New Delhi, May 26 -- Billionbrains Garage Ventures, the parent company of Groww, has confidentially filed for an initial public offering (IPO) with the Securities and Exchange Board of India (SEBI).
Groww, an online investing platform and mutual fund company backed by New York-based Tiger Global and several other venture capital firms, is expected to raise between $800 million (Rs 6,803 crore) and $1 billion through the IPO at a valuation of around $7 billion, people familiar with the development told VCCircle. The offering will be a mix of fresh issue and offer-for-sale components.
Groww, which is India's largest stock broking firm by active investor base, plans to use the proceeds to enhance its technology infrastructure and expand business.
Founded in 2016, Groww held over 26% market share as of March 2025. In FY25, it added 34 lakh new accounts. Its active client base rose from 9.5 million in March 2024 to 12.9 million in March 2025, a robust 36% year-on-year increase.
The company is also in the process of raising $150 million in funding at a post-money valuation of $7 billion from Singapore-based asset management firm GIC. This is part of a larger $250-300 million round, which is expected to close within the next two weeks, the people said.
In FY24, the company reported a consolidated revenue of Rs 2,958 crore, as per VCCEdge. However, due to a one-time tax expense of Rs 1,340 crore related to its move from the US to India, it recorded a net loss.
Groww is backed by marquee investors like Peak XV, Ribbit Capital, Y Combinator, ICONIQ Capital, as well as Microsoft CEO Satya Nadella. It has raised nearly $400 million to date.
Merchant bankers for the IPO include JP Morgan India Pvt Ltd, Kotak Mahindra Capital Co Ltd, Citigroup Global Markets Pvt Ltd, Axis Capital Ltd, and Motilal Oswal Securities Ltd.
Published by HT Digital Content Services with permission from VC Circle.