Indian on-line brokerage platform Groww’s IPO on Wednesday proved to be the most important itemizing by an Indian fintech to date this yr, as the corporate raised ₹66.3 billion (about $748 million) with its shares closing 29% larger from their subject worth.
The corporate’s shares opened at ₹112, about 12% above their subject worth 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 record on Friday (its $440 million IPO was totally subscribed as of Tuesday). Different venture-backed corporations, together with Physics Wallah and Capillary Applied sciences, are set to go public within the coming days.
Based in 2016 by former Flipkart staff, Groww has benefited from India’s retail investing increase, and its buyers embody Microsoft CEO Satya Nadella, Peak XV, Y Combinator, Ribbit Capital, ICONIQ, and Tiger International. Its app targets first-time buyers 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. Nevertheless, 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 buyers who offered their stakes within the providing. The IPO was subscribed almost 18 occasions, led by robust demand from institutional buyers, and the corporate raised about ₹30 billion from anchor buyers in a pre-IPO placement final week.
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“We owe a lot to so many individuals for constructing this,” Groww co-founder and CEO Lalit Keshre stated through the firm’s itemizing ceremony. “After we began, we thought that in a single month, if we might get 100 prospects, it could be excellent. However guess what? We received 600 prospects,” he added, reflecting on the startup’s early days.
Enterprise buyers cheered Groww’s profitable market debut. “Many U.S. LPs have requested me if Indian investments would ever earn a living,” 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 occasions over and returning a minimum of two U.S. funds totally and sure delivering top-of-the-line IRRs of the last decade (Launching Shares in 2020 → IPO in 2025).”
The debut additionally marks a milestone for Y Combinator: Groww is the primary Indian firm backed by the accelerator to go public. The fintech can also be the primary Indian startup to record after relocating its company headquarters from Delaware, underscoring a broader shift amongst Indian unicorns shifting their base again dwelling.
Groww stated it plans to make use of the contemporary capital to develop its cloud and expertise infrastructure, intensify advertising efforts, and make investments additional in its lending and margin buying and selling companies. It stated it has additionally earmarked funds for potential acquisitions.
