Groww, India’s largest retail brokerage platform, is gearing up for a multi-billion-dollar IPO, marking a pivotal moment in the country’s public markets. The move comes just over a year after the company shifted its headquarters from Delaware back to India, positioning itself as one of the first Indian startups to pursue a domestic listing after returning from the U.S.
The Bengaluru-based firm, backed by Microsoft CEO Satya Nadella, Peak XV Partners, Y Combinator, Ribbit Capital, and Tiger Global, is expected to launch its public offering later this year. According to draft IPO filings, the four marquee investors will sell approximately 394 million shares — 9.4% of Groww’s total equity — representing nearly 69% of the overall offer.
Other Indian startups, including Pine Labs, Razorpay, Meesho, Zepto, and Walmart-backed PhonePe, have also moved their headquarters back to India in recent years, aligning with regulatory requirements and tapping into a booming domestic investor base. Groww itself paid about $159 million in taxes during its relocation.
While U.S. investors are set to cash out a large portion of their holdings, Groww’s founders — Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal — will sell only 4 million shares, or just 0.7% of the total offering, signaling their confidence in the company’s long-term growth.
The IPO aims to raise ₹10.6 billion (around $121 million) in fresh capital, alongside a secondary sale of 574 million shares valued at ₹568–682 million. This could value Groww at nearly $9 billion.
In FY2024, Groww reported revenue of ₹40.6 billion ($462 million), up 45% year-on-year, with net profits of ₹18.2 billion ($208 million), a sharp turnaround from a ₹8 billion ($92 million) loss in the prior year linked to its U.S. headquarters expenses.
By June, the company had established itself as a market leader with:
- 37.4 million demat accounts (about 19% of India’s total)
- 12.6 million active NSE clients (26% market share)
- 17 million active SIPs
- 9 million unique mutual fund investors
- Over 100 million app downloads, the first investment platform in India to cross this milestone.
The offering is being managed by JPMorgan Chase, Kotak Mahindra Bank, Citigroup, Axis Bank, and Motilal Oswal Investment Advisors.
