Stock broking and wealth management platform Groww has received the Securities and Exchange Board of India’s (SEBI) approval to go public, setting the stage for an IPO that could raise up to $1 billion, people familiar with the matter told Moneycontrol. The offering is expected to value the Bengaluru-based fintech at $7–8 billion, marking a major milestone in India’s startup and financial services ecosystem.
Groww is expected to file its updated DRHP publicly in the next few weeks.
The firm had confidentially filed for an IPO under SEBI’s pre-filing mechanism on May 26, taking its first formal step towards a market debut. As Moneycontrol had exclusively reported on May 15, the Bengaluru-based company was preparing to file with SEBI and was simultaneously in talks to raise fresh capital from investors as part of a pre-IPO round.
Also Read: Groww files confidential IPO papers with SEBI
The company had plans to list its equity shares, with a face value of Rs 2 each, on both the NSE and BSE mainboards. However, details regarding the issue size, fresh issue component, and offer-for-sale portion have not yet been disclosed.
Sources earlier told Moneycontrol that Groww is expected to pursue a conservative valuation of $7–8 billion for the IPO, in line with current market sentiment and volatility. Based on this, a 10–15 percent equity dilution could imply an IPO size in the range of $700–920 million.
Founded in 2016, Groww has emerged as one of India’s leading wealthtech platforms, offering online discount broking, direct mutual fund investments, and a suite of other financial products. The fintech competes with players such as Zerodha and Upstox and counts Tiger Global, Peak XV Partners, and Ribbit Capital among its key backers.
The development comes at a time when leading discount brokers Groww and Zerodha together lost about 11 lakh active investors in the first half of 2025, reflecting the market’s volatility and muted retail participation.
According to regulatory filings, Groww reported revenue of Rs 4,056 crore and a profit after tax of Rs 1,818 crore for FY25—tripling its net profit year-over-year. Earlier this year, the company raised $200 million at a $7 billion valuation in a funding round led by Singapore’s GIC and Iconiq Capital.
Groww has emerged as a leader in retail investing, currently holding the largest market share in mutual fund SIP distribution and stock broking in India. As of August 2025, the platform boasts over 12.3 million active clients and commands more than 26% of NSE’s market share.
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