New Delhi, Aug. 31 -- Ribbit Capital, an American venture capital firm that invests mainly in financial technology and financial services companies, has sold more stake in an India portfolio company to take its harvest thus far to over $650 million.
The California-headquartered VC firm, which counts companies such as Coinbase, Robinhood, Nubank and Revolut in its global portfolio, has liquidated part of its stake in Billionbrains Garage Ventures Ltd, the parent company of stock-broking platform Groww, for the second time after its initial public offering last year.
Ribbit sold nearly 123 million shares through three of its entities on the open market, pocketing Rs 2,410 crore ($253 million) in the process, according to back-of-the-envelope calculations based on stock-exchange data.
Of this, Ribbit Capital V L.P divested 63.16 million shares while Ribbit Cayman GW Holdings V divested 49.94 million shares. A third vehicle, GW-E Ribbit Opportunity V, sold 9.9 million shares-its entire remaining stake of 0.16%. The transaction brings down Ribbit's total stake in the Mumbai-listed fintech company to 8.29%, stock-exchange disclosures show. The VC firm had led Groww's Series B round in September 2019.
For Ribbit Capital V, the latest sale generated a multiple of 85x on its weighted average cost price. The internal rate of return couldn't be ascertained as the details about the timeline of Ribbit's investment aren't public. Moreover, Ribbit-like other investors-initially put money in Groww's US-incorporated entity and was later allotted shares of the Indian entity when the fintech firm moved its headquarters to India for listing purposes.
The share sale comes only three months after Ribbit's last monetisation move. In May, Ribbit Capital V had sold 326 million shares of Groww and pocketed Rs 1,429 crore ($150 million).
At the time of Groww's IPO in November 2025, this vehicle had sold nearly 66 million shares and encashed Rs 657 crore ($74 million). It had earlier transferred shares worth Rs 673.65 crore to Ribbit Cayman GW Holdings V.
The Cayman entity cashed out Rs 1,138 crore ($119 million) in May. With the latest sale, this vehicle has generated Rs 2,117 crore so far. GW-E Ribbit Opportunity V had cashed out Rs 525 crore at the time of IPO and another Rs 40 crore in May.
Adding all these up, Ribbit has harvested almost Rs 6,200 crore (approximately $659 million) from its investment in Groww. Its remaining stake in the company is worth about Rs 10,000 crore, taking its potential total harvest to Rs 16,000 crore ($1.7 billion). This could be even larger if Groww's shares rise further.
Groww was founded in 2017 by former Flipkart employees Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal. It offers stockbroking and direct mutual fund investments, among other financial products. The Bengaluru-based company shifted its domicile from the US to India in 2024 to pursue a local listing. It filed the draft red herring prospectus via the confidential route in May 2025 and received SEBI approval in August 2025.
Groww went public in November 2025 and raised Rs 1,060 crore through a fresh issue of shares while some of its investors, including Indian venture capital firm Peak XV Partners as well as US-based investors Tiger Global and Y Combinator, divested shares worth Rs 5,572 crore in the offer for sale.
The IPO was covered 9.7 times. Since then, the shares have surged almost 92%, giving the company a market capitalization of around Rs 1,20,420 crore (about $12.6 billion).
Published by HT Digital Content Services with permission from VC Circle.