Groww IPO 2025: Price Band, Dates, GMP, Market, Peer and Finacial Analysis
Billionbrains Garage Ventures Ltd.
Groww IPO Details
IPO Open
4 Nov 2025
IPO Close
7 Nov 2025
Price Band
₹95 – ₹100
Issue Size
₹6,632.30 Cr
Listing on
BSE, NSE
Min. Lot Size
150
Face value
₹2
GMP
₹16
Groww IPO Timeline
IPO Open
4 Nov 2025
IPO Close
7 Nov 2025
Allotment
10 Nov 2025
Refund initiation
11 Nov 2025
Demat transfer
11 Nov 2025
Listing
12 Nov 2025
Key Performance Indicators
Market Cap
₹61,735.97 Cr
P/E
33
EPS
₹3.01
RoNW
37.57%
PAT Margin
44.92%
EBITDA Margin
59.11%
Introduction
Groww, officially known as Billionbrains Garage Ventures Limited, is one of India’s fastest-growing online investment platforms. Founded by four former Flipkart employees,Lalit Keshre, Harsh Jain, Ishan Bansal, and Neeraj Singh. Groww has become a household name for first-time investors across India.
The Bengaluru-based fintech allows users to invest in stocks, mutual funds, ETFs, derivatives, and bonds with just a few clicks. Over the past few years, it has seen explosive growth, crossing over 12 million active trading clients on NSE as of mid-2025, making it the largest retail broker in India by active users.
Groww’s upcoming IPO marks an important milestone, not only for the company but also for India’s entire fintech sector. Backed by marquee investors like Tiger Global, Peak XV (formerly Sequoia India), Ribbit Capital, and Iconiq Growth, the company is now stepping into public markets to raise funds for its next phase of growth.
About Groww (Billionbrains Garage Ventures Ltd.)
Billionbrains Garage Ventures Ltd., the parent company of Groww, was founded in 2016 and 2017 by four former colleagues from Flipkart: Lalit Keshre (the current CEO), Harsh Jain(COO), Ishan Bansal, and Neeraj Singh.
Their central mission was to simplify the complex world of investing. They built the platform on three guiding principles: to be “super easy to use, lightning fast, and crystal clear”. This customer-first approach has been instrumental in attracting millions of new investors who previously found the stock market intimidating.
Product Evolution and Reach
Groww started its journey by offering direct mutual funds, which helped it rapidly build trust by offering simple, commission-free investment options. Recognizing the growing demand, the platform quickly expanded its product offering by 2020 to include a full suite of financial products, such as :
Futures and Options (F&O)
Exchange-Traded Funds (ETFs) and Bonds
Digital Gold
Commodities trading
Additional services like Margin Trading Facility (MTF) and credit solutions.
To further broaden its financial ecosystem, Groww has strategically expanded into the high-net-worth segment by acquiring Fisdom, a prominent wealth-tech company. This acquisition integrates a comprehensive suite of wealth management and Portfolio Management Services (PMS) into Groww’s platform, catering to affluent investors. This move complements its existing product suite, which has also grown to include commodities trading, allowing users to invest in assets like gold, silver, and crude oil directly through the app.
Today, Groww boasts a massive user base of over 5 crore total customers. A key competitive advantage is its deep reach across India. The platform has active users in an impressive 98.36% of India’s pin codes, with approximately 81% of its users residing outside the top-6 metropolitan cities. This success in penetrating Tier 2 and Tier 3 markets demonstrates the company’s ability to drive financial inclusion across the entire country.
About Groww IPO
Investment and Wealth-tech industry Industry Overview
India’s investment and wealth-tech industry has grown into one of the fastest-expanding segments of the financial services space. As per industry estimates, the total addressable market (TAM) for investment and wealth management platforms stood at around ₹1.1 lakh crore in FY 2025, and is expected to more than double to about ₹2.5 lakh crore by FY 2030, registering a steady 15–17% CAGR. The growth is driven by digital adoption, rising disposable incomes, financial awareness, and easier access to investment tools.
Market Overview
India now has over 13 crore demat accounts (CDSL + NSDL combined), compared to fewer than 3 crore in 2019 — a clear indicator of how rapidly retail investing has expanded. Even though new account openings slowed in 2025 (about 2.2 crore new accounts from January to September), the participation base remains wide, with Tier-2 and Tier-3 cities contributing more than 60% of new retail investors.
