Wednesday’s IPO of Indian online brokerage platform Groww proved to be the biggest public offering by an Indian fintech company so far this year, with the company raising 66.3 billion rupees (about $748 million) and its shares closing 29% higher than the issue price.
The company’s shares opened at 112 rupees, about 12% above the issue price of 100 rupees, and closed at 128.85 rupees, giving it a market capitalization of 795 billion rupees (approximately $9 billion).
Groww’s listing comes amid a broader rise in startup IPOs in India. Eyewear retailer Lenskart made its market debut earlier this week, and payments platform Pine Labs plans to go public on Friday (its $440 million IPO was fully subscribed as of Tuesday). Other venture-backed companies, including PhysicsWallah and Capillary Technologies, also plan to go public in the coming days.
Founded in 2016 by former Flipkart employees, Groww has benefited from India’s retail investment boom, and its investors include Microsoft CEO Satya Nadella, Peak XV, Y Combinator, Ribbit Capital and Tiger Global. The company’s app targets first-time investors in the retail investment market and competes with the likes of Zerodha and Angel One.
According to Groww’s IPO proposal document (PDF), Groww has over 14 million active users as of June and over 12.6 million active NSE clients. While stockbroking remains its core business, the company has expanded into lending and launched a separate app for that business last year. The company also offers payments, wealth management and insurance brokerage. However, the scale of these businesses is still small compared to brokerage income.
For the fiscal year ended March 2025, the company reported sales of 39 billion rupees ($440 million) and net profit of 18 billion rupees ($206 million).
Peak XV Partners, Ribbit Capital, Tiger Global and Sequoia Capital are among the investors who sold their stakes. The IPO received nearly 18 subscriptions, driven by strong demand from institutional investors, and the company raised around Rs 300 crore from anchor investors in a pre-IPO offering last week.
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“We’re very grateful to the many people who built this,” Groww co-founder and CEO Lalit Keshua said at the company’s public offering. “When we started, we thought if we could get 100 customers in a month, that would be very good. But guess what? We got 600 customers,” he adds, reflecting on the startup’s early days.
Venture investors cheered Groww’s successful market debut. “Many US LPs have asked me if investing in India is profitable,” Anu Hariharan, co-founder of Avra Capital, an early investor in Groww, wrote in a post on X. “Ecosystems take time, but here we are with Groww, returning capital multiple times, fully returning at least two US funds, and achieving probably one of the highest IRRs (2020 equity launch → 2025 IPO) in the last 10 years.”
This debut also marks a milestone for Y Combinator. Growww is the first Indian company to go public with accelerator support. The company is also the first Indian startup to move its headquarters from Delaware and go public, underscoring a broader shift of Indian unicorns relocating home.
Groww said it plans to use the new funding to expand its cloud and technology infrastructure, strengthen its marketing efforts and further invest in its lending and credit trading businesses. It also said it was allocating funds for potential acquisitions.
