Highlights
Groww Set to Launch Initial Public Offering (IPO)
The stockbroking firm Groww is preparing for its initial public offering (IPO), according to recent reports. While some fintech startups have already made their public debut, Groww, led by Lalit Keshre, will mark the first prominent startup from the stockbroking sector to take this significant step.
IPO Details
As reported by TechCrunch, Groww has initiated discussions with investment bankers and is expected to select advisers for the IPO shortly. The company aims for a public listing within the next 10 to 12 months, targeting a valuation between $6 billion and $8 billion.
Funding and Valuation
To date, Groww has raised approximately $400 million from prominent investors, including:
- Peak XV
- Tiger Global
- Ribbit Capital
- YC Continuity
In October 2021, following a $251 million Series E round, Groww achieved a valuation of around $3 billion. The company has not secured any new funding rounds since then.
Domicile Transition
It is important to highlight that Groww completed its domicile transition from the US back to India in May of last year. Startup Superb exclusively reported on Groww’s relocation strategy in September 2023.
Financial Performance
In FY24, Groww experienced a boost in revenue from operations, reaching Rs 3,145 crore. However, the company reported a net loss of Rs 805 crore for the same period, mainly due to a one-time tax payment of Rs 1,340 crore associated with its domicile relocation to India.
The Startup Superb team has reached out to Groww for further commentary.
Market Position
As India’s leading stockbroking company, Groww boasts over 13 million monthly active users. According to the latest data from the National Stock Exchange (NSE), Groww holds a substantial 26.59% market share in the industry as of December. Competitors Zerodha and AngelOne hold market shares of 16.41% and 15.67%, respectively.
In 2021, Paytm became the first fintech company from the Indian startup ecosystem to list on the stock exchange, followed by Mobikwik, which debuted in December last year.