"Indian online brokerage platform Groww's IPO on Wednesday proved to be the largest listing by an Indian fintech so far this year, as the company raised ₹66.3 billion (about $748 million) with its shares closing 29% higher from their issue price. The company's shares opened at ₹112, about 12% above their issue price of ₹100, and closed at ₹128.85, lending it a market cap of ₹795 billion (approximately $9 billion)."
"Founded in 2016 by former Flipkart employees, Groww has benefited from India's retail investing boom, and its investors include Microsoft CEO Satya Nadella, Peak XV, Y Combinator, Ribbit Capital and Tiger Global. Its app targets first-time investors to the retail investing market, and competes with the likes of Zerodha and Angel One. Groww had more than 14 million active users as of June, and over 12.6 million active NSE clients, per its IPO offer document (PDF)."
"While stockbroking remains its core business, the company has expanded into lending, too, launching a separate app for that business last year. The company also offers payments, asset management and insurance brokerage. However, these businesses remain modest in scale compared with its brokerage revenues. In the financial year ended March 2025, the company reported revenue of ₹39 billion ($440 million) and net profit of ₹18 billion ($206 million)."
Groww raised ₹66.3 billion in its IPO with shares closing 29% above the ₹100 issue price and valuing the company at about ₹795 billion. The shares opened at ₹112 and closed at ₹128.85. The listing was the largest by an Indian fintech this year and coincided with other startup IPOs. Founded in 2016 by former Flipkart employees, Groww targets first-time retail investors and competes with Zerodha and Angel One. The company reported FY March 2025 revenue of ₹39 billion and net profit of ₹18 billion, had over 14 million active users, and expanded into lending and other financial services.
Read at TechCrunch
Unable to calculate read time
Collection
[
|
...
]