The Weekly Wrap: all you need to know by Friday COB | May 30th

By Puja Sharma

The Weekly Wrap is published every Friday and recaps the week’s main stories and deals, as well as upcoming events and announcements for Prime subscribers only.

The Big Story

Bengaluru-based WealthTech platform Groww has confidentially filed draft papers with the Securities and Exchange Board of India (SEBI), paving the way for an initial public offering (IPO) that could value the company between $700 million and $1 billion. The IPO will be led through the confidential filing route, a provision introduced by SEBI in 2022 for companies to discreetly initiate the regulatory process before making public disclosures.

According to regulatory filings, Groww’s parent company, Billionbrains Garage Ventures Pvt. Ltd., submitted the draft red herring prospectus (DRHP) to SEBI earlier this week. This marks a significant milestone for the digital stockbroking firm, which has emerged as one of India’s leading platforms for mutual fund investments, equity trading, and financial education, particularly among first-time investors.

The IPO is expected to consist of a mix of fresh share issues and an offer for sale (OFS) by existing investors, allowing early backers to partially exit while the company raises fresh capital for growth and expansion. The exact size of the IPO and shareholding details will be disclosed at a later stage, subject to SEBI’s review and subsequent public filing.

Deals of the week

• Velocity emerges from stealth with $10m to power stablecoin platform
• Salesforce acquires Informatica for $8bn to accelerate AI strategy
• OpenFX emerges from stealth with $23m raise to rewire cross-border payments
• Indian RegTech startup Data Sutram raises $9m in Series A funding
• areeba and Codebase partner to offer BaaS solutions in the Middle East
• Emirates NBD integrates iPiD for real-time global payee verification
• SBM Bank, ZET roll out FD-backed credit card with UPI support
• Alchemy Pay expands Australian presence with PayID integration

Be on the lookout for

The “Building a Future-Ready Bank” event will take place on June 13, 2025, in London and is organised by Cedar Management Consulting and IBS Intelligence. This summit is part of a global series aimed at helping financial institutions navigate the evolving landscape of digital transformation, regulatory shifts, and customer expectations. The London edition will bring together senior banking executives, technology leaders, and FinTech innovators to explore strategies for building agile, resilient, and customer-centric banks. With a focus on AI, cloud, core modernisation, and embedded finance, the event serves as a critical forum for shaping the future of banking in a rapidly digitising world.