The Metropolitan Stock Exchange of India (MSEI) recently raised about ₹1,240 crore, with the latest infusion happening in November 2025. This marks the most ambitious capital raise in recent years as the exchange aims to revive its position as India’s meaningful third stock exchange. 

What Exactly Has MSEI Raised? 

MSEI completed a significant capital infusion in November 2025, bringing fresh resources to scale technology, product innovation, and liquidity enhancement.​ 

• In December 2024, the exchange raised around ₹238–240 crore via equity from investors including Billionbrains Garage Ventures (Groww’s promoter entity), Rainmatter (Zerodha’s investment arm), Securicorp Securities India and Share India Securities.​ 

• The recent November 2025 funding round consolidated this effort by adding ₹1,000 crore more, backed by shareholder approval and aligned to a long-term revival blueprint. 

 
This brings total fresh capital raised within a year to about ₹1,240 crore, underscoring the strong investor interest in MSEI’s turnaround story. 

Why This Fundraise Matters For Investors 

For MSEI unlisted shareholders, this infusion provides critical runway for sustainable growth and infrastructure upgrades, which are vital for competing with entrenched players.​ 

• The capital enables MSEI to enhance its technology stack, boost liquidity programs, and pilot new product initiatives aimed at capturing market segments underserved by existing exchanges.​ 

• Strategic investors such as Groww’s promoter entity and Zerodha’s Rainmatter indicate a long-term ecosystem play, adding credibility beyond purely financial capital.​ 

However, market share gains and volume improvements depend heavily on execution, not just capital. 

 
How Will MSEI Use The ₹1,000 Crore From November 2025? 

The recent ₹1,000 crore capital is earmarked for three critical areas:​ 

1. Liquidity Development: Attracting market makers, brokers, and institutions to rebuild activity across cash equities and derivatives segments. Incentive structures and fee rationalizations are expected.​ 

2. Technology Advancements: Major investment in a state-of-the-art data centre to enhance performance, resilience, and security of trading infrastructure.​ 

3. New & Innovative Products: Developing differentiated offerings, including bespoke derivatives and SME/finttech-focused solutions to create new revenue streams and investor interest.  

A Quick Competitive Comparison: MSEI vs NSE vs BSE 

Parameter	NSE	BSE	MSEI (PostRaise)
Core strength	Equity & F&O volume	Cash market & SME	Fresh capital & tech rebuild
Liquidity	Very deep	High, but below NSE	Thin, rebuilding phase
Brand & trust	Very strong	Legacy franchise	Emerging, resetting narrative
Capital headroom	Strong internal accrual	Healthy	₹1,240 cr recent infusion

 
What Has Actually Changed On The Ground? 

While the capital is now in place: 

• For H1 FY2026, MSEI’s operating revenues remain modest, indicating early-stage turnaround traction.​ 

• The path to profitability will depend on rapidly translating capital spending into volume growth and fee income.​ 

Thus, the funding has secured more runway, but it does not yet guarantee a full-fledged business turnaround 

Read Also: Why Lava International Could Be the Next Breakout Stock?

 
Governance and Regulatory Highlights 

Leadership continuity remains key with the reappointment of Latika S. Kundu as MD & CEO reinforced during this revival phase.​ 
SEBI’s facilitative regulations on rights issues and capital raising have played a supportive role, although governance vigilance is necessary. 

Key Risks for Investors 

MSEI poses execution and regulatory risks typical of deep turnaround stories, with capital alone insufficient to assure success. Illiquidity and valuation volatility require prudent risk management. 

Investor Takeaways 

MSEI’s current equity raises present a compelling optionality play for patient, informed investors. Continuous monitoring of volume metrics, product launches, and regulatory developments is critical. Position sizes should reflect the inherent binary nature of this investment. 

FAQ’s:  

1. How much capital has MSEI raised recently? 
   About ₹1,240 crore in total, including a ₹1,000 crore round in November 2025.​ 

2. Who were key investors in the prior round? 
   Groww’s promoter entity Billionbrains, Zerodha’s Rainmatter, Securicorp Securities, Share India Securities.​ 

3. What is the focus for the recent ₹1,000 crore capital? 
   Liquidity building, technology upgrades, and new product development.​ 

4. Is MSEI profitable post-fundraise? 
   No, the business is still in early turnaround with modest revenues.​ 

5. How does MSEI stack up against NSE and BSE today? 
   NSE/BSE dominate volumes; MSEI leads with fresh capital and strategic renewal.​ 

6. Has there been any leadership change? 
   No, Latika S. Kundu continues as MD & CEO.​ 

7. What regulatory factors influence this fundraise? 
   SEBI’s rights issue reforms improved capital raising flexibility.​ 

8. What risks do investors face? 
   Execution risk, regulatory shifts and volume growth uncertainty.​ 

9. Does this capital guarantee success? 
   No, success hinges on execution and attracting trader flow.​ 

10. What should investors track going forward? 
    Trading volumes, fees, broker onboarding, product launches, tech rollouts.