Groww’s parent company, Billionbrains Garage Ventures, has submitted a draft red herring prospectus (DRHP) for an IPO to the Securities and Exchange Board of India (Sebi) in confidence. On Monday, the Bengaluru-based business announced the filing in a newspaper ad.
Primary as well as secondary shares will be offered in the IPO, which is expected to cost ₹8,000 crore. This will make it the biggest offering ever made by an Indian capital market company.
Groww moved back to India in November of last year in order to pursue listing on Indian stock exchanges. Investors like Tiger Global, Peak XV Partners, and Ribbit Capital support the stock broker.
The Competition Commission of India (CCI) was consulted earlier this month by Singapore’s sovereign wealth fund GIC in order to obtain permission to purchase a 2.14 percent stake in the business. This portion of the pre-IPO investment round could increase the company’s worth to about $6.5 billion, which would quadruple the $3 billion it was valued at during its Series E fundraise in 2021.
Due in part to a one-time tax expense associated with the transfer, the company declared a net loss of ₹805 crore for the fiscal year that ended in March 2024, with revenue of ₹3,145 crore.
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In terms of the number of customers, Groww overtook Zerodha as the biggest stock broker last year. The number of active Groww customers increased by 36% to about 13 million as of March 2025, increasing the company’s market share by 286 basis points to 26.3%. The market share of Zerodha dropped by 184 basis points to 16% in FY25. But the most lucrative stock broker is still Zerodha.
Groww is one of many companies choosing to file for an IPO in a secret manner. These consist of Imagine Marketing (Boat), Tata Capital, and Physics Wallah.
