The Competition Commission of India has approved the acquisition of additional voting rights by certain shareholders of Billionbrains Garage Ventures Private Limited (Groww) and issuance of bonus compulsorily convertible preference shares to all existing equity shareholders of Groww.

The Proposed Combination comprises of: (i) collapse of the differential voting rights held by the Founders of Groww; and (ii) the bonus compulsorily convertible preference shares to be issued to all existing equity shareholders of Groww (namely Peak XV Partners Investments VI-1, Ribbit Capital V L.P., Ribbit Cayman GW Holdings V, Ltd., and GW-E Ribbit Opportunity V, LLC, YCCG21, L.P., and YC Holdings II, LLC, Internet Fund VI Pte. Ltd., ICONIQ Strategic Partners VI, L.P. and ICONIQ Strategic Partners VI-B, L.P. and Founders of Groww).

Peak XV Partners Investments VI-1 is an investment fund of Peak XV Partners, a venture capital and growth investing firm primarily focused on investing in startups in India and South East Asia region.

Ribbit Capital V L.P., Ribbit Cayman GW Holdings V, Ltd., and GW-E Ribbit Opportunity V, LLC (collectively, Ribbit) is a global investment organization that invests in early-stage companies.

YCCG21, L.P., and YC Holdings II, LLC (collectively, YC) is a startup accelerator and early-stage venture investor.

Internet Fund VI Pte. Ltd. (Tiger Global) is held by funds ultimately managed by Tiger Global Management, LLC and is primarily an investment holding company.

ICONIQ Strategic Partners VI, L.P. and ICONIQ Strategic Partners VI-B, L.P. (collectively referred to as ICONIQ) are private equity funds managed by ICONIQ Strategic Management, LLC.

Groww, through its affiliates, operates an online trading platform and mobile application called “Groww”, which inter alia allows investors to invest in stocks, mutual funds and other financial instruments. Groww, through its affiliates, also has its own asset management business (as a mutual fund house).

Detailed order of the Commission will follow.

Acquisition of additional voting rights and issuance of convertible preference shares alters shareholder voting and capital structure. Approval concerns two corporate measures for Groww: collapse of founders' differential voting rights by acquisition of additional voting rights by certain shareholders, and issuance as a bonus of compulsorily convertible preference shares to all existing equity shareholders, together altering voting entitlements and the company's capital structure.