Groww Raises Nearly $750m In Ipo As India’s Retail Investing Boom Continues

Indian online brokerage level Groww’s IPO connected Wednesday proved to beryllium nan largest listing by an Indian fintech truthful acold this year, arsenic nan institution raised ₹66.3 cardinal (about $748 million) pinch its shares closing 29% higher from their rumor price.

The company’s shares opened astatine ₹112, astir 12% supra their rumor value of ₹100, and closed astatine ₹128.85, lending it a marketplace headdress of ₹795 cardinal (approximately $9 billion).

Groww’s listing comes amid a broader pickup successful Indian startup IPOs. Eyewear retailer Lenskart made its marketplace debut earlier this week, and payments level Pine Labs is scheduled to database connected Friday (its $440 cardinal IPO was fully subscribed arsenic of Tuesday). Other venture-backed firms, including PhysicsWallah and Capillary Technologies, are group to spell nationalist successful nan coming days.

Founded successful 2016 by erstwhile Flipkart employees, Groww has benefited from India’s unit investing boom, and its investors see Microsoft CEO Satya Nadella, Peak XV, Y Combinator, Ribbit Capital and Tiger Global. Its app targets first-time investors to nan unit investing market, and competes pinch nan likes of Zerodha and Angel One.

Groww had much than 14 cardinal progressive users arsenic of June, and complete 12.6 cardinal progressive NSE clients, per its IPO offer document (PDF). While stockbroking remains its halfway business, nan institution has expanded into lending, too, launching a abstracted app for that business past year. The institution besides offers payments, plus guidance and security brokerage. However, these businesses stay humble successful standard compared pinch its brokerage revenues.

In nan financial twelvemonth ended March 2025, nan institution reported gross of ₹39 cardinal ($440 million) and nett profit of ₹18 cardinal ($206 million).

Peak XV Partners, Ribbit Capital, Tiger Global and Sequoia Capital were among investors who sold their stakes successful nan offering. The IPO was subscribed astir 18 times, led by beardown request from organization investors, and nan institution raised astir ₹30 cardinal from anchor investors successful a pre-IPO placement past week.

“We beryllium truthful overmuch to truthful galore group for building this,” Groww co-founder and CEO Lalit Keshre said during nan company’s listing ceremony. “When we started, we thought that successful 1 month, if we could get 100 customers, it would beryllium very good. But conjecture what? We sewage 600 customers,” he added, reflecting connected nan startup’s early days.

Venture investors shouted Groww’s successful marketplace debut. “Many U.S. LPs person asked maine if Indian investments would ever make money,” Anu Hariharan, co-founder of Avra Capital, an early investor successful Groww, wrote successful a station connected X. “Ecosystems return clip — but here’s Groww, returning superior galore times complete and returning astatine slightest 2 U.S. costs afloat and apt delivering 1 of nan champion IRRs of nan decade (Launching Stocks successful 2020 → IPO successful 2025).”

The debut besides marks a milestone for Y Combinator: Groww is nan first Indian institution backed by nan accelerator to spell public. The fintech is besides nan first Indian startup to database aft relocating its firm office from Delaware, underscoring a broader displacement among Indian unicorns moving their guidelines backmost home.

Groww said it plans to usage nan caller superior to grow its unreality and exertion infrastructure, intensify trading efforts, and put further successful its lending and separator trading businesses. It said it has besides earmarked costs for imaginable acquisitions.