Groww, India’s largest stock broking and wealth management platform, has received SEBI approval for its blockbuster IPO, estimated to raise between $800 million and $1 billion. Founded in 2016, Groww has revolutionised digital investing and mutual fund distribution in India, capturing over 26% of NSE’s market share and serving more than 12.3 million active users. This IPO marks a significant milestone for Indian fintech, offering retail investors a stake in a profitable, fast-scaling unicorn startup backed by GIC, Tiger Global, Peak XV, and Satya Nadella.
Table of Contents:
- About Groww: India’s Leading Digital Wealth Platform
- Groww’s Business Model: Democratising Digital Investing
- FY25 Financials: Revenue & Profit Growth Ahead of IPO
- Groww IPO Offer Details, Objectives, and Management
- Groww SWOT Analysis: Strengths, Weaknesses, Opportunities, Threats
- Key Risks for Groww IPO Investors
- Peer Comparison: Groww vs Other Brokerages
- Groww IPO FAQs
Groww is a Bengaluru-based fintech, launched in 2016 and incorporated as Billionbrains Garage Ventures Ltd. Distinguished by its intuitive app and low-cost digital-first approach, Groww serves retail investors with:
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Stock Broking: NSE/BSE direct equities, F&O, IPOs
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Mutual Funds: SIPs, direct plans, highest digital SIP distributor in India
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Consumer Loans & Insurance: New verticals for millennial customers
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Digital Platform: Easy onboarding, KYC, customer support, AI features
Major Investors of Groww
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GIC (Singapore sovereign fund)
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Iconiq Capital
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Tiger Global
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Peak XV Partners (formerly Sequoia Capital)
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Satya Nadella (Microsoft CEO)
Groww recently raised $200 million at a $7 billion valuation and executed a “reverse flip” - moving its global holding from the US to India, paying $160 million in taxes and showcasing regulatory compliance.
Groww’s business model is built around:
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Low-Cost Stock Broking: Fixed Rs20 per trade & zero commissions for mutual funds
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Technology-led Distribution: Mobile-first UI, fast onboarding, instant support
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Wide Product Portfolio: Direct equities, SIPs, ETFs, new insurance/loan products
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Data Analytics & Personalisation: AI-powered recommendations and alerts
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User Acquisition: Aggressive online marketing, influencer-driven growth
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Risk Management: Strong compliance amidst new SEBI tightening
Groww’s success is fueled by exploding mobile penetration, young investor demographics, and trust - positions it as a preferred broker for first-time and seasoned market participants.
| Metric |
FY25 |
FY24 |
| Revenue (Rs crore) |
4,056 |
3,145 |
| Net Profit (Rs crore) |
1,819 |
580* |
| Profit Margin (%) |
44.9 |
18.4* |
| Active Users (mn) |
12.3 |
9.8 |
| Market Share (NSE) |
26% |
~20% |
*FY24 profit was affected by Rs 1,340 crore one-time US domicile tax; excluding this, profit growth remains strong.
Key Insights
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Revenue rose 31%, profit more than tripled - making Groww one of India’s most profitable IPO-bound fintechs.
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Latest funding round valued Groww at $7 billion, with IPO bump likely to touch $8–9 billion.
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Despite sector-wide headwinds (SEBI curbs, lower retail F&O), Groww expanded active users while competitors (Zerodha, Angel One, Upstox) lost clients.
| Parameter |
Details |
| IPO Size |
Rs 6,000 - 8,000 crore ($800 Mn - $1 Bn) |
| Fresh Issue |
Major chunk for tech investment, expansion |
| OFS |
Partial exits by GIC, Tiger Global, Peak XV |
| Managers |
JP Morgan, Kotak Mahindra, Citigroup, Axis, Motilal Oswal |
| Listing |
BSE & NSE, Q4 2025 expected |
| Use of Proceeds |
Product/tech upgrades, new segment launches, flex for marketing & inorganic growth |
| Registrar |
Kfin Technologies |
Strengths
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Dominant Retail Broker: Highest active NSE clients (12+ million)
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Top Mutual Fund SIP Distributor: Largest digital SIP base in India
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Tech-first Approach: Mobile, AI, fast KYC, efficient onboarding
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Strong Profitability & Growth: Threefold profit increase in FY25
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Backed by Premier Investors: GIC, Iconiq, Tiger Global, Satya Nadella
Weaknesses
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SEBI Regulatory Exposure: Frequent rule changes can impact active user base
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High Marketing Spend: Aggressive acquisition costs reduce margins
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Customer Stickiness: Low friction to switch to other brokers
Opportunities
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Massive Untapped Market: Millennials, Tier 2/3 penetration, new segments
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Diversification: Insurance, loans, ETFs, international investing
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M&A Growth: Acquisitions like Fisdom for new verticals
Threats
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Intense Competition: Zerodha, Angel One, Upstox, new fintech players
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Tech Disruption: Rapid innovation can force heavy investment
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Market Downturns: Retail investing sensitive to cycles
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SEBI’s Stricter Norms: Margin, F&O rules, higher tax affecting retail flows
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Cost Pressure: Maintaining profitability while scaling
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Fund Manager Concentration: Top investors exiting in OFS
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Sector Volatility: Fintech startups face fast regulatory and consumer changes
| Broker |
Active NSE Clients (mn) |
FY25 Revenue (Rs Cr) |
FY25 Profit (Rs Cr) |
Market Share (%) |
| Groww |
12.3 |
4,056 |
1,819 |
26% |
| Zerodha |
6.3 |
2,800 |
1,650 |
14% |
| Angel One |
5.2 |
2,200 |
1,224 |
11% |
| Upstox |
2.8 |
950 |
570 |
8% |
Groww holds lead in user base, market share, and, post-tax, FY25 profitability.
Q1. What is Groww IPO size and expected valuation?
A: Rs 6,000 - 8,000 crore ($800 Mn–$1 Bn) at a valuation of $7 - 9 billion.
Q2. Who are the selling shareholders in Groww IPO?
A: Existing investors like GIC, Tiger Global, Peak XV, and others via OFS.
Q3. How will Groww use IPO proceeds?
A: Investment in technology, product expansion, acquisition, and marketing.
Q4. What’s Groww's FY25 profit and revenue?
A: Profit of Rs 1,819 crore (3X jump), revenue of Rs 4,056 crore.
Q5. How does Groww compare to Zerodha and Angel One?
A: Groww leads in active clients and market share; profits are now comparable or greater.
Q6. When will Groww IPO list?
A: Expected Q4FY26 (subject to public listing schedule).