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Groww is targeting a valuation of about $7 billion in its IPO and aims to raise $127 million by issuing new shares. Sign up here. The offering, among India's largest this year, taps a surge of first-time investors drawn to the country's under-penetrated capital markets, helped by rising financial literacy, digital onboarding and low-cost trading. Groww's listing is the latest in India's red-hot IPO market, which has emerged as the third-largest IPO venue globally this year with fundraising expected to top 2024's record $20.5 billion. Jain said as customers grow more affluent, they move beyond stocks and mutual funds into bonds and commodities, driving demand for broader financial products. While broking remains Groww's main revenue source, its share is declining as newer businesses scale up. Broking accounted for 79.5% of Groww's revenue in the quarter ending June 2025, down from 87.4% a year earlier, according to its updated IPO prospectus. "In MTF, we have less than 1.5% market share, which is a growth area for the next few years. We launched commodities this quarter and we are seeing early adoption," Jain said, adding that the new businesses "may take a larger share of revenue" in the next few years. Groww's lending arm, which recently began offering loans against shares, is expected to remain a small contributor, accounting for less than 10% of overall revenue. Reporting by Haripriya Suresh and Ashwin Manikandan; Editing by Dhanya Skariachan and Saumyadeb Chakrabarty Our Standards: The Thomson Reuters Trust Principles., opens new tab Haripriya reports on India’s $254-billion Indian information technology (IT) industry, the country’s burgeoning GCCs, as well as new-age startups. With seven years of experience, she has previously reported on politics, civic issues, crime, and breaking news in south India, and tracked the country’s gig economy. She has a degree in Media Studies with a specialisation in journalism from the Symbiosis Centre for Media and Communication.
