Groww, Razorpay pay for reverse flip

Stockbroking platform Groww, which recently completed the reverse flipping of its parent entity to India from the US, saw its fair market valuation slashed to under $2 billion, said people aware of the matter.

Driving the news:

• Groww paid Rs 1,340 crore ($160 million) in taxes to the US government, based on the new fair market value (FMV), which is more than 30% lower than its $3 billion valuation during its last funding in 2021, sources said.
• Another major fintech, Razorpay, which has sought board approval to shift its domicile to India, could face a similar 30-40% cut in FMV, said a person familiar with the matter.