India, Aug. 28 -- Billionbrains Garage Ventures, the parent company of stockbroking firm Groww, has secured approval from markets regulator Sebi to launch its initial public offering (IPO) aimed at raising between USD 700 million and USD 1 billion, industry sources familiar with the development said on Thursday.

With this, the investment platform could be valued at around USD 7 billion, they added.

The proposed IPO is a combination of a fresh issue of equity shares and an offer for sale (OFS) component.

Billionbrains Garage Ventures, in May, filed a draft red herring prospectus with Sebi through a confidential pre-filing route.

The company, which is backed by marquee investors like Peak XV, Tiger Capital, and Microsoft CEO Satya Nadel...