Groww, a leading fintech company, is making headlines with its plans to file for an IPO in the next 10-12 months. The company is reportedly seeking a valuation of $6-8 billion and is expected to raise around $700 million through its IPO.
Recently, Groww relocated its parent entity back to India from the US in preparation for its listing on the Indian stock exchange. The company paid a significant tax amount of ₹1,340 crore for this relocation, based on its newly arrived fair market value. Despite this tax payment, Groww reported a significant surge in revenue from operations to ₹3,145 crore in FY24, up from ₹1,435 crore in FY23. The company’s revenue streams were mainly driven by subscription fees, commissions, tech platform income, and support charges.
While Groww reported a net loss of ₹805 crore in FY24 due to the one-time tax payment, it remained operationally profitable with profits of ₹535 crore. The company has successfully surpassed its rival Zerodha in terms of active investors, adding more than 50 lakh users in the past year.
Overall, Groww’s upcoming IPO and valuation plans reflect its rapid growth and success in the fintech industry. Investors and market watchers are eagerly anticipating the company’s next steps as it continues to make waves in the investment world.
