Indian online stock exchange platform Groww on Wednesday turned out to be the biggest listing by an Indian fintech so far this year, as the company raised ₹66.3 billion (about $748 million) with its shares closing 29% higher than their issue price.
The company’s shares opened at ₹112, about 12% above their issue price of ₹100, and closed at ₹128.85, giving it a market capitalization of ₹795 billion (about $9 billion).
Groww’s listing comes amid a broader pick-up in Indian startup IPOs. Eyewear retailer Lenskart made its market debut earlier this week, and payments platform Pine Labs is scheduled to go public on Friday (its IPO was $440 million fully registered from Tuesday). Other venture-backed companies, including Physics Wallah and Capillary Technologies, are set to go public in the coming days.
Founded in 2016 by ex-Flipkart employees, Groww has benefited from the retail investment boom in India and its investors include Microsoft CEO Satya Nadella, Peak XV, Y Combinator, Ribbit Capital, ICONIQ and Tiger Global. Its app targets first-time investors in the retail investment market and competes with Zerodha and Angel One.
Groww had more than 14 million active users in June and over 12.6 million active NSE customers, per its IPO offer document (PDF). While brokerage remains its core business, the company has expanded into lending, launching a separate app for that business last year. The company also offers payments, asset management and insurance brokerage. However, these businesses remain modest in scale compared to brokerage revenues.
In the fiscal year ending March 2025, the company reported revenue of ₹39 billion ($440 million) and net profit of ₹18 billion ($206 million).
Peak XV Partners, Ribbit Capital, Tiger Global and Sequoia Capital were among the investors who sold their stakes in the offering. The IPO was subscribed nearly 18 times, driven by strong demand from institutional investors, and the company raised about ₹30 billion from anchor investors in a pre-IPO placement last week.
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“We owe so much to so many people for building this,” Groww co-founder and CEO Lalit Keshre said during the company’s IPO ceremony. “When we started, we thought that in a month, if we could get 100 customers, that would be great. But guess what? We got 600 customers,” he added, reflecting on the startup’s early days.
Venture capitalists cheered Groww’s successful market debut. “Many US LPs have asked me if Indian investments would ever make money,” Anu Hariharan, co-founder of Avra Capital, an early investor in Groww, he wrote in a post on X. “Ecosystems take time — but here’s Groww, returning multiples of capital and returning at least two US funds in full and likely delivering one of the best IRRs of the decade (Equity Launch 2020 → IPO 2025).
The debut also marks a milestone for Y Combinator: Groww is the first accelerator-backed Indian company to go public. The fintech is also the first Indian startup to be listed after relocating its corporate headquarters from Delaware, underscoring a broader shift among Indian unicorns relocating home.
Groww said it plans to use the new capital to expand its cloud and technology infrastructure, ramp up marketing efforts and invest further in its lending and margin trading businesses. It said it has also earmarked funds for potential acquisitions.
