New Delhi, Aug. 28 -- Stock-broking app Groww has received the market regulator's approval to raise $800 million to $1 billion in an initial public offering of shares, two people said.

The Bengaluru-based investment platform had filed aconfidential draft red herring prospectus with the Securities and Exchange Board of India on 26 May for its IPO.

Groww did not immediately comment on Sebi's approval for its IPO. Its parent company Billionbrains Garage Ventures Pvt. Ltd has appointed JPMorgan Chase & Co. and Kotak Mahindra Bank Ltd as the bankers for its initial public offering.

The fintech startup's IPO plans come amid a broader slowdown for India's leading discount brokerages-Groww, Zerodha, Angel One, and Upstox-which together lost ne...