Billionbrains Garage Ventures, the parent of stock broking firm Groww, on Tuesday filed updated draft papers with Sebi for an initial public offering (IPO), aimed at raising an estimated Rs 7,000 crore.
The company is seeking valuation of $9 billion, sources said.
Sebi approval granted
The company is looking to raise fresh capital of Rs 1,050 crore, while Rs 5,000-6,000 crore will be the offer for sale component, with early investors selling in the IPO, according to sources. The company had received the Sebi approval for its confidential application filed in May. All firms going through this route need to file an updated DRHP.
Investment banks brought in to manage IPO
To manage the offering, Groww has roped in JP Morgan India, Kotak Mahindra Capital, Citigroup Global Markets, Axis Capital, and Motilal Oswal Securities.
Groww stands out among new-age startups with strong profitability metrics, posting a contribution margin of 85% and net profit margin of 44% in FY25. The company reported profits of Rs 1,824 crore in FY25 and Rs 378 crore in Q1FY26.
Founded in 2016, the platform has emerged as India’s largest stockbroker with 12.6 million active clients as of June 2025, commanding a 26.27% market share among NSE active clients, data show. The company has recently expanded into the wealth management, margin trading, commodities and loans against shares segments.