State Street may end up with a stake of as much as 23% in Groww AMC, depending on the final mix of primary and secondary share purchases and the resulting dilution.
The investment is aimed at building global investment capabilities and products for Indian investors, while also allowing Groww to explore opportunities outside the country.
The strategic investment by State Street comes at a time when Indian retail participation across asset classes is widening, and global fund managers are increasingly looking for local partners with large digital distribution platforms.
This also marks an instance of a large global fund manager taking a direct bet on an Indian wealthtech platform’s AMC business.
Last month, Jio Financial and global asset management firm BlackRock together infused Rs 229 crore into their joint venture, Jio BlackRock Asset Management.
In the December quarter of the current fiscal, Groww reported revenue of Rs 1,261 crore in Q3 FY26, up 26% year-on-year.
The company’s net profit declined 28% year-on-year to Rs 547 crore during the period.