Groww Seeks to Raise INR 6,000–7,000 Crore Through Revised IPO Filing

Groww, an online investing platform, has submitted a revised draft prospectus for an IPO of INR 6,000–7,000 crore to the Securities and Exchange Board of India (SEBI). The transaction would consist of an offer for sale (OFS) of 574 million shares valued at about INR 5,000–6,000 crore and a new issuance of INR 1,060 crore.

As previously reported by ET, the Bengaluru-based company plans to IPO in November at a valuation of $7-9 billion. Peak XV Partners, Y Combinator, Ribbit Capital, Tiger Global, and Kauffman Fellows Fund are among the investors taking part in the OFS. One million shares will also be sold by the company’s founders, Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal, who together own 27.96% of the business.

After submitting confidential draft documents to the market regulator in May, Groww was granted permission by SEBI to proceed with its initial public offering (IPO) last month.

Groww’s Financial Performance in FY25–FY26

Kotak Mahindra Capital Company, JP Morgan India, Citigroup Global Markets India, Axis Capital, and Motilal Oswal Investment Advisors are among the issue’s book running lead managers. The company’s net profit increased 11% from the previous year to INR 1,824 crore in FY25 and INR 378 crore in the June quarter of FY26. FY25 revenue was INR 4,056 crore, a 31% increase from the previous year. Groww intends its recent expansion into commodities, wealth management, margin trading facilities (MTF), and loans secured by shares to fuel its future growth.

The company’s NSE active clientele increased from 10.92 million to 12.58 million as of June 30. Derivative active users decreased 28% year over year in Q1 FY26 as a result of the regulator’s increased scrutiny of futures and options (F&O) trading, while fees and commission income decreased 17.5%.

Nonetheless, Groww’s average daily turnover increased 18.2% to INR 9,276 crore during that time, and its retail F&O market share increased from 9.69% to 14.43%. After executing a reverse flip of its parent company from the US to India, Groww is one of the first firms to pursue an initial public offering (IPO). Based on a recently determined fair market value, the company paid US taxes of INR 1,340 crore ($160 million), which is 30% less than the $3 billion valuation at which it last raised capital in 2021.

Future Plans of Groww

Groww has so far raised roughly $596 million in equity capital, according to Tracxn. As per media reports of March 26, it just secured a $200 million round backed by GIC and Iconiq Capital at a valuation of $7 billion. Subject to SEBI’s clearance, the company has also finalised a deal to pay $150 million in cash to acquire the wealthtech platform Fisdom, which is funded by PayU.

In addition, it is getting ready to launch W, a new wealth management platform aimed at long-term investors, to compete with rivals like Dezerv and Ionic Wealth, which is financed by Angel One. Groww, which began as a mutual fund investment platform when it was founded in 2016 by former Flipkart executives Keshre, Jain, Singh, and Bansal, is currently the largest stockbroker in India by active clients, according to NSE data.

The platform added 9.45 million new demat accounts between June 2024 and June 2025, whereas the industry added 36.66 million during the same time frame.