Groww has confidentially filed for its IPO, marking its quiet step towards going public.
The deets: Groww, India’s largest online broking platform by active users, is targeting a valuation of $7–8 billion. The IPO could see 10–15% equity dilution, translating to a $700–920 million issue.
The move comes even as investor appetite across fintech is turning cautious.
In FY24, the company more than doubled its consolidated revenue to ₹3,145 crore, while profit rose 17% to ₹535 crore. For context, FY23 revenue stood at ₹1,435 crore.
Zoom out: India’s broking industry is under pressure. Stricter SEBI norms on margin trading, pledging, and disclosures are slowing retail expansion. Add tighter rules on ads and influencer promos, and the landscape is shifting fast.
Big theme: retail broking boomed post-COVID with Groww, Zerodha, and Upstox leading the charge. But with slowing growth and falling active users, focus is now on profitability. Groww’s IPO will test if these platforms can shift from hype to sustainable scale.
What next: a key trend across broking has been diversifying into full stack of financial and wealth management solutions. Groww has made its own moves, buying India Bulls’ AMC business, and more recently Fisdom’s wealth management business. Will markets bite?
