Groww IPO: Stock trading firm files updated DRHP with Sebi to raise around ₹7,000 cr

Online stock trading platform Groww has filed an updated Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (Sebi), proposing to raise around ₹7,000 crore via the initial public offering (IPO) route. The public issue will be a combination of a fresh issue and an offer for sale by existing shareholders, as per the DRHP filed with Sebi.

The country’s largest stockbroker is looking to raise ₹1,060 crore via fresh equities, while ₹5,000–6,000 crore will be the offer-for-sale component, with early investors paring their stake through the IPO. The company is seeking a valuation of around $9 billion (approximately ₹75,000 crore).

Groww’s IPO details became public after it received Sebi’s approval for the proposed issue, which had been filed through the confidential pre-filing route in May this year.

Bengaluru-headquartered Groww is India’s largest retail investment platform by NSE active clients, with around 12.6 million active clients as of June 30, 2025. According to NSE data, the number of NSE active clients on Groww increased from 4.4 million in June 2022 to 12.6 million in June 2025, while industry-wide active clients grew from 38.03 million to 47.89 million during the same period, as per the DRHP.

As per the IPO document, the total addressable market of India’s investment and wealth management sector stood at around ₹1.1 lakh crore as of March 2025 and is expected to grow at a CAGR of 15–17% between FY25 and FY30, reaching ₹2.2–2.6 lakh crore by FY30.

“The market is expanding, driven by higher investor participation, growing disposable income, and higher investible funds. The rise of digital-first platforms is democratising access to capital markets and empowering investors to build and manage their portfolios with simplified content, information, and tools,” the report noted.

On the earnings front, revenue from operations surged to ₹3,901.7 crore in FY25, up from ₹1,141.5 crore in FY23. Profit after tax for FY25 stood at ₹1,824.3 crore, while revenue for Q1 FY26 was ₹904.3 crore.

The number of active users on its platform grew at a CAGR of 52.74% from the beginning of FY23 through the three months ended June 30, 2025. In the three months ended June 30, 2025 and 2024, and in FY25, FY24, and FY23, 83.16%, 82.96%, 83.63%, 81.10%, and 81.03% of its new customers, respectively, were acquired organically, the DRHP data showed.

Founded in 2016 by promoters Lalit Keshre, Harsh Jain, Ishan Bansal, and Neeraj Singh, Groww is a direct-to-customer digital investment platform that provides wealth-creation opportunities to customers through multiple financial products and services. In recent months, the stockbroking firm has expanded its product portfolio by launching wealth management, MTF, commodities, and loans against shares.

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