In a significant pre-IPO development, Bengaluru-based wealthtech startup Groww has secured USD 200 million (~INR 1,725 crore) in a Series F funding round, led by Singapore’s sovereign wealth fund GIC and returning investor ICONIQ Capital. The round values the parent entity, Billionbrains Garage Ventures, at USD 7 billion (~INR 60,377 crore), marking a strong comeback from its previous markdown to under USD 2 billion (~INR 17,251 crore) during its redomiciling to India last year.
According to filings accessed from the Registrar of Companies (RoC), Groww has allotted 3.59 crore Series F compulsorily convertible preference shares (CCPS) at an issue price of INR 482.8 per share. Groww pre-IPO fund infusion includes equal contributions of INR 867.5 crore each from GIC (via its affiliate Viggo Investment) and ICONIQ Capital (via ISP VII-B Blocker GW), resulting in a 2.86% equity dilution. Post-issue, each entity will hold 1.43% in the company.
Confidential IPO Filing with SEBI
This comes after Groww filed its draft red herring prospectus (DRHP) with SEBI in confidential mode. The company is looking to raise USD 700-1000 million (~INR 6,038 – 8,625 crore) with a mix of fresh issue and offer for sale. The company could be valued at USD 7-8 billion (~INR 60,377 – 69,003 crore).
JP Morgan India, Kotak Mahindra Capital, Citigroup Global Markets, Axis Capital, and Motilal Oswal Securities are the merchant bankers for the issue.
Financial Turnaround and Strong FY25 Performance
Groww’s numbers have bounced back sharply, it’s IPO ready. For the year ending 31 March 2025 (FY25), Groww made a profit of INR 1,819 crore, three times more than INR 535 crore in FY24. Groww had made a loss of INR 805 crore in FY24 due to one time tax outlay of INR 1,340 crore because of its shift from US to India.
Revenue grew 31% yoy to INR 4,056 crore in FY25 from INR 3,145 crore in previous year, due to strong user acquisition and platform expansion. Operating profit for FY24 was INR 545 crore.
Market Leadership and Customer Growth
Founded in 2016 by Lalit Keshre, Harsh Jain, Neeraj Singh and Ishan Bansal, Groww has become the leader in India’s online broking space. As of March 2025, it has 26% market share in terms of active clients, the highest in the country. Groww added 34 lakh new accounts in FY25, 40% of NSE’s growth. Active user base grew from 9.5 million in March 2024 to 12.9 million in March 2025, 36% growth.
Strategic Moves and Acquisitions
The company has strategically diversified its offerings beyond stockbroking. Recent expansions include digital lending, wealth management, and allied fintech services. In a bid to bolster its wealth advisory capabilities, Groww recently acquired Fisdom, backed by PayU, in an all-cash transaction valued at INR 150 crore — its second major acquisition, following the acquisition of Indiabulls Asset Management Company in 2023.
Groww also rolled out a new fund offering — the Groww Nifty 500 Low Volatility 50 ETF — aimed at enhancing its mutual fund suite.
Read Also: Groww Launches India’s First Nifty Internet ETF, Tapping the Digital Economy Boom
Capital Raised and Investor Lineup
With the latest infusion, Groww’s total capital raised now stands at nearly USD 600 million. Tiger Global, Peak XV Partners (formerly Sequoia India), Ribbit Capital, Y Combinator Continuity, Satya Nadella (Microsoft CEO)
Groww – Outlook
Groww’s rapid growth, strong recovery and deepening presence make it a one to watch in India’s fintech IPO wave. As markets stabilize and investors look for profitable tech companies, Groww’s IPO could be the benchmark for the next gen of digital first financial services companies.
In the first five months of 2025, a total of 13 Mainboard IPOs were listed in the Indian markets. Notably, there were no IPO listings in March and April 2025, and three listing in May 2025. Together these IPOs raised INR 21,258.74 crore. Hexaware Technologies was the biggest IPO in the last 5 months, which raised INR 8,750 crore. Out of the 13 IPOs, four delivered negative listing returns. Despite this, the average listing gain for the period stood at an impressive 15.06%. For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription stay tuned to IPO Central.