Online Brokerage Groww Files Updated Rs 7,000 Crore IPO With Sebi, Eyes $9 Billion Valuation
By News18,Varun Yadav
Copyright news18
Groww IPO: The online brokerage firm Groww has filed an updated draft red herring prospectus with the market regulator Sebi for an initial public offering (IPO) of Rs 7000 crore, down from the initially planned of Rs 8,300 crore. The company is targeting a $9 billion valuation. Groww’s parent entity Billonbrains Garage Ventures Limited filed the update DRHP.
The IPO will have a fresh issue of Rs 1,060 crore and along with this, promoters and early investors will sell shares worth about Rs 5,000-6,000 crore. The company says that the money raised will be used to strengthen technology development, brand building, cloud infrastructure and business expansion. Apart from this, capital will also be infused in NBFC arms Groww Creditserv and Groww Invest Tech to expand margin trading and loan business.
Grow’s founders – Lalit Keshre, Harsh Jain, Neeraj Singh and Ishan Bansal – hold about 28 percent stake in the company, but they will sell a very small stake (0.07%) in this IPO. The company has a long list of investors, which includes big names like Peak XV Partners, Ribbit Capital, YC Holdings and Microsoft CEO Satya Nadella.
Its consolidated operational profit increased by 17 percent to Rs 535 crore for the year ending March 2024, compared to Rs 458 crore reported the previous year. The consolidated revenue for FY23 was Rs 1,435 crore.
Founded in 2017, Groww was started as a direct mutual fund distributor platform by four ex-Flipkart employees – Lalit Keshre, Harsh Jain, Ishan Bansal and Neeraj Singh.
Following user demand, Groww added stocks in the early half of 2020 and the same year launched digital gold, ETFs, Intraday trading, IPOs in quick succession.
Today, Groww is the largest stock broker based on active clients. As of March 2025, its total subscriber base is at 13.03 million (1.3 crore).
Its competitor Angel One brought its IPO in September 2020, at the price band of Rs 305 to Rs 306 per share. The company raised Rs 600 crore via IPO. Angel One IPO bidding started from September 22, 2020 and ended on September 24, 2020. The allotment for Angel One IPO was finalized on Tuesday, September 29, 2020. The shares got listed on BSE, NSE on October 5, 2020. While Zerodha isn’t a listed entity.
