MUMBAI: The largest discount broker Groww with over 25 million customers has received regulatory approval for taking the company public, through which it may lap up at least $1 billion.
The Bengaluru-based Groww, which is a stock-broking and wealth management platform, expects a valuation of $7–8 billion, marking a major milestone in the startup and financial services ecosystem. Based on this, a 10–15% equity dilution could imply an IPO size in the range of $700–920 million.
Groww had confidentially filed the IPO papers with Sebi on May 26 and the company is also simultaneously in talks to raise fresh capital from investors as part of a pre-IPO round.
Founded in 2016, Groww has emerged as the largest brokerage in the country, overtaking the industry leader Zerodha and all other traditional players. It’s also a leading wealthtech platform, offering online discount broking, direct mutual fund investments, and a suite of other financial products.
The fintech firm counts Tiger Global, Peak XV Partners, and Ribbit Capital among its key backers.
Leading discount brokers Groww and Zerodha have together lost about 1.1 million active investors in the first half of 2025, reflecting the market’s volatility and muted retail participation.