IPO-bound Groww has become the first investment app in India to cross 100 million donwloads, according to Google App Store data. The brokerage platform has been ranked in first spot globally in downloads and monthly active users for Investing and Financial Management in 2024 by Sensor Tower – a digital analysis firm.
Founded in 2016 by Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal, the start-up offers different ways to invest in direct mutual funds, stocks, IPO corporate bonds, etc. It directly competed with the likes of Zerodha and Angel One.
In comparison, Kamath brothers’ Zerodha has over one crore downloads and Angel One has more than five crore downloads on google app store.
Groww also leads in market share for stock broking with 12.79 million active NSE clients (as of June 2025) followed by Zerodha with 7.75 million and Angel One with 7.48 million active NSE clients.
Groww Gears Up for Dalal Street Debut
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.
Groww Posts Sharp Rise in Profitability
The start-up has reportedly witnessed three-fold growth in profit to ₹1,819 crore in FY25. 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.
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.