The mutual-fund industry continues to be another major growth engine. According to AMFI, the total assets under management (AUM) crossed ₹75 lakh crore in September 2025, with monthly SIP inflows averaging ₹25,000 – ₹28,000 crore. This shows a shift from short-term trading to long-term wealth creation. Platforms like Groww and Zerodha are major enablers of this trend, helping first-time investors start systematic plans digitally.
Key Market Trends
Transition from Broking to Super-App: Fintechs are moving beyond trading into mutual funds, loans, insurance, and wealth management, aiming to build one-stop financial ecosystems.
Younger Investor Demographics: Nearly 55% of new investors are below 30 years of age, preferring mobile-first investment platforms.
Rising Digital Penetration: Affordable smartphones and UPI have brought millions from smaller towns into the investing fold.
Regulatory Modernisation: SEBI’s T+1 settlement cycle and stricter compliance norms have made capital markets faster and safer for retail participants.
Future Potential and Challenges
Despite near-term volatility in retail trading volumes, the long-term outlook remains very positive. India’s retail equity participation, currently around 8% of the population, still trails markets like the US (55%) or China (15%), indicating huge untapped potential. The major risks include tighter regulations, competitive pricing pressure, and rising customer-acquisition costs.
In summary, India’s wealth-tech sector is on a structural growth path, supported by favourable demographics and technology adoption. With its strong brand, tech-driven platform, and profitable operations, Groww stands well-placed to capitalise on the next phase of India’s retail investing boom.
Peer Analysis: Groww vs Competitors
Groww IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not less than 75% of the Net Offer |
| Retail Shares Offered | Not more than 10% of the Net Issue |
| NII Shares Offered | Not more than 15% of the Net Offer |
Groww IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 150 | ₹15,000 |
| Retail (Max) | 13 | 1,950 | ₹1,95,000 |
| S-HNI (Min) | 14 | 2,100 | ₹2,10,000 |
| S-HNI (Max) | 66 | 9,900 | ₹9,90,000 |
| B-HNI (Min) | 67 | 10,050 | ₹10,05,000 |
Financials of Groww
Financial Performance Dashboard
| Period Ended | 30 Jun 2025 | 31 Mar 2025 | 30 Jun 2024 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|---|
| Assets | 12,713.18 | 10,077.31 | 10,819.10 | 8,017.97 | 4,807.78 |
| Total Income | 948.47 | 4,061.65 | 1,047.58 | 2,795.99 | 1,260.96 |
| Profit After Tax | 378.37 | 1,824.37 | 338.01 | -805.45 | 457.72 |
| EBITDA | 418.75 | 2,371.01 | 482.66 | -780.88 | 398.78 |
| NET Worth | 5,995.45 | 4,855.35 | 2,886.28 | 2,542.64 | 3,316.75 |
| Reserves and Surplus | 5,506.78 | 3,251.92 | 2,821.41 | 2,477.76 | 4,445.63 |
| Total Borrowing | 324.08 | 351.99 | 117.66 | 24.06 |
Groww has shown an impressive financial performance over the last three years. The company has moved from making losses to becoming a profitable and financially strong fintech player.
Revenue Growth
Groww’s business has grown rapidly year after year.
Its total income increased from ₹2,795.99 crore in FY24 to ₹4,061.65 crore in FY25, showing a 45% growth in just one year.
In FY23, its income was ₹1,260.96 crore, which means the company’s revenue has grown more than three times in two years.
This sharp rise reflects higher trading activity, growing mutual fund investments, and a steady increase in active users on the platform.
Profitability
Groww achieved a strong turnaround in profitability.
The company made a net profit (PAT) of ₹1,824.37 crore in FY25, compared to a loss of ₹805.45 crore in FY24.
This marks a 327% rise in profit and shows that the company is now operating efficiently after years of investment in technology and customer acquisition.
Its EBITDA also improved sharply — from a loss of ₹780.88 crore in FY24 to a positive ₹2,371.01 crore in FY25.
This gives an EBITDA margin of around 58%, which is very high for a fintech business and highlights strong operational efficiency.
Balance Sheet Strength
Groww’s balance sheet has strengthened considerably.
Total assets increased from ₹8,017.97 crore in FY24 to ₹10,077.31 crore in FY25, showing a 26% rise.
Net worth jumped from ₹2,542.64 crore to ₹4,855.35 crore, almost doubling in a year.
