Groww IPO: SEBI Clears Path for India’s Next Big Fintech Listing

Groww, one of India’s fastest-growing fintech platforms, has received approval from SEBI to launch its highly anticipated $1 billion IPO. The public issue is expected to value the Bengaluru-based startup between $7–8 billion, making it one of the most significant fintech listings in India’s market history. 

Founded in 2016  by Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal, Groww has quickly transformed from a mutual fund investment platform into a full-scale brokerage, becoming the largest stockbroker in India by over 13 million active users. 

• Financially, Groww’s momentum has been remarkable. In FY25, the company reported a net profit of ₹1,819 crore,a threefold increase compared to FY24 operational profitability marked as ₹535 crore. Revenue also surged to ₹4,056 crore in FY25, compared to ₹3,145 crore in FY24, reflecting its strong customer base, improved monetisation strategy, and operational efficiency.
• ​However, In FY24 the bottom line was impacted by a one-time tax outgo of ₹1,340 crore related to the reverse flip of its holding entity from the United States to India, resulting in a reported net loss of ₹805 crore.

Now, Groww is preparing for its biggest leap yet: a $1 billion IPO. With SEBI’s approval in hand, the company is looking at a valuation of $7–8 billion, setting the stage for one of the largest fintech listings in India. 

The issue is expected to comprise a mix of fresh shares (to raise new capital) and an offer-for-sale (OFS) from early backers. Among its marquee investors are Tiger Global, Peak XV Partners (formerly Sequoia Capital India), Ribbit Capital, Y Combinator, and ICONIQ Growth.

The IPO proceeds are expected to be channelled into strengthening technology infrastructure, expanding product offerings, and supporting inorganic growth initiatives, including acquisitions like Fisdom, a wealth-tech startup Groww recently acquired in an all-cash deal worth $150 million.