Groww, India’s largest retail stockbroker, is positioning itself to file for an IPO in 10-12 months and is seeking a valuation between $6 billion to $8 billion, sources familiar with the matter told TechCrunch, in what would be a landmark listing for the country’s fintech sector.
The Bengaluru-headquartered’s listing would be the first IPO by a digital-age trading platform in India. The targeted valuation, which sources cautioned could change, is more than double the $3 billion level from its last funding round in October 2021.
Groww, which counts Peak XV, Tiger Global and Alkeon among its backers, has begun talks with investment banks and will soon choose advisers for the IPO, the sources said. The startup, which also enables customers to invest in mutual funds and make UPI transactions, shifted its domicile to India from the U.S. last year as part of its IPO preparations.
The trading app operator has pulled ahead of competitors in India’s crowded retail investing market. It had 13.2 million active users in December, compared with 8.1 million for closest rival Zerodha, according to National Stock Exchange data. Groww is adding between 325,000 to 550,000 new users monthly, more than twice the pace of competitors.
India has emerged as a bright spot for tech listings globally, with seven technology startups going public in 2024 as part of 13 total startup listings. Food delivery platform Swiggy’s $1.35 billion listing was the largest global tech IPO this 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 pharmaceutical platform PharmEasy, TechCrunch previously reported.
JPMorgan’s India head of equity capital markets told TechCrunch in a recent interview that India’s growing domestic capital and policy continuity were among the factors for the IPO surge 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 provides you with this much political certainty and continuity of policy,” JPMorgan’s Abhinav Bharti told TechCrunch. “You can argue against a policy decision, but you cannot argue against the fact that they have been consistent.”
