India’s largest fintech and wealthtech platform Groww files DRHP with the Securities and Exchange Board of India (SEBI) through the confidential pre-filing route. The IPO, through parent company Billionbrains Garage Ventures, marks the company’s first step towards a much awaited public listing.
Groww IPO Overview
Sources close to the development indicate that Groww is looking to raise USD 700M to 1B (~INR 8,488 crore) through the IPO with equity dilution of 10-15%. The issue will comprise fresh issue and offer for sale (OFS) by existing investors.
The equity shares with face value of INR 2 will be listed on NSE and BSE. The issue will be managed by a alliance of global and domestic investment banks including JP Morgan India, Kotak Mahindra Capital, Citigroup Global Markets, Axis Capital and Motilal Oswal Securities.
GIC Leads USD 250-300 Million Pre-IPO Round
To set a benchmark valuation and build momentum before the public listing Groww is raising a pre-IPO round of USD 250-300 million (~INR 2,547 crore). Singapore’s sovereign wealth fund GIC is leading the round through its SPV Viggo Investments with a USD 150 million (~INR 1,273 crore) infusion for 2.14% stake, according to regulatory filings.
The round will value Groww at around USD 7 billion (INR 60,000 crore) post money – more than double its Series E valuation of USD 3 billion (~INR 25,465 crore ) from 2021. Existing investors like Tiger Global are also participating in the round.
Financials
Groww’s FY24 financials show its rapid growth and operational efficiency. The company has:
- Revenue: INR 3,145 crore, up 119% YoY from INR 1,435 crore in FY23
Adjusted PAT (Operating Profit): INR 535 crore, up 17% from INR 458 crore in FY23 - Net Loss: INR 805 crore, mainly due to INR 1,340 crore one time tax on account of redomiciliation from US to India
Groww is operationally profitable with strong fundamentals.
Market Leadership: Beating Zerodha
Founded in 2016 by former Flipkart executives, Groww has become India’s largest retail stock broking platform surpassing Zerodha in active clients. As of March 2025:
- Active Clients: 1.29 crore
- Market Share: 26.26%, up from 23.28% a year ago
- New Accounts Added in FY25: 34 lakh
This is impressive given the challenges the broking industry is facing – retail F&O trading restrictions, reduced exchange incentives and increasing taxation.
Groww DRHP Filing – Regulatory & Strategic Outlook
Groww’s IPO is filed under Regulation 59C(5) of SEBI’s ICDR norms, which allows for confidential pre-filing. This route, used by Tata Play, PhysicsWallah, and Shiprocket, gives companies more flexibility—up to 18 months to go public post-approval and alter issue size by up to 50%.
The IPO proceeds will be used for technology upgrades and business expansion, in line with Groww’s broader fintech plans that go beyond equity trading into mutual funds, ETFs and personal finance tools.
Caution Amid Volatility
While Groww’s fundamentals and investor appetite look strong, it is entering the IPO process when market volatility and regulatory changes are hitting the brokerage industry. Competitors Zerodha and Angel One have seen month-on-month decline in active users and falling profitability.
But analysts say Groww could be one of the most reasonably priced new-age IPOs, with lower price-to-earnings multiples than other tech IPOs. If priced disciplined, it could work in its favour in a discerning institutional and retail investor environment.
Conclusion
As one of the few profitable fintech unicorns, Groww IPO will be a test case for India’s digital economy public market playbook. With scale, brand and investor backing, it is well placed to attract strong institutional and retail interest if market holds. For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription stay tuned to IPO Central.