MUMBAI: Billionbrains Garage Ventures, the parent company of brokerage free stock broking firm Groww, has filed draft papers with markets regulator Sebi for an initial public offering (IPO) estimated to be in the range of $700 million to $1 billion through a confidential pre-filing route, said sources aware with the development.
The IPO is a combination of a fresh issue of equity shares and an offer for sale (OFS) component.
Groww's effort to go public in India comes after it re-domiciled from the United States to India last year in November.
In a major boost to its listing plans, Singapore’s sovereign fund GIC sought approval from the Competition Commission of India (CCI) earlier this month to acquire a 2.14% stake in the company. As per reports, the pre-IPO funding could take Groww’s valuation to around $6.5-7 billion.
Backed by marquee investors like Peak XV, Tiger Capital, and Microsoft CEO Satya Nadella, Groww plans to use the IPO proceeds for investment in technology development and business expansion. Groww has appointed JP Morgan India Private Ltd, Kotak Mahindra Capital Company Ltd, Citigroup Global Markets Private Ltd, Axis Capital Ltd, and Motilal Oswal Securities to manage the offering.
Founded in 2016, Groww has become one of the fastest-growing retail broking platforms in India, holding over 26% market share as of March 2025. During FY25, the platform added 34 lakh new accounts, with its active client lient base growing from 95 lakh in March 2024 to 1.29 crore in March 2025 -- a 36% year-on-year increase. Groww competes against Zerodha and Angel One in the brokerage-free trading market.
Groww turned profitable in FY23, posting a profit of Rs 449 crore and a revenue of Rs 1,277 crore. The momentum continued in FY24 with an operating profit of Rs 535 crore and a revenue of Rs 3,145 crore, indicating consistently strong business performance. However, the company reported a net loss of Rs 805 crore in FY24, primarily due to a one-time tax payment of Rs 1,340 crore related to its India domicile move.