Groww, India’s largest retail stockbroker, is gearing up to file for an IPO within the next 10 to 12 months, aiming for a valuation between $6 billion and, according to sources with knowledge of the situation, the figure is $8 billion.”
The Bengaluru-based platform’s IPO would mark the first public listing by a digital trading platform in India. This valuation goal is more than double the $3 billion Groww achieved in its last funding round in October 2021.
Backed by investors like Peak XV, Tiger Global, and Alkeon, Groww has initiated discussions with investment banks and is set to finalize advisors for the IPO soon, the sources added. As part of its IPO readiness, the platform relocated its domicile to India from the U.S. last year. Groww, which also facilitates mutual fund investments and UPI transactions, declined to comment on the matter.
In the competitive Indian retail investing market, Groww has surged ahead of its peers. In December, the platform reported 13.2 million active users, significantly outpacing its closest competitor, Zerodha, which had 8.1 million users. According to data from the National Stock Exchange, Groww is gaining between 325,000 and 550,000 new users each month—more than doubling the growth rate of its competitors.
India has become a prominent hub for tech IPOs globally, with seven technology startups going public in 2024. Among these, food delivery platform Swiggy’s $1.35 billion IPO was the largest tech listing worldwide last year.
Looking ahead, over 20 Indian startups are planning IPOs in 2025, including names like Zetwerk, Table Space, PayU, and PharmEasy. “This increase underscores India’s rising significance in the global technology market.”
JPMorgan’s head of equity capital markets for India, Abhinav Bharti, attributes this growth to the country’s expanding domestic capital and consistent policy environment. According to Bharti, the collective market capitalization of Indian-listed companies doubled to $5.3 trillion in 2024 compared to 2019, with daily trading volumes tripling to $15 billion during the same period. “India provides an unparalleled level of political certainty and policy continuity.”.
