Groww raises nearly $750M in IPO as India’s retail investing boom continues

Indian online brokerage level Groww’s IPO connected Wednesday proved to beryllium the largest listing by an Indian fintech truthful acold this year, arsenic the institution raised ₹66.3 cardinal (about $748 million) with its shares closing 29% higher from their contented price.

The company’s shares opened astatine ₹112, astir 12% supra their contented terms of ₹100, and closed astatine ₹128.85, lending it a marketplace headdress of ₹795 cardinal (approximately $9 billion).

Groww’s listing comes amid a broader pickup successful Indian startup IPOs. Eyewear retailer Lenskart made its marketplace debut earlier this week, and payments level Pine Labs is scheduled to database connected Friday (its $440 cardinal IPO was fully subscribed arsenic of Tuesday). Other venture-backed firms, including PhysicsWallah and Capillary Technologies, are acceptable to spell nationalist successful the coming days.

Founded successful 2016 by erstwhile Flipkart employees, Groww has benefited from India’s retail investing boom, and its investors see Microsoft CEO Satya Nadella, Peak XV, Y Combinator, Ribbit Capital and Tiger Global. Its app targets first-time investors to the retail investing market, and competes with the likes of Zerodha and Angel One.

Groww had much than 14 cardinal progressive users arsenic of June, and implicit 12.6 cardinal progressive NSE clients, per its IPO offer document (PDF). While stockbroking remains its halfway business, the institution has expanded into lending, too, launching a abstracted app for that concern past year. The institution besides offers payments, plus absorption and security brokerage. However, these businesses stay humble successful standard compared with its brokerage revenues.

In the fiscal twelvemonth ended March 2025, the institution reported gross of ₹39 cardinal ($440 million) and nett net of ₹18 cardinal ($206 million).

Peak XV Partners, Ribbit Capital, Tiger Global and Sequoia Capital were among investors who sold their stakes successful the offering. The IPO was subscribed astir 18 times, led by beardown request from organization investors, and the institution raised astir ₹30 cardinal from anchor investors successful a pre-IPO placement past week.

“We beryllium truthful overmuch to truthful galore radical for gathering this,” Groww co-founder and CEO Lalit Keshre said during the company’s listing ceremony. “When we started, we thought that successful 1 month, if we could get 100 customers, it would beryllium precise good. But conjecture what? We got 600 customers,” helium added, reflecting connected the startup’s aboriginal days.

Venture investors cheered Groww’s palmy marketplace debut. “Many U.S. LPs person asked maine if Indian investments would ever marque money,” Anu Hariharan, co-founder of Avra Capital, an aboriginal capitalist successful Groww, wrote successful a station connected X. “Ecosystems instrumentality clip — but here’s Groww, returning superior galore times implicit and returning astatine slightest 2 U.S. funds afloat and apt delivering 1 of the champion IRRs of the decennary (Launching Stocks successful 2020 → IPO successful 2025).”

The debut besides marks a milestone for Y Combinator: Groww is the first Indian institution backed by the accelerator to spell public. The fintech is besides the archetypal Indian startup to database aft relocating its firm office from Delaware, underscoring a broader displacement among Indian unicorns moving their basal backmost home.

Groww said it plans to usage the caller superior to grow its unreality and exertion infrastructure, intensify selling efforts, and put further successful its lending and borderline trading businesses. It said it has besides earmarked funds for imaginable acquisitions.