww AMC’s fully diluted share capital, subject to regulatory approvals.
Following the deal, State Street will hold less than 5% of the voting rights in Groww AMC, while the asset manager will cease to be a wholly owned subsidiary of Billionbrains Garage Ventures Ltd., the listed parent of the Groww platform.
Groww entered the mutual fund business in 2023, acquiring the asset management company from Indiabulls. Since then, the firm has expanded its product suite as retail participation in capital markets surged.
“India stands out as a market of immense opportunity, with a rising middle class, favourable demographics, and a rapid shift toward embracing modern investment products,” said Yie-Hsin Hung, CEO of State Street Investment Management.
“Our partnership with Groww AMC allows us to participate directly in the growth of India’s domestic asset management market, deliver a range of investment exposures to a broader population, and build a pipeline of Indian exposures for global distribution,” she added.
“State Street Investment Management is one of the world’s largest asset managers, and we are delighted to welcome them as an investor and strategic partner in Groww AMC,” said Harsh Jain, Co-founder and COO, Groww.
“This partnership will enable us to bring global best practices and sophisticated investment products to Indian investors, strengthening our long-term commitment to building a world-class asset management platform in India,” Jain added.
State Street Investment Management oversees more than $5.5 trillion in assets globally as of September 2025, making it one of the world’s largest asset managers.
Its entry follows a similar move by rival BlackRock, which formed a joint venture with billionaire Mukesh Ambani’s Jio Financial Services Ltd. to tap into India’s asset management sector.
Edited by Suman Singh