Globe Capital, Groww parent back India bourse’s derivatives push

Groww, India’s largest stockbroker by number of clients, received regulatory approval for a public listing, Moneycontrol reported last month

National Commodity and Derivatives Exchange Ltd. has secured investments from Globe Capital Market Ltd. and Billionbrains Garage Ventures Ltd., according to people familiar with the matter, as part of a fundraising to launch its equity-derivative business.

Globe Capital, a local financial services provider, will hold 2.88% in the agricultural bourse, while Billionbrains Garage — parent of the Groww investment platform — will own 2.82%, the people said, asking not to be identified as the information is confidential.

NCDEX is raising Rs 770 crore ($87 million) by selling shares to a group of 61 investors, including Tower Research and Billionaire Ken Griffin’s Citadel Securities LLC. Citadel Securities has committed Rs 17 crore, while Tower Research will invest Rs 34 crore, Bloomberg reported last week.

NCDEX, Globe Capital and Billionbrains Garage did not respond to emails seeking comment.

Groww, India’s largest stockbroker by number of clients, received regulatory approval for a public listing, Moneycontrol reported last month. The initial share sale could raise up to $1 billion, according to the report.

NCDEX is raising funds days after securing preliminary approval to launch equity-linked products — a move that will pit it against dominant exchanges the National Stock Exchange of India Ltd. and its publicly traded rival BSE Ltd.