Groww Secures Regulatory Nod For $1 Bn IPO At $7-8 Bn Valuation

Groww, India’s largest discount broker with more than 25 million customers, has received regulatory approval to launch its initial public offering (IPO), through which it is expected to raise at least USD 1 billion.

The Bengaluru-based wealthtech platform, which confidentially filed papers with Securities and Exchange Board of India (Sebi) on 26 May, is also in discussions with investors for a pre-IPO funding round.

The company is eyeing a valuation of USD 7 to 8 billion, implying that a 10 to 15 per cent equity dilution could result in an IPO size of USD 700 to 920 million.

According to filings, Groww reported revenues of Rs 4,056 crore and a profit after tax (PAT) of Rs 1,818 crore for FY25, tripling its bottom line year-on-year.

Earlier this year, it raised USD 200 million at a USD 7 billion valuation in a funding round led by Singapore’s GIC and Iconiq Capital.

With over 12.3 million active clients as of August 2025, Groww commands more than 26 per cent of the NSE’s market share and is also the largest distributor of mutual fund SIPs.

However, Groww and rival Zerodha together lost about 1.1 million active investors in the first half of 2025 amid volatile markets and subdued retail participation.

Founded in 2016, Groww has overtaken Zerodha and traditional brokerages to become the country’s largest stock-broking and wealth management platform. It offers online discount broking, direct mutual fund investments and a suite of financial products. Its backers include Tiger Global, Peak XV Partners and Ribbit Capital.