Bengaluru-based stock broking giant Groww has confidentially filed draft papers for an initial public offering (IPO) with the Securities and Exchange Board of India (SEBI), marking its first formal step toward a public listing. The filing was made under SEBI&rsquo;s pre-filing mechanism by its parent entity, Billionbrains Garage Ventures Ltd.
The IPO is expected to raise between $700 million and $1 billion, with around 10% of the company&rsquo;s equity to be offered. The listing will include both a fresh issue of shares and an offer for sale, with plans to list on the BSE and NSE. Each share will carry a face value of ₹2.
SEBI&rsquo;s pre-filing mechanism, introduced in 2022 under Regulation 59C(5), allows companies to seek regulatory feedback confidentially, offering flexibility on issue structure and timing. Groww joins other Indian startups like Shiprocket, PhysicsWallah, Tata Capital, and boAt's parent Imagine Marketing in using this route.
In a pre-IPO funding round, Singapore&rsquo;s sovereign wealth fund GIC, via Viggo Investments, is investing $150 million for a 2.14% stake in Groww. The round, also backed by Tiger Global, is expected to raise $250&ndash;$300 million, valuing the firm at around $7 billion post-money, more than doubling its 2021 Series E valuation of $3 billion.
Founded in 2016, Groww has grown into India&rsquo;s largest stock broker by number of active clients. As of March 2025, it held 26.26% of NSE&rsquo;s active investor base, up from 23.28% the previous year, adding 3.4 million active users in FY25 and reaching 12.9 million total users.
In FY24, Groww posted revenues of ₹3,145 crore, more than doubling from ₹1,277 crore in FY23. However, the firm reported a net loss of ₹805 crore, driven by a one-time tax expense of ₹1,340 crore due to its relocation from the U.S. to India. In FY23, the company had recorded a net profit of ₹449 crore.
The IPO will be managed by a syndicate of leading investment banks including JP Morgan India, Kotak Mahindra Capital, Citigroup Global Markets, Axis Capital, and Motilal Oswal Securities.
Groww&rsquo;s move to the public markets reflects long-term confidence but comes amid broader challenges. The Indian broking sector is facing tighter regulations and reduced investor activity, with top brokers including Groww and Zerodha witnessing declining active users. Groww alone saw a drop of 75,000 active investors in April 2025.
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Source : Indian Startup News

Bengaluru-based stock broking giant Groww has confidentially filed draft papers for an IPO with the SEBI, marking its first formal step toward a public listing

Groww Confidentially Files for IPO, Eyes Up to $1 Billion Raise