Online investment platform Groww is reportedly set to file its updated draft red herring prospectus (DRHP) with the Securities and Exchange Board of India this week, according to reports in Moneycontrol and The Economic Times. The company is targeting a November listing, with an IPO size of $800 million to $1 billion.
Groww is preparing to go public at a valuation of around Rs 80,000 crore ($9 billion), higher than its earlier $7–8 billion target, on the back of a strong financial performance, Moneycontrol reported.
Groww 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.
According to reports, the issue will comprise a mix of fresh shares and an offer for sale, though it could not be immediately ascertained which investors will sell.
However, early backers, including Peak XV, Y Combinator, Ribbit Capital, and Tiger Global are likely to participate in the sale. Founders are expected to retain the largest holding among IPO-bound new-age firms, giving them promoter status.
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 Bengaluru-based company is also expanding beyond stockbroking into lending, payments, and wealth management, and has signed a $150 million deal to acquire PayU-backed Fisdom, pending Sebi approval.
It is the country’s largest stockbroker by active clients, though its user base slipped to 12.07 million in August from 13 million in February.
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.
Edited by Affirunisa Kankudti