Bengaluru-based digital investment platform Groww has received approval from the Securities and Exchange Board of India (SEBI) to launch its initial public offering (IPO), according to a Moneycontrol report. The IPO size is expected to be in the range of $800 million to $1 billion.
The development comes just months after Billionbrains Garage Ventures Ltd, Groww’s parent entity, raised ₹1,735 crore (~$200 million) from Singapore’s sovereign wealth fund GIC and existing backer ICONIQ Capital in June.
Groww had filed its draft red herring prospectus (DRHP) on May 26 via the confidential route. If successful, the IPO would make Groww one of the first Indian fintech startups to list domestically after completing a reverse flip of its holding entity from the US, a move that cost the company $160 million in taxes to US authorities.
Founded in 2016, Groww has raised about $600 million from marquee investors including Peak XV Partners, Tiger Global, Ribbit Capital, and YC Continuity, and was last valued at $3 billion after a $251 million Series E in October 2021.
Financially, the company has shown strong growth. In FY25, Groww reported ₹4,056 crore in revenue (up 31%) and a 3X jump in profit to ₹1,819 crore. In FY24, revenue stood at ₹3,145 crore, with an operating profit of ₹545 crore, though the one-time ₹1,340 crore tax outgo on its domicile shift resulted in a net loss of ₹805 crore.
With SEBI’s approval, Groww is now set to join the ranks of India’s IPO-bound fintechs, marking a milestone moment for the country’s startup ecosystem.
By : Arushi Agarwal
