IPO-bound Groww has reportedly witnessed three-fold growth in profit to ₹1,819 crore in FY25, according to a report published by MoneyControl. It also posted revenue of ₹4,056 in the same fiscal year, a 31% jump from the previous year. Its consolidated revenue stood at ₹3,145 crore in FY24.
The company has raised $200 million from Iconiq Capital and GIC, months ahead of its IPO launch. Notably, it is announcing its FY25 results at a time when investor sentiment remains subdued amid global uncertainities and heightened market volatility.
The backdrop includes regulatory shifts introduced by the market regulator Sebi during the third quarter of FY24, like curbs on Future and Options trading, discontinuation of volume-based rebates by exchanges, among others.
In the previous fiscal year, the company incurred a one-time domicile tax of ₹1,340 crore following the relocation of its registered office from Delaware, US, to Bengaluru. This contributed to a consolidated net loss of ₹805 crore in FY24.
Groww IPO Plans
On May 26, Groww filed draft papers with Sebi for an initial public offering valued between $700 million and $1 billion through a confidential pre-filing process. Its parent company, Billionbrains Garage Ventures Limited, stated in a public notice that the draft red herring prospectus (DRHP) was submitted under Chapter IA of the Sebi ICDR Regulations.
This provision allows the company to seek Sebi’s feedback without immediately disclosing its IPO documentation. The IPO comprises a fresh issue of equity shares alongside an offer for sale (OFS) component.
SEBI is expected to take up to two months to approve. Once approved, Groww will file an updated DRHP, which will be made public and include the company’s financials up to the most recent quarter.
Groww has appointed JP Morgan India Private Ltd, Kotak Mahindra Capital Company Ltd, Citigroup Global Markets Private Ltd, Axis Capital Ltd and Motilal Oswal Securities Ltd as lead managers for the IPO, according to PTI.
The company plans to list its shares on the main board of the National Stock Exchange and BSE Limited.
