Groww raises practically $750M in IPO as India’s retail investing growth continues

Indian on-line brokerage platform Groww’s IPO on Wednesday proved to be the most important itemizing by an Indian fintech up to now this yr, as the corporate raised ₹66.3 billion (about $748 million) with its shares closing 29% greater from their situation value.

The corporate’s shares opened at ₹112, about 12% above their situation value of ₹100, and closed at ₹128.85, lending it a market cap of ₹795 billion (roughly $9 billion).

Groww’s itemizing comes amid a broader pickup in Indian startup IPOs. Eyewear retailer Lenskart made its market debut earlier this week, and funds platform Pine Labs is scheduled to listing on Friday (its $440 million IPO was totally subscribed as of Tuesday). Different venture-backed corporations, together with PhysicsWallah and Capillary Applied sciences, are set to go public within the coming days.

Based in 2016 by former Flipkart workers, Groww has benefited from India’s retail investing growth, and its traders embrace Microsoft CEO Satya Nadella, Peak XV, Y Combinator, Ribbit Capital and Tiger International. Its app targets first-time traders to the retail investing market, and competes with the likes of Zerodha and Angel One.

Groww had greater than 14 million energetic customers as of June, and over 12.6 million energetic NSE purchasers, per its IPO supply doc (PDF). Whereas stockbroking stays its core enterprise, the corporate has expanded into lending, too, launching a separate app for that enterprise final yr. The corporate additionally gives funds, asset administration and insurance coverage brokerage. Nonetheless, these companies stay modest in scale in contrast with its brokerage revenues.

Within the monetary yr ended March 2025, the corporate reported income of ₹39 billion ($440 million) and web revenue of ₹18 billion ($206 million).

Peak XV Companions, Ribbit Capital, Tiger International and Sequoia Capital had been amongst traders who bought their stakes within the providing. The IPO was subscribed practically 18 instances, led by sturdy demand from institutional traders, and the corporate raised about ₹30 billion from anchor traders in a pre-IPO placement final week.

“We owe a lot to so many individuals for constructing this,” Groww co-founder and CEO Lalit Keshre stated throughout the firm’s itemizing ceremony. “After we began, we thought that in a single month, if we may get 100 prospects, it could be excellent. However guess what? We bought 600 prospects,” he added, reflecting on the startup’s early days.

Enterprise traders cheered Groww’s profitable market debut. “Many U.S. LPs have requested me if Indian investments would ever generate profits,” Anu Hariharan, co-founder of Avra Capital, an early investor in Groww, wrote in a publish on X. “Ecosystems take time — however right here’s Groww, returning capital many instances over and returning a minimum of two U.S. funds totally and sure delivering probably the greatest IRRs of the last decade (Launching Shares in 2020 → IPO in 2025).”

The debut additionally marks a milestone for Y Combinator: Groww is the first Indian firm backed by the accelerator to go public. The fintech can be the primary Indian startup to listing after relocating its company headquarters from Delaware, underscoring a broader shift amongst Indian unicorns transferring their base again house.

Groww stated it plans to make use of the contemporary capital to develop its cloud and know-how infrastructure, intensify advertising and marketing efforts, and make investments additional in its lending and margin buying and selling companies. It stated it has additionally earmarked funds for potential acquisitions.