Sebi approves Groww’s IPO worth $1 bn, valuation set to hit $8 bn

Capital markets regulator Sebi has approved stock broking and wealth management platform Groww’s plans for a mega initial public offering (IPO) worth $800 million-$1 billion, sources familiar with the matter told Fortune India. With the public issue, the company could be valued at over $7-8 billion, placing it among one of the biggest fintech IPOs in recent times. For the context, Deepinder Goyal-led Eternal (earlier Zomato) was also valued at about $8 billion at the time of its IPO in 2021.

The parent company of online stock broking firm Groww, Billionbrains Garage Ventures, had filed its draft papers with Sebi on May 26, 2025, which have been approved, two sources close to the development confirmed. ⁠The Bengaluru-based company recently closed a $200 million funding round at a $7 billion valuation, with Singapore’s sovereign wealth fund GIC and existing investor Iconiq Capital participating. The startup’s valuation has grown multi-fold since it turned into a unicorn in early April 2021 after it raised $83 million in funding led by Tiger Global, with a valuation exceeding $1 billion.

The IPO of Groww, backed by several marquee investors like Peak XV, Tiger Capital, and Microsoft CEO Satya Nadella, is a combination of a fresh issue of equity shares and an offer for sale (OFS) component by selling shareholders. The wealth-tech unicorn intends to use capital raised from issuance of fresh equities for investment in technology development and expansion of business.

⁠Founded in 2016, Groww has been the front runner in democratising retail investing and is the largest distributor of mutual funds SIP in the country. Groww is also India’s largest stock broker, with over 12.3 million active clients and holds a market share of over 26% (NSE date, as of August 2025). ⁠According to ROC filings, the company posted revenues of ₹4,056 crore and a PAT of ₹1,818 crore for FY’25. Groww’s PAT increased 3x from the previous year.

⁠Groww, which has appointed JP Morgan India Private Ltd, Kotak Mahindra Capital Company Ltd, Citigroup Global Markets Private Ltd, Axis Capital Ltd, and Motilal Oswal Securities Ltd to manage the IPO, did not comment at the time of filing the story.

Founded in 2016 by Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal, Groww facilitates investment in direct mutual funds, stocks, ETFs and IPO for India’s retail investors. Over the years, the company has emerged as India’s fastest-growing brokerage platform, leading in active client growth and market share gain.