Play all audios:
The parent company of online stock broking firm Groww, Billionbrains Garage Ventures, has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi)
to launch an initial public offering (IPO). The IPO document has been filed via a confidential pre-filing route, looking to raise between $700 million to $1 billion by public listing of its
shares on the domestic bourses BSE and NSE.
The IPO of Groww, backed by several marquee investors like Peak XV, Tiger Capital, and Microsoft CEO Satya Nadella, is a combination of a fresh issue of equity shares and an offer for sale
(OFS) component by selling shareholders, as per a report.
The wealthtech unicorn intends to use capital raised from issuance of fresh equities for investment in technology development and expansion of business.
Groww has appointed JP Morgan India Private Ltd, Kotak Mahindra Capital Company Ltd, Citigroup Global Markets Private Ltd, Axis Capital Ltd, and Motilal Oswal Securities Ltd to manage the
IPO.
As per report, Groww is in talks to raise around $250 million in a funding round at a post-money valuation of $7 billion from slew of investors, led by Singapore-based asset management firm
GIC. The startup’s valuation has grown multi-fold since it turned into a unicorn in early April 2021 after raising $83 million in funding led by Tiger Global, with a valuation exceeding $1
billion.
The Bengaluru-based startup has raised a total of over $400 million over 8 funding rounds - 3 seed, 2 early-stage and 3 late-stage rounds, as per Tracxn report. The largest funding round so
far was a Series E round for $251M in October 2021, led by Iconiq Capital, at a valuation of over $3 billion. It has total 22 investors, 19 are institutional investors including Y
Combinator, Iconiq Capital, Ribbit Capital, Propel Venture Partners, and Lone Pine Capital.
Founded in 2016 by Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal, Groww facilitates investment in direct mutual funds, stocks, ETFs and IPO for India’s retail investors. Over the
years, the company has emerged as India’s fastest-growing brokerage platform, leading in active client growth and market share gain. The company already claims to have over 50 million users
and plans to add more financial products and services to its bouquet of offerings.
As per latest NSE data, Groww’s active client base surged from 95 lakh in March 2024 to 1.29 crore in March 2025, registering a robust 36% growth, far outpacing the broader industry. The
platform’s market share climbed from 23.28% to 26.26% during the same period, with consistent gains recorded every month. Its average monthly client growth stood at 3%, compared to the
industry’s 1.74%, highlighting its sustained momentum. This growth is attributed to Groww’s digital-first approach, simplified user experience, and its strong connection with first-time
investors from India’s tier II, III, and IV cities.
As India’s capital markets deepen and more individuals turn to equity investing as a long-term wealth-building avenue, such platforms are likely to play an important role in shaping investor
behaviour.
(DISCLAIMER: The views and opinions expressed by investment experts on fortuneindia.com are either their own or of their organisations, but not necessarily that of fortuneindia.com and its
editorial team. Readers are advised to consult certified experts before taking investment decisions.)