Indian online brokerage platform Groww’s IPO on Wednesday proved to be the largest 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 from their issue price.
The company’s shares opened at ₹112, about 12% above their issue price of ₹100, and closed at ₹128.85, lending it a market cap of ₹795 billion (approximately $9 billion).
Groww’s listing comes amid a broader pickup in Indian startup IPOs. Eyewear retailer Lenskart made its market debut earlier this week, and payments platform Pine Labs is scheduled to list on Friday (its $440 million IPO was fully subscribed as of Tuesday). Other venture-backed firms, including Physics Wallah and Capillary Technologies, are set to go public in the coming days.
Founded in 2016 by former Flipkart employees, Groww has benefited from India’s retail investing boom, and its investors include Microsoft CEO Satya Nadella, Peak XV, Y Combinator, Ribbit Capital, ICONIQ, and Tiger Global. Its app targets first-time investors to the retail investing market, and competes with the likes of Zerodha and Angel One.
Groww had more than 14 million active users as of June, and over 12.6 million active NSE clients, per its IPO offer document (PDF). While stockbroking remains its core business, the company has expanded into lending, too, 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 with its brokerage revenues.
In the financial year ended 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 investors who sold their stakes in the offering. The IPO was subscribed nearly 18 times, led by strong demand from institutional investors, and the company raised about ₹30 billion from anchor investors in a pre-IPO placement last week.
“We owe so much to so many people for building this,” Groww co-founder and CEO Lalit Keshre said during the company’s listing ceremony. “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,” he added, reflecting on the startup’s early days.
Venture investors cheered Groww’s successful market debut. “Many U.S. LPs have asked me if Indian investments would ever make money,” Anu Hariharan, co-founder of Avra Capital, an early investor in Groww, wrote in a post on X. “Ecosystems take time — but here’s Groww, returning capital many times over and returning at least two U.S. funds fully and likely delivering one of the best IRRs of the decade (Launching Stocks in 2020 → IPO in 2025).”
The debut also marks a milestone for Y Combinator: Groww is the first Indian company backed by the accelerator to go public. The fintech is also the first Indian startup to list after relocating its corporate headquarters from Delaware, underscoring a broader shift among Indian unicorns moving their base back home.
Groww said it plans to use the fresh capital to expand its cloud and technology infrastructure, intensify marketing efforts, and invest further in its lending and margin trading businesses. It said it has also earmarked funds for potential acquisitions.
