Groww files confidential papers for IPO, eyes up to $1bn valuation

By Gloria Methri

Bengaluru-based WealthTech platform Groww has confidentially filed draft papers with the Securities and Exchange Board of India (SEBI), paving the way for an initial public offering (IPO) that could value the company between $700 million and $1 billion. The IPO will be led through the confidential filing route, a provision introduced by SEBI in 2022 for companies to discreetly initiate the regulatory process before making public disclosures.

According to regulatory filings, Groww’s parent company, Billionbrains Garage Ventures Pvt. Ltd., submitted the draft red herring prospectus (DRHP) to SEBI earlier this week. This marks a significant milestone for the digital stockbroking firm, which has emerged as one of India’s leading platforms for mutual fund investments, equity trading, and financial education, particularly among first-time investors.

The IPO is expected to consist of a mix of fresh share issues and an offer for sale (OFS) by existing investors, allowing early backers to partially exit while the company raises fresh capital for growth and expansion. The exact size of the IPO and shareholding details will be disclosed at a later stage, subject to SEBI’s review and subsequent public filing.

Founded in 2016 by ex-Flipkart executives Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal, Groww has rapidly scaled its user base by offering a simplified, digital-first investing experience. In the retail investing space, it competes with other prominent platforms such as Zerodha, Upstox, and Angel One.

Groww last raised funds in a Series E round in 2021, led by ICONIQ Growth, which valued the firm at $3 billion. Marquee investors, including Sequoia Capital India, Y Combinator, Ribbit Capital, and Tiger Global, also back the company.

If successful, Groww’s IPO will be among the most notable public listings by a homegrown FinTech startup in recent years, following the footsteps of companies like Paytm, Policybazaar, and Zomato. It also reflects the broader momentum within India’s capital markets, with increasing retail participation and investor interest in tech-driven platforms.

With this move, Groww is expected to unlock value for its stakeholders and signal the maturing of India’s digital investment ecosystem. As public market conditions continue to stabilise in 2025, more FinTech unicorns are likely to follow suit.