Global venture funds (VC), Peak XV, Y Combinator, Ribbit Capital and Tiger Global, are expected to sell around 15% of their stake in the Groww initial public offering (IPO), said sources. California’s Iconiq Capital, which invested twice in series-E fundraising in 2021 and F round in 2025 may not offload any shares, they added.
In May, the Bengaluru-based Billionbrains Garage Ventures, the parent company of Groww, confidentially filed a draft red herring prospectus (DRHP) for an initial public offering (IPO) with the Securities and Exchange Board of India (Sebi). According to reports, the IPO size is estimated at ₹8,000 crore and will include both primary and secondary shares.
The company has been valued at $7 billion. According to reports, JP Morgan, Citi and Kotak had explored a $10 billion valuation for the IPO. An email to Groww was not answered. Last November, Groww re-domiciled from the United States to India to pursue listing on domestic stock exchanges.
The IPO Details and Investor Stakes
Groww competes with Zerodha and Upstox in the online-discount-broking market, which in a decade has outgrown India’s three centuries-old traditional stock-broking. In July, Singapore’s sovereign fund GIC, picked 2.14% stake at a near $7 billion valuation. The seed funding was from CureFit-founders and Y Combinator in January 2018.
From Startup to Fintech Powerhouse
Groww was founded in 2016 by four Flipkart employees, Lalit Keshre, Harsh Jain, Ishan Bansal and Neeraj Singh, who quit their jobs to start the venture. They still own nearly 70%. The $400 million fund raised through its US-parent Groww Inc.
The firm vaulted to top with an easy-to-use platform for retail investors. It acquired stakes in Digio, Nimbbl and the Metropolitan Stock Exchange (MSE). It has built verticals such as Groww Insurance, Groww Creditserv and Groww Pay Services.