Stock Broking Company Groww in Talks to Raise $200 Million for IPO

Stock broking company Groww is currently engaging in talks to secure $200 million ahead of its initial public offering, which is expected to debut on the stock exchange by the end of this year or early next year. The Economic Times was the first to report this development, indicating that Groww has been in discussions with Singapore’s sovereign wealth fund GIC, along with existing investor Tiger Global, regarding the fundraising effort.

This funding could potentially value the Bengaluru-based startup at approximately $6.5 billion. So far, Groww has raised nearly $400 million from notable investors such as Peak XV, Tiger Global, Ribbit Capital, and YC Continuity. The company last stated a valuation of around $3 billion following a $251 million investment during its Series E round in October 2021, after which it has not acquired any new funding.

Earlier in the year, media sources indicated that Groww is aiming to raise about $1 billion through its IPO, with a targeted valuation ranging between $6 billion and $8 billion.

Groww: A Leader in the Stock Broking Sector

As the leading stockbroking company in India, Groww boasts over 13 million monthly active users as of February. Moreover, Groww’s operational revenue soared to Rs 3,145 crore in FY24. However, the company, led by Lalit Keshre, reported a net loss of Rs 805 crore in FY24, largely due to a one-time tax payment of Rs 1,340 crore for its relocation back to India.