Exclusive: Groww’s valuation cut in domicile shift to India; Razorpay may follow

Stockbroking platform Groww, which recently completed the flip back of its parent entity to India from the US, saw its fair market valuation being reduced to under $2 billion during the process, said people aware of the matter. The Bengaluru- based company paid Rs 1,340 crore ($160 million) in taxes to the US government calculated on this newly arrived fair market value (FMV), a cut of more than 30% on the $3 billion it was valued during its last funding in 2021, they said.