Indian online brokerage platform Groww had its initial public offering on Wednesday. This listing became the largest by an Indian fintech company so far this year. The company raised 66.3 billion rupees, which is approximately 748 million dollars. Its shares closed 29 percent higher than their original issue price.
The company’s shares began trading at 112 rupees, about 12 percent above their issue price of 100 rupees. They eventually closed at 128.85 rupees. This strong performance gave Groww a market capitalization of 795 billion rupees, or about 9 billion dollars.
Groww’s market debut is part of a wider increase in Indian startup IPOs. Eyewear retailer Lenskart made its debut earlier in the week. The payments platform Pine Labs is scheduled to list on Friday, and its 440 million dollar IPO was fully subscribed as of Tuesday. Other venture-backed firms like PhysicsWallah and Capillary Technologies are also set to go public in the near future.
Groww was founded in 2016 by former Flipkart employees. The company has greatly benefited from India’s retail investing boom. Its investors include Microsoft CEO Satya Nadella, along with venture firms Peak XV, Y Combinator, Ribbit Capital, and Tiger Global. The Groww app targets first-time investors and competes with platforms like Zerodha and Angel One.
As of June, Groww had more than 14 million active users and over 12.6 million active NSE clients, according to its IPO offer document. While stockbroking is its main business, the company has expanded into other areas. It launched a separate app for its lending business last year and also offers payments, asset management, and insurance brokerage services. However, these newer businesses are still modest in scale compared to its core brokerage revenues.
For the financial year that ended in March 2025, the company reported revenue of 39 billion rupees, or 440 million dollars. Its net profit for the same period was 18 billion rupees, which is about 206 million dollars.
Several major investors sold their stakes in the public offering, including Peak XV Partners, Ribbit Capital, Tiger Global, and Sequoia Capital. The IPO was subscribed nearly 18 times, driven by strong demand from institutional investors. The company also raised about 30 billion rupees from anchor investors in a pre-IPO placement the week before.
Groww co-founder and CEO Lalit Keshre spoke at the company’s listing ceremony. He expressed gratitude, saying they owe so much to so many people for building the company. He reflected on the early days, noting that they initially hoped to get 100 customers in their first month but instead got 600.
Venture investors celebrated Groww’s successful debut. Anu Hariharan, co-founder of Avra Capital and an early investor, noted that the ecosystem takes time to develop. She highlighted that Groww is returning capital many times over and is likely delivering one of the best investment returns of the decade.
The listing is also a milestone for Y Combinator, as Groww is the first Indian company backed by the accelerator to go public. Furthermore, the fintech is the first Indian startup to list after relocating its corporate headquarters from the United States back to India. This move highlights a broader trend of Indian unicorns shifting their base back to their home country.
Groww stated that it plans to use the new capital to expand its cloud and technology infrastructure. It also intends to intensify its marketing efforts and invest further in its lending and margin trading businesses. Some funds have been earmarked for potential acquisitions as well.