Bengaluru-based investment platform Groww is gearing up for a public offering, aiming for a valuation of approximately $9 billion, according to sources cited by BusinessLine.
The company is expected to submit an updated draft prospectus to the Securities and Exchange Board of India (SEBI) within this week, with a target listing date set for November.
This public offering will consist of both fresh shares and an offer for sale, allowing early investors to partially divest. Details regarding the selling shareholders are currently unavailable. Groww’s major supporters include Y Combinator, Peak XV Partners, Tiger Global, and Ribbit Capital.
With roughly 15 million active users, Groww raised $200 million from GIC and Iconiq Capital at a valuation of $7 billion in its latest funding round. To diversify its offerings ahead of the IPO, the firm has agreed to acquire wealth-tech platform Fisdom and has started introducing commodities for select users.
In August, Groww obtained SEBI’s approval to proceed with its IPO. The company had initially filed draft papers in May via the confidential route, which allows firms to receive regulatory insights prior to public disclosure.
Groww will be among the first startups to list after shifting its domicile from the US to India. This transition required the company to pay ₹1,340 crore ($160 million) in taxes to the US, resulting in a markdown of its valuation from $3 billion in 2021 to the new fair market value.
Operated by Billionbrains Garage Ventures, Groww has successfully raised around $596 million in equity capital to date.
In FY25, Groww reported impressive financial results, with net profit increasing more than threefold to ₹1,819 crore and revenue rising 31 percent to ₹4,056 crore, establishing it as one of India’s most profitable startups.
If successful, the listing would mark a significant milestone for India’s consumer internet sector, which is witnessing a fresh wave of IPO-ready startups after domicile changes, including Walmart-owned PhonePe, which is also planning to file for a public offering.
Published on September 15, 2025
