Groww, the Bengaluru-based investment platform, has received approval from Sebi to launch its IPO, aiming to raise between USD 700 million and USD 1 billion.
New Delhi: Billionbrains Garage Ventures, the parent company of the stock broking firm Groww, has secured approval from the Securities and Exchange Board of India (Sebi) to launch its initial public offering (IPO). The company aims to raise between USD 700 million and USD 1 billion, according to industry sources familiar with the development.
This approval marks a significant step for Groww, positioning it for one of the largest fintech listings in India. The proposed IPO will consist of a combination of a fresh issue of equity shares and an offer for sale (OFS) component.
In May, Billionbrains Garage Ventures filed a draft red herring prospectus (DRHP) with Sebi through a confidential pre-filing route. This approach allows companies to keep IPO details private until later stages, a strategy that is gaining popularity among Indian firms seeking flexibility in their IPO plans.
Backed by prominent investors such as Peak XV, Tiger Capital, and Microsoft CEO Satya Nadella, Groww plans to utilize the proceeds from the IPO for technology development and business expansion. This funding will help the company enhance its platform and services to better serve its growing client base.
Founded in 2016, Groww has rapidly established itself as India’s largest stock broker, boasting over 12.3 million active clients and holding more than 26 percent of the market share as of August 2025. The company has demonstrated impressive financial performance, reporting revenues of Rs 4,056 crore and a profit after tax of Rs 1,818 crore for the fiscal year 2025, according to filings with the Registrar of Companies (ROC).
Recently, Groww also completed a USD 200 million funding round, achieving a valuation of USD 7 billion. This round saw participation from Singapore’s sovereign wealth fund GIC and existing investor Iconiq Capital, further solidifying Groww’s financial standing in the competitive fintech landscape.
As Groww prepares to move forward with its IPO, it has appointed several financial institutions to manage the offering. These include JP Morgan India Private Ltd, Kotak Mahindra Capital Company Ltd, Citigroup Global Markets Private Ltd, Axis Capital Ltd, and Motilal Oswal Securities Ltd.
With the approval from Sebi, Groww is poised to file its updated DRHP publicly in the coming weeks, marking an exciting new chapter for the company and its stakeholders.
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