According to media reports, stockbroking company Groww is preparing for an initial public offering (IPO). While a few fintech firms have already gone public, the company founded by Lalit Keshre will be the first in the stockbroking industry to do so. Furthermore, as per a credible source, Groww has began conversations with investment bankers and will shortly select consultants for the IPO. The firm plans to IPO in 10-12 months, with a valuation of USD 6 billion to USD 8 billion.
Groww has attracted approximately $400 million from major investors including Peak XV, Tiger Global, Ribbit Capital, and YC Continuity, and it was valued at $3 billion after a $251 million Series E investment in October 2021. It hasn't raised another round since then.
It's worth mentioning that Groww moved its domicile back to India from the United States in May last year. In September 2023, Entrackr exclusively reported on Groww's migration plans. Groww's revenue from activities increased to Rs 3,145 crore in FY24. In FY24, the firm incurred a net loss of Rs 805 crore, principally due to a one-time tax payment of Rs 1,340 crore for shifting its domicile to India.
If we speak of Groww, it is India's leading stockbroking company, with over 13 million monthly active users. According to the most recent data from the National Stock Exchange (NSE), it has a 26.59% market share in this category as of December. Its archrivals, Zerodha and AngelOne, had market shares of 16.41% and 15.67%, respectively.
Paytm was the first fintech from India's startup ecosystem to be listed on the stock exchange in 2021, followed by Mobikwik, which launched in December of last year.