Reserves and surplus grew from ₹2,477.76 crore to ₹3,251.92 crore, reflecting retained profits and internal capital growth.
The company continues to have very low debt — just ₹351.99 crore in FY25 — resulting in a debt-to-equity ratio of around 0.07, which means Groww is almost debt-free.
Quarterly Snapshot (June 2025)
In the quarter ended 30 June 2025, Groww reported:
Total income: ₹948.47 crore
Net profit: ₹378.37 crore
EBITDA: ₹418.75 crore
This shows steady performance even on a quarterly basis, maintaining strong margins.
Groww’s numbers clearly show a company that has built a sustainable and profitable business model.
It is growing fast, earning solid profits, and managing its costs and debt extremely well.
With strong reserves, high margins, and almost no leverage, Groww stands out as one of the most financially stable and efficient fintech platforms in India today.
Objective of Groww IPO
Groww will use the IPO funds mainly to upgrade technology, expand marketing, and strengthen its subsidiaries involved in lending and margin trading, while keeping a portion aside for future growth opportunities and day-to-day operations.
Use of Proceeds (as per RHP)
₹152.5 crore – Investment in cloud infrastructure to improve platform scalability and performance.
₹225 crore – For brand building and marketing to attract new users and strengthen Groww’s market presence.
₹205 crore – Investment in Groww Creditserv Technology Pvt. Ltd. (NBFC arm) to boost lending operations.
₹167.5 crore – Investment in Groww Invest Tech Pvt. Ltd. to fund its Margin Trading Facility (MTF) business.
Up to 35% of the total proceeds – For inorganic growth and general corporate purposes, including acquisitions and working capital needs.
Top 10 Shareholders of Groww
| Investor Name | Shareholding (%) | |||
|---|---|---|---|---|
| Peak XV Partners Investments VI-1 | 19.87% | |||
| YC Holdings II, LLC | 12.04% | |||
| Lalit Keshre (Promoter) | 9.12% | |||
| Ribbit Capital V, L.P. | 8.14% | |||
| Harsh Jain (Promoter) | 6.72% | |||
| Neeraj Singh (Promoter) | 6.25% | |||
| Internet Fund VI Pte. Ltd. | 6.04% | |||
| Ribbit Cayman GW Holdings V, Ltd. | 5.59% | |||
| Ishan Bansal (Promoter) | 4.53% | |||
| Viggo Investments Pte. Ltd. | 2.20% | |||
Pre - Post IPO Share Holding Pattern
| Category | Pre-IPO Shareholding (%) | Post-IPO Shareholding (%) |
|---|---|---|
| Promoters (Founders) | 26.62% | 23.12% |
| Institutional Investors (VCs, PEs, Foreign Investors) | 70.55% | 66.33% |
| Others (Employees, ESOP holders, etc.) | 2.83% | 2.55% |
| Public Shareholders (New IPO Investors) | – | 8.00% |
| Total | 100% | 100% |
SWOT Analysis of Groww IPO
Strengths
Strong brand with over 7 crore users and high trust among young investors.
Diversified platform — mutual funds, stocks, ETFs, derivatives, and more.
45% revenue growth and 327% rise in profit (FY25 vs FY24).
Debt-free with a strong net worth of ₹4,855 crore.
Scalable, tech-driven business with efficient cost structure.
Weakness
High dependence on retail investors for revenue.
Limited global presence — operations focused mainly in India.
Intense competition from Zerodha, Upstox, Angel One, and others.
Sensitive to SEBI and RBI regulatory changes.
Opportunities
Rising financial awareness and 15 crore+ demat accounts in India.
Growth potential in credit, insurance, and wealth products.
Strong expansion scope in Tier-2 and Tier-3 cities.
Possibility of strategic acquisitions using IPO proceeds.
Threats
Market volatility may impact trading volumes and income.
Frequent regulatory or tax changes could affect operations.
Data privacy and cybersecurity risks in a digital-first setup.
Heavy reliance on cloud and technology infrastructure.
FAQ on Groww IPO
Groww IPO price band is between ₹95 and ₹100 per share.
Groww IPO opens on November 4 and closes on November 7, 2025.
The minimum is one lot, which is 150 shares or ₹15,000.
Groww will list shares on both NSE and BSE.
Groww IPO allotment will be out on November 10, 2025.
The total issue size of Groww IPO is ₹6,632.3 crore.
Yes, you can sell them on NSE or BSE once they’re listed.
