Online stock trading platform Groww has filed an updated Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (Sebi), proposing to raise around ₹7,000 crore through its upcoming initial public offering (IPO). The issue will comprise a mix of fresh equity and an offer for sale by existing investors.
According to the DRHP, Groww aims to raise ₹1,060 crore via fresh shares, while the bulk of the proceeds—between ₹5,000 and ₹6,000 crore—will come from an offer-for-sale component, with early backers trimming their stakes. The Bengaluru-headquartered firm is targeting a valuation of about $9 billion (around ₹75,000 crore).
The IPO filing comes after Groww received Sebi’s approval earlier this year. The company had submitted its draft under the confidential pre-filing route in May.
Groww is now India’s largest stockbroker by active NSE clients, reporting 12.6 million active users as of June 30, 2025. This figure has grown sharply from 4.4 million in June 2022, while the overall industry saw active clients expand from 38.03 million to 47.89 million over the same period.
Founded in 2016 by Lalit Keshre, Harsh Jain, Ishan Bansal and Neeraj Singh, Groww has built a reputation as a direct-to-customer platform, offering wealth-creation opportunities through multiple financial products.
The IPO document highlighted the growing opportunity in India’s investment and wealth management sector, pegged at ₹1.1 lakh crore as of March 2025. The market is projected to expand at a CAGR of 15–17% between FY25 and FY30, reaching an estimated ₹2.2–2.6 lakh crore by FY30.
“The market is expanding, driven by higher investor participation, rising disposable incomes and growing investible funds. Digital-first platforms are democratising access to capital markets and empowering investors with simplified tools and information,” the DRHP observed.
Groww’s earnings have surged in recent years. Revenue from operations climbed to ₹3,901.7 crore in FY25, up sharply from ₹1,141.5 crore in FY23. Profit after tax stood at ₹1,824.3 crore for FY25. In Q1 FY26, the company reported revenue of ₹904.3 crore.
User growth has also been rapid, with active customers on the platform rising at a CAGR of 52.74% from FY23 through June 2025. Significantly, more than 80% of new customers in FY23, FY24 and FY25 were acquired organically, underscoring Groww’s low-cost, high-engagement model.
In recent months, Groww has broadened its product suite beyond stockbroking. The company has introduced wealth management services, commodities, margin trading facilities (MTF), and loans against shares, signalling a push to deepen its presence in the financial services ecosystem.