Groww secures SEBI nod for IPO

Digital investment platform Groww has received approval from the Securities and Exchange Board of India (Sebi) to float its initial public offering (IPO), according to a Moneycontrol report.

The estimated IPO size to be in the range of $800 million to $1 billion.

The development comes months after Groww’s parent entity, Billionbrains Garage Ventures Ltd, raised Rs 1,735 crore (~$200 million) in June from Singapore’s sovereign wealth fund GIC and existing backer ICONIQ Capital. It was exclusively decoded by Entrackr.

The Bengaluru-based fintech had filed its draft red herring prospectus (DRHP) on May 26 through the confidential route. If successful, Groww would be among the first fintech firms to list in India after completing a reverse flip of its holding entity from the US. The move came at a cost: the startup shelled out $160 million in taxes to US authorities.

So far, Groww has raised about $600 million from investors including Peak XV, Tiger Global, Ribbit Capital, and YC Continuity. The firm was last valued at around $3 billion following its $251 million Series E round in October 2021.

Groww reported a 31% jump in revenue to Rs 4,056 crore in FY25, while its profit surged 3X to Rs 1,819 crore. In FY24, it clocked Rs 3,145 crore in revenue with an operating profit of Rs 545 crore. However, a one-time Rs 1,340 crore tax outgo on its domicile shift led to a net loss of Rs 805 crore in FY24. Its audited FY25 numbers are yet to be filed with the RoC.