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Groww, India’s largest retail stockbroker, is preparing to file for an IPO in 10-12 months and is seeking a valuation between $6 billion and $8 billion, sources familiar with the matter told TechCrunch, which would be a significant listing for the country’s fintech sector.
The Bengaluru-headquartered IPO would be the first IPO of a digital-age trading platform in India. The target estimate, which sources warned could change, is higher than double the value of $3 billion from the last funding round in October 2021.
Groww, which counts Peak XV, Tiger Global and Alkeon among its backers, has started talks with investment banks and will soon select advisers for the IPO, the sources said. The startup, which also enables customers to invest in mutual funds and make UPI transactions, moved her residence to India from the US last year as part of preparations for the IPO.
The startup declined to comment.
The trading app operator has pulled ahead of competitors in India’s crowded retail investment market. It had 13.2 million active users in December, compared with 8.1 million for its closest competitor Zerodha, according to data from the National Stock Exchange. Groww adds between 325,000 to 550,000 new users per month, more than twice as fast as its competitors.
India has has emerged as a bright spot for tech charts globallywith seven technology startups going public in 2024 as part of a total of 13 startup lists. Food delivery platform Swiggy’s $1.35 billion listing was the largest global IPO last year.
More than 20 Indian startups are planning IPOs in 2025, including business-to-business marketplace Zetwerk, managed workspace provider Table Space, Prosus-owned PayU and pharma platform PharmEasy, TechCrunch previously reported.
JPMorgan’s head of Indian equity capital markets told TechCrunch in a recent interview that India’s growing domestic capital and policy continuity were among the factors behind the rise in IPOs in the country.
India’s market capitalization has doubled to $5.3 trillion since 2019, while daily trading volume has tripled to $15 billion.
“No other country globally gives you as much political certainty and policy continuity,” JPMorgan’s Abhinav Bharti told TechCrunch. “You can argue with the policy decision, but you can’t argue with the fact that they were consistent.”
