DBT Bureau
Pune, 26 May 2025
Groww, India’s largest stock broking firm by active investor base, has confidentially filed for an initial public offering (IPO) with the Securities and Exchange Board of India (SEBI).
According to sources familiar with the matter, the IPO size is expected to be around $700 mn – $1 bn, comprising a mix of a fresh issue and an offer for sale component. The company is backed by marquee investors like Peak XV, RIBBIT, YC, ICONIQ, Tiger Capital, and Microsoft CEO Satya Nadella. Proceeds from the IPO are expected to be invested in technology development and business expansion.
As reported earlier, Merchant bankers to the issue include JP Morgan India Private Limited, Kotak Mahindra Capital Company Limited, Citigroup Global Markets Private Limited, Axis Capital Limited, and Motilal Oswal Securities Limited.
Groww began in 2016 and has emerged as the fastest-growing retail broking platform in India in FY25, with over 26% market share as of March 2025. In FY25, Groww emerged as the single-largest contributor, adding 34 lakh new accounts—a 40% share of NSE’s growth. The Company’s active client base rose from 9.5 million in March 2024 to 1.29 crore in March 2025, reflecting a sharp 36% year-on-year increase. According to reports, the company is likely to raise $100-150 million in funding at a post-money valuation of $7 billion from Singapore-based asset management firm GIC. The round is part of a larger $250-300 million round, which is expected to close within the next two weeks.
Groww’s uniform growth is attributed to its mobile-first, user-friendly experience and a focus on education, which appeals to retail investors across the country.
Groww is at the forefront of digitising retail investing in India. Its customer-centric approach has built a platform enabling seamless access and an informed investing culture.
Groww turned profitable in FY23, with revenue of Rs 1,277 crore and a profit of 449 crore. In FY24, Groww reported revenue of Rs 3,145 crore with an operating profit of Rs 535 crore , indicating consistently strong business performance. Last year the company paid a one time tax of Rs 1,340 crore in India domicile move, leading to a net loss of Rs 805 crore. The company’s steady rise indicates how technology-led investing is reshaping investor choices and is set to transform the future of India’s financial markets.
