Bengaluru-based fintech giant Groww is preparing for one of India’s most anticipated IPOs of the year, targeting a Rs. 7,000 crore public issue in the first week of November 2025. The offering marks a major milestone for India’s fintech sector as the country’s largest retail investment platform transitions into a publicly listed company.
Groww IPO Structure and Details
The IPO includes a fresh issue of Rs. 1,060 crore and an offer for sale (OFS) of up to 57.42 crore shares, expected to raise Rs. 5,940 crore. The price band will be announced by late October, with the issue opening in early November.
Top investment banks, including Kotak Mahindra Capital, J.P. Morgan India, Citigroup Global Markets, Axis Capital, and Motilal Oswal, are serving as book-running lead managers, while shares will be listed on both the NSE and BSE.
Groww Investors
Among the key sellers are early investors Peak XV Partners (formerly Sequoia Capital India), Y Combinator, Ribbit Capital, and Tiger Global, who are partially exiting their stakes. Microsoft CEO Satya Nadella, an early investor, is also among the selling shareholders. In contrast, Groww’s four co-founders, Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal, are selling only a small fraction of their holdings, showing confidence in the company’s long-term growth.
Financial Analysis of Groww
(All Amounts in Rs Crores)
Particulars | FY 2024-2025 | FY 2023-2024 | FY 2022-2023 |
Gross Revenue / Net Revenue | 4061.6 | 2796 | 1261 |
EBITDA | 2532.3 | 752.2 | 518.2 |
Profit After Tax (PAT) | 1861.7 | (805.8) | 457.7 |
EPS | 3.34 | (1.5) | 0.86 |
Revenue increased from Rs 1,261 crore in FY 2022-2023 to Rs 2,796 crore, showing 122% growth, which continuously rose to Rs 4,061.6 crore in FY 2024-2025 with 45% YOY basis. Justifies the higher valuation of the Groww
EBITDA rose from ₹518.2 crore in FY 2022-2023 to ₹752.2 crore in FY 2023-2024, and to ₹2,532.3 crore in FY 2024-2025, indicating expanding margins and operational leverage. It exploded in FY25, displaying 237% growth.
Net Income saw a dramatic turnaround, ₹458 crore profit in FY 2022-2023, then a loss of ₹805.8 crore in FY 2023-2024, maybe due to a major one-time tax impact tied to re-domiciling operations, followed by a strong rebound to ₹1,861.7 crore profit in FY 2024-2025. Suggests that loss was non‐recurring; core business is healthy.
EPS followed a similar trajectory from ₹0.86 (FY23) to (₹1.5) (FY24) back up to ₹3.34 (FY25), which can attract equity investors, and gives clarity on earnings power, allowing a premium P/E ratio and shall positively impact Groww
Market Leadership and Growth Strategy
As of June 2025, Groww holds a 26% market share among active NSE clients, serving over 12 million users and managing 37 million demat accounts. It leads the discount broking sector ahead of Zerodha and Angel One, supported by a strong tech-driven experience.
Groww’s business now covers broking, lending, and asset management, with most trading volumes sourced domestically and a growing international presence. The acquisitions of Fisdom and Indiabulls AMC have strengthened its position in wealth management and mutual fund distribution.
Use of IPO Proceeds
Funds from the fresh issue will be used to enhance technology infrastructure, marketing, and capital infusion into its lending and margin trading subsidiaries. The company will not use IPO proceeds for debt repayment, underlining a focus on expansion and innovation.
Outlook
Groww’s IPO comes at a defining moment for India’s fintech industry. With a valuation target of $7-8 billion, it is set to become India’s most valuable listed brokerage, surpassing Angel One. Despite regulatory challenges in F&O trading, Groww’s profitability, market leadership, and diversification strategy make it an attractive long-term investment opportunity.
