Metropolitan Stock Exchange of India Limited (MSEI) is a full-service national-level stock exchange licensed to operate across multiple segments including Equity, Equity Derivatives, Currency Derivatives, Debt, and the SME platform. The exchange has a live trading platform in all segments except the SME segment. MSEI operates through two subsidiaries—Metropolitan Clearing Corporation of India Limited (MCCIL), in which it holds an 86.94% stake, and MCX SX KYC Registration Agency Limited (MRAL), which is a wholly owned subsidiary.

January 2025. At its 158th board meeting on 22 January, MSE resolves to allot 119,00,00,000 equity shares of Re 1 each on a private placement basis. Four allottees, and the split is exactly equal — 29,75,00,000 shares each to Billionbrains Garage Ventures (Groww's parent), Rainmatter Investments (the Zerodha founders' fund, the only one classified as a Fund rather than a Corporate), Securocrop Securities India and Share India Securities. At ₹2 per share — Re 1 face value plus Re 1 premium — that's ₹59.5 crore apiece, ₹238 crore total. Share India, being listed, confirmed its number in a stock exchange filing: ₹59.5 crore for 4.958%, pegging MSE at ₹1,200 crore.

August 2025. A second round, and a much larger one. Board approval on 8 July, shareholders sign off on 7 August, and the private placement offer letter goes out on 10 August for ₹10,00,00,00,000 — one thousand crore — circulated to 29 offerees.

Read that list and the strategy becomes obvious. Peak XV Partners is there. So is Jainam Broking. But so are Monarch Networth, Marwadi Chandarana, KIFS International, Findoc, Excel Stock Broking, Achintya Securities, StockGro, Mansi Share & Stock Broking — and Securocrop and Share India again, doubling down from round one. Zerodha and Groww do not reappear.

This isn't a venture round with a few brokers attached. It's a broker consortium with a venture fund attached. MSE didn't sell equity to investors who wanted returns. It sold equity to people who control order flow.

Total across both rounds: ₹1,238 crore