Groww, an Indian online brokerage platform founded in 2016, has completed one of the country’s largest fintech listings of the year by raising about $748 million in its IPO. The company’s shares opened at $1.26 and closed at $1.45, giving it a valuation of approximately $9 billion. The offering, subscribed to nearly 18 times, drew significant institutional interest and followed a wave of Indian startup listings, including Lenskart and Pine Labs.
Groww’s backers include Peak XV, Y Combinator, Tiger Global, ICONIQ, and Microsoft CEO Satya Nadella, several of whom partially exited in the IPO. The firm has grown rapidly alongside India’s retail investing surge, reaching more than 14 million active users and reporting $440 million in revenue and $206 million in net profit for FY 2025.
During the listing ceremony, CEO Lalit Keshre reflected on the company’s early days, noting, “When we started, we thought that in one month, if we could get 100 customers, it would be very good. But guess what? We got 600 customers.” Venture investors celebrated the debut, with Avra Capital’s Anu Hariharan writing that Groww is delivering “one of the best IRRs of the decade.”
The IPO also marks the first public listing of an Indian Y Combinator-backed startup. Groww said it will deploy new capital into cloud and technology upgrades, expanded marketing, lending, and margin trading growth, and potential acquisitions as it strengthens its position in India’s financial services market.
