Groww to Launch $9 Billion IPO After Shifting Base from US to India

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  Groww becomes the first Indian startup to go public after relocating its HQ from the US to India.
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  The IPO will raise Rs 10.6 billion in fresh funding, valuing the startup at $9 billion.
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  Backed by Satya Nadella, the move signals rising investor confidence in India’s public markets.

Investment platform Groww, India’s largest retail brokerage startup, is gearing up for its Initial Public Offering (IPO), making it the first Indian startup to go public after relocating its headquarters from the US to India. The IPO could value the company at an impressive $9 billion, signaling growing maturity in India’s startup and public markets.

Founded by Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal, Groww shifted its base from Delaware to India, paying $159 million in taxes during the transition. This move reflects a broader trend of Indian startups returning home to align with local regulations and benefit from the expanding investor base.

The IPO will include a fresh fundraise of Rs 10.6 billion ($121 million) and a secondary sale of 574 million shares by existing investors like Peak XV Partners, Y Combinator, Ribbit Capital, and Tiger Global, worth up to $682 million. These four firms are offloading about 69% of the total offer, while the founders are selling just 0.7%, signaling long term confidence.

Backed by Microsoft CEO Satya Nadella, Groww posted strong financials for FY25, with Rs 40.6 billion ($462 million) in revenue and Rs 18.2 billion ($208 million) in net profit, a major turnaround from last year’s losses due to relocation costs.

Groww currently holds 26% market share on the NSE, serves 37.4 million demat accounts, and is the only investment app in India to cross 100 million downloads. It also manages 17 million active SIPs and 9 million mutual fund investors.

JPMorgan, Kotak Mahindra, Citigroup, Axis Bank, and Motilal Oswal are advising on the IPO. The listing is expected to set the tone for other Indian startups eyeing the domestic capital markets.

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