New Delhi, May 13 -- Domestic venture capital firm Peak XV Partners, which had a strong 2025 marked by multiple exits including listings of portfolio companies such as Meesho, Pine Labs and Wakefit, has further expanded its gains from a long-standing bet on a fintech firm it backed over seven years ago.
The VC firm, which raised $1.3 billion across three new funds in February this year to invest in India and Asia-Pacific, has encashed shares worth Rs 1,116.1 crore ($116.5 million) in Billionbrains Garage Ventures, the parent of online brokerage Groww, about six months after making a bumper harvest from its initial public offering (IPO).
Peak XV sold 62 million shares at Rs 180.01 apiece, according to exchange data. The latest transaction values its stake at a 94x multiple to average cost of acquisition, reducing its holding to 15.9% from 16.8% earlier.
With the latest sale, Peak XV's total proceeds from Groww now stand at about Rs 2,700 crore. At the time of the IPO last year, it had sold shares worth Rs 1,582.8 crore at a 52x multiple.
Overall, it has fetched 11.6x of the total capital invested in Groww since first backing it in a Series A round in January 2019.
Peak XV still holds shares worth about Rs 18,813 crore, positioning it for a potential larger final exit.
Together, Peak XV and other investors Ribbit Capital and Y Combinator sold shares worth a total of Rs 5,326 crore ($556 million).
Other investors
Groww is proving to be a multibagger for its Series B lead investor Ribbit Capital as well, which also monetized a part of its stake on Tuesday. The firm pocketed Rs 2,567.1 crore in the latest block deal.
According to exchange data, the US-based VC firm offloaded 79.4 million shares through Ribbit Capital V and 62.7 million shares through Ribbit Cayman GW Holdings.
Ribbit Capital V realized a 78x multiple, reducing its stake by about one-fifth and encashed Rs 1,429 crore. Earlier, during the IPO, it had pocketed Rs 657 crore and sold about Rs 674 crore worth of shares to Ribbit Cayman GW Holdings in July 2025. This vehicle has cashed out Rs 2,760 crore.
Ribbit Cayman GW Holdings, which did not sell any stake during the IPO, has now cut its holding by one-fifth, pocketing Rs 1,139 crore.
Ribbit holds a stake in Groww through at least three entities. The third vehicle, GW-E Ribbit Opportunity V, had sold more than four-fifth of its 1% ownership in the company at the time of the IPO, generating Rs 524 crore.
Overall, the three entities have together taken out Rs 4,422 crore, including intra-entity transfers. The first two vehicles together still hold a stake worth Rs 11,951 crore at current prices. Together, the three entities have infused Rs 850 crore, implying a nearly 20x overall return for Ribbit.
Y Combinator, another early investor which led Groww's Series C round, also cut its holding from about 10% to 8.8% via YC Holdings II LLC. The latest sale was executed at a 52x multiple on a blended cost basis.
During Groww's IPO, the investor had cashed out over Rs 1,050 crore at about 29x MOIC. It sold 105 million shares, reducing its shareholding to 11.6%.
Groww was part of Y Combinator's Winter 2018 (W18) cohort. Its YC Continuity fund, which backs Y Combinator's alumni companies, also led Groww's $30 million Series C funding round in September 2020.
It still holds an 8.6% stake in Groww and has taken out 10.6x of the capital it originally invested. Its remaining stake is worth Rs 10, 212 crore. The stake of the entity that backed it in 2018 is worth Rs 5,277 crore.
About Groww
Founded in 2017 by former Flipkart employees Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal, Groww offers stockbroking and direct mutual fund investments, among other financial products.
Billionbrains Garage Ventures went public in November last year, with its IPO receiving 9.7x subscription. The Bengaluru-based startup shifted its domicile from the US to India in 2024 to pursue the listing.
Groww received SEBI approval for its IPO in August 2025 after filing the draft red herring prospectus (DRHP) via the confidential route in May 2025.
The fintech raised Rs 1,060 crore through a fresh issue of shares, while existing investors, including Peak XV, Ribbit Capital, Tiger Global and Y Combinator, divested shares worth up to Rs 5,572 crore. At the time, the company was valued at $6.9 billion.
It made a strong debut on the exchanges on November 12, 2025, with shares jumping 24% to a valuation of $8.6 billion. Since then, the shares have gained another 43%, trading at Rs 188.10 apiece currently.
Published by HT Digital Content Services with permission from VC Circle.