Groww, India’s largest retail brokerage platform, is preparing for a multi-billion-dollar initial public offering that could value the company at nearly $9 billion. The Bengaluru-based startup, backed by Microsoft CEO Satya Nadella, is set to become the first Indian startup to list domestically after shifting its headquarters from the U.S. to India. The firm paid about $159 million in taxes to shift its headquarters from Delaware last year. Draft papers show the sale of 574 million shares, with Peak XV Partners, Y Combinator, Ribbit Capital, and Tiger Global offloading 394 million shares, or 69% of the offer. In contrast, founders Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal are selling only 0.7% of their stake, holding on to nearly all their equity.
The IPO will also raise $121 million in fresh capital, with pricing expected between $568 million and $682 million. In fiscal 2024, Groww posted revenue of $462 million and profit of $208 million, reversing a prior loss linked to its U.S. base. The firm now manages nearly 19% of India’s demat accounts, 12.6 million active NSE clients, and 17 million SIPs, with over 100 million cumulative downloads. JPMorgan Chase, Kotak Mahindra Bank, Citigroup, Axis Bank, and Motilal Oswal are advising the offering.
