Groww Secures SEBI Approval for IPO, Could Raise $1 Billion
The wealthtech firm aims to solidify its lead in retail investing, has filed its DRHP, and plans a dual listing on the NSE and BSE, eyeing a major fintech milestone.
Bengaluru-based stock broking and wealth management platform Groww has received approval from the Securities and Exchange Board of India (SEBI) to go public, setting the stage for an initial public offering (IPO) that could rise to $1 billion, according to sources familiar with the matter. The offering is expected to value the fintech at $7–8 billion, marking a significant milestone in India’s startup and financial services ecosystem.
Groww is expected to file its updated Draft Red Herring Prospectus (DRHP) publicly in the coming weeks. The company had initially filed for an IPO confidentially under SEBI’s pre-filing mechanism on May 26, 2025, taking its first formal step toward a market debut. Earlier reports had indicated that Groww was preparing to file with SEBI while also exploring pre-IPO funding rounds with investors.
Reports mention that Groww is incorporated under Billionbrains Garage Ventures and formally submitted its DRHP with SEBI as part of the regulatory process.
The company plans to list its equity shares, with a face value of Rs 2 each, on both the NSE and BSE mainboards. Specific details regarding the issue size, the fresh issue component, and the offer-for-sale portion have yet to be disclosed. Sources suggest that Groww is likely to adopt a conservative valuation strategy in line with current market conditions, which could imply a 10–15% equity dilution and an IPO size in the range of $700 million to $ 920 million.
Founded in 2016, Groww has emerged as one of India’s leading wealthtech platforms, offering online discount broking, direct mutual fund investments, and a range of other financial products. It competes with players like Zerodha and Upstox, and counts Tiger Global, Peak XV Partners, and Ribbit Capital among its prominent backers.
The development comes amid market volatility, with leading discount brokers Groww and Zerodha together losing approximately 11 lakh active investors in the first half of 2025. Despite this, Groww has maintained robust financial performance, reporting revenue of Rs 4,056 crore and profit after tax of Rs 1,818 crore for FY25, tripling its net profit. year-after-year. Earlier this year, the company raised $200 million at a $7 billion valuation in a funding round led by Singapore’s GIC and Iconiq Capital.
Groww currently holds the largest market share in mutual fund SIP distribution and stock broking in India, with over 12.3 million active clients and a 26% share of NSE trading as of August 2025.