Groww, India’s largest retail stockbroker, is preparing to file for an IPO in the next 10-12 months and is seeking a valuation of between $6 billion and $8 billion, sources familiar with the matter told TechCrunch.
The listing of the Bengaluru-based company will be the first IPO of an Indian digital trading platform. The target valuation is more than double the $3 billion it was last valued at in a funding round in October 2021.
Groww, which counts Peak The startup, which also helps customers invest in mutual funds and UPI transactions, moved its headquarters from the US to India last year as part of preparations for its initial public offering (IPO).
Groww declined to comment.
The trading app has moved ahead of its competitors in India’s crowded retail investment market. It had 13.2 million active users in December compared to 8.1 million users for its closest competitor, Zerodha, according to National Stock Exchange data. Groww is adding 325,000 to 550,000 new users each month. This is more than twice as fast as competitors per exchange.
India has emerged as a bright spot for technology listings globally, with seven technology startups listing in 2024. Food delivery platform Swiggy’s $1.35 billion IPO was the world’s largest technology listing last year.
More than 20 Indian startups are planning IPOs in 2025, including B2B marketplace Zetwerk, managed workspace provider Table Space, Prosus-owned PayU, and pharma platform PharmEasy.
Abhinav Bharti, head of India equity capital markets at JPMorgan, told TechCrunch in a recent interview that India’s domestic capital growth and policy continuity are among the factors behind the surge in Indian IPOs.
In 2014, the market capitalization of India’s listed companies doubled compared to 2019 to $5.3 trillion, and daily trading volume tripled to $15 billion.
“No other country in the world offers so much political certainty and policy continuity,” Bharti told TechCrunch. “You can object to a policy decision, but you cannot object to the fact that the decision was consistent.”
