Asset management firm State Street set to invest $65 million in Groww AMC

Global asset manager State Street Investment Management is set to invest $65 million (about Rs 580 crore) in Groww Asset Management Company (AMC).

Of the total investment, about Rs 381 crore will be secondary share purchases, while around Rs 199 crore will be fresh capital, which could dilute Groww AMC’s share capital by up to 23%.

Harsh Jain, cofounder and COO, Groww, told ET that partnering with an asset manager like State Street Investment Management will enable Groww to bring global best practices and deep domain expertise to India. “We were not actively looking for external investment in AMC. It’s a partnership that will benefit both companies significantly in the long term.”


The strategic investment by State Street comes at a time when Indian retail participation across asset classes is widening, and global fund managers are increasingly looking for local partners with large digital distribution platforms.

This also marks an instance of a large global fund manager taking a direct bet on an Indian wealthtech platform’s AMC business.

Last month, Jio Financial and global asset management firm BlackRock together infused Rs 229 crore into their joint venture, Jio BlackRock Asset Management.

Groww, reported an operating revenue of Rs 1,216 crore in the December quarter, up 24.8% from Rs 974 crore a year back.

However, the company’s net profits went down 27% to Rs 547 crore from Rs 757 crore a year prior.