IPO: Groww's Parent Company, Billionbrains Garage Ventures, Aims To Raise Between USD 700 Million & USD 1 Billion

New Delhi: Billionbrains Garage Ventures, the parent company of stock broking firm Groww, has secured approval from markets regulator Sebi to launch its initial public offering (IPO) aimed at raising between USD 700 million and USD 1 billion, industry sources familiar with the development said on Thursday.

With this, the Bengaluru-based investment platform expects a valuation of around USD 7 billion, they added. The approval paved the way for one of the largest fintech listings in the country. The company's proposed IPO is a combination of a fresh issue of equity shares and an offer for sale (OFS) component.

Billionbrains Garage Ventures, in May, filed draft red herring prospectus (DRHP) with Sebi through a confidential pre-filing route. The company, which is backed by marquee investors like Peak XV, Tiger Capital, and Microsoft CEO Satya Nadella, plans to use proceeds of the IPO for investment in technology development and business expansion.

Groww has become the second new-age tech company this year, after PhysicsWallah, to secure markets regulator's approval following the submission of draft IPO papers through the confidential pre-filing route.It is likely to file its updated DRHP publicly in the coming weeks.

Founded in 2016, Groww is India's largest stock broker with over 12.3 million active clients, holding over 26 per cent market share as of August 2025. According to ROC filings, the company posted revenues of Rs 4,056 crore and a profit after tax of Rs 1,818 crore for FY25.

Recently, the stock broking firm also closed a USD 200 million funding round at a USD 7 billion valuation, with Singapore's sovereign wealth fund GIC and existing investor Iconiq Capital participating.

Groww opted for the confidential pre-filing route, which allows it to withhold public disclosure of IPO details under the DRHP until later stages. This route is gaining traction among Indian firms aiming for flexibility in their IPO plans. To manage the offering, Groww already appointed JP Morgan India Private Ltd, Kotak Mahindra Capital Company Ltd, Citigroup Global Markets Private Ltd, Axis Capital Ltd, and Motilal Oswal Securities Ltd.

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