Groww raises nearly $750 million in IPO as investment in India’s retail sector continues to boom

The initial public offering of Indian online financial broking platform Groww on Wednesday proved to be the largest listing by an Indian fintech company so far this year, with the company raising 66.3 billion rupees (about $748 million) with its shares closing 29% higher than its issue price.

The company’s shares opened at INR 112, about 12% above their issue price of INR 100, and closed at INR 128.85, lending it a market capitalization of INR 795 billion (about US$9 billion).

Groww’s listing comes amid a broader rebound in Indian startup IPOs. Lenskart eyewear retailer It first appeared on the market Earlier this week, payments platform Pine Labs was scheduled to list on Friday (it had a $440 million IPO Fully subscribed As of Tuesday). Other venture-backed companies, including PhysicsWallah and Capillary Technologies, are scheduled to go public in the coming days.

Founded in 2016 by former Flipkart employees, Groww has capitalized on India’s retail investment boom, and its investors include Microsoft CEO Satya Nadella, Peak XV, Y Combinator, Ribbit Capital and Tiger Global. Its app is aimed at first-time investors in the retail investment market, and competes with the likes of Zerodha and Angel One.

Groww had more than 14 million active users as of June, and more than 12.6 million active customers on the NSE, according to its IPO. Offer document (PDF). While stock brokerage remains its core business, the company has expanded into lending as well, launching a separate app for that business last year. The company also offers payment, asset management and insurance brokerage services. However, these companies remain modest in size compared to brokerage revenues.

In the fiscal year ending March 2025, the company reported revenues of INR 39 billion (US$440 million) and net profit of INR 18 billion (US$206 million).

These companies included Peak XV Partners, Ribbit Capital, Tiger Global, and Sequoia Capital. Investors who sold their shares In the subtraction. The IPO was subscribed about 18 times, driven by strong demand from institutional investors, and the company raised about INR 30 billion from anchor investors in a pre-IPO offering last week.

“We owe so much to so many people for building this,” Lalit Kesher, co-founder and CEO of Groww, said during the company’s listing ceremony. Reflecting on the startup’s early days, he added: “When we started, we thought that in one month, if we could get 100 customers, that would be very good. But guess what? We got 600 customers.”

Enterprising investors were thrilled by Groww’s successful market debut. “Many US LPs have asked me whether Indian investments will ever make money,” says Anu Hariharan, co-founder of Afra Capital, an early investor in Groww. books In a post on

The debut also marks a milestone for Y Combinator: Groww is The first Indian company backed by the accelerator to go public. The fintech company is also the first Indian startup to be listed next Moving the company’s headquarters from Delawarehighlighting the broader shift among Indian startups shifting their base back home.

Groww said it plans to use the new capital to expand its cloud and technology infrastructure, ramp up marketing efforts, and invest more in its lending and margin trading businesses. It said it had also set aside money for potential acquisitions.