Groww's parent company, Billionbrains Garage Ventures, has confidentially filed a draft red herring prospectus (DRHP) for an IPO with the Securities and Exchange Board of India (Sebi). The Bengaluru-based company announced the filing via a newspaper advertisement on Monday.
Key Highlights
- Billionbrains Garage Ventures confidentially files DRHP with SEBI, aiming to raise up to $1 billion.
- The IPO includes both fresh equity issuance and an offer for sale by existing shareholders.
The estimated IPO size is ₹8,000 crore, including both primary and secondary shares. This will be the largest offering by a capital market firm in India.
Groww changed his domicile from the United States to India in November of last year in order to pursue a listing on domestic stock exchanges. Investors in the stock broker include Tiger Global, Peak XV Partners, and Ribbit Capital.
Earlier this month, Singapore's sovereign wealth fund GIC sought approval from the Competition Commission of India (CCI) to acquire a 2.14 percent stake in the company. This is part of the pre-IPO funding round, which could increase the company's valuation to around $6.5 billion, more than doubling its 2021 valuation of $3 billion from its Series E fundraise.
In March 2024, the company reported revenue of ₹3,145 crore and a net loss of ₹805 crore, owing to a one-time tax expense from the relocation.
Groww surpassed Zerodha last year to become the largest stock broker by number of clients.
Groww's active clients increased 36% to nearly 13 million in March 2025, increasing its market share by 286 basis points to 26.3%. Zerodha's market share in FY25 fell by 184 basis points to 16%. Nonetheless, Zerodha remains the most profitable stock broker.
Groww also joins a slew of companies that have chosen the confidential filing route for their initial public offerings. These include Physics Wallah, Tata Capital, and Imagine Marketing (Boat).
