Groww gets SEBI nod for $1B IPO; to file updated DRHP soon

Stock broking and wealth management platform Groww has secured approval from the Securities and Exchange Board of India (SEBI) to launch its initial public offering (IPO), paving the way for one of the largest fintech listings in the country, according to people familiar with the matter.

The Bengaluru-based firm plans to raise up to $1 billion through the share sale, which could value the company between $7 billion and $8 billion.

The company intends to file an updated draft red herring prospectus (DRHP) in the coming weeks. It had first submitted its IPO papers confidentially under SEBI’s pre-filing mechanism on May 26.

Groww’s parent, Billionbrains Garage Ventures Pvt Ltd, reported a sharp jump in profitability in FY25, with net profit clocking a threefold increase to Rs 1,819 crore. Revenue climbed 31% year-on-year to Rs 4,056 crore, according to a document reviewed by YourStory.

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The company has raised over $390 million from marquee investors, including Tiger Global, Sequoia Capital, ICONIQ Growth, and Ribbit Capital.

The planned IPO would be a milestone for Groww, which was last valued at $3 billion in 2021 during its Series E round. The proposed listing would mark one of the most high-profile debuts in India’s startup and financial services ecosystem.

Groww, founded in 2016 by former Flipkart executives Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal, has emerged as one of India’s fastest-growing investment platforms.

The startup began as a mutual fund distribution app and has since expanded into stock broking, exchange-traded funds, futures and options, US equities, and fixed-income products.

The proposed IPO by Groww could be the second major startup IPO of 2025, following electric vehicle maker Ather, which raised Rs 2,626 crore from the public markets earlier this year.