IPO Of India's Biggest Brokerage? Bigger Than Even Zerodha & Angel One?

Investment platform Groww, an online avenue for investors keen to invest in stocks, mutual funds, commodities and a range of financial products is expected to file for papers with India's market regulator. The Initial Public Offering (IPO) had been widely discussed, however nothing concrete had been confirmed so far. The company which had been reportedly eyeing an IPO for sometime now, is expected to file for updated papers with the SEBI this week.

Via the IPO, Groww is expected to raise $650 million to about $800 million. The company is yet to disclose the actual numbers with the market regulator, but current projections are expected to push Groww's market valuations upwards of $8 billion. There have also been reports that the SEBI's recent norms and lowering of minimum public float policy could let the company seek a higher valuation - at 1 trillion or Rs 1 lakh crores.

With such revised valuations, Groww is likely to pip big names such as Zerodha and Angel One, and is also likely to surpass valuations of Vijay Shekhar Sharma headed Paytm. Should Groww manage this, it could emerge as India's biggest investment platform by market-capitalization.

Besides market capitalization, Groww according to data from NSE as of March 2025, had more number of active clients at 13.02 million than Zerodha's, nearly 8 million.

EXISTING INVESTORS

The Bengaluru headquartered Groww counts backing from a marquee list of investors including the likes of Microsoft CEO Satya Nadella, Peak XV, Y Combinator, Ribbit Capital, and Tiger Global. Although IPO details are yet to be clarified, markets seem to believe that there could be a combination of an Offer of Sale and something to cheer for retail investors too.

FINANCIAL PERFORMANCE

On the performance front, Groww in FY25 has been reported as having tripled profits at Rs 1,819 crores against a revenue of Rs 4,056 crores. The company had announced year-on-year revenue growth of 31% for FY25.