Groww IPO

Groww IPO is a 100% book-built issue. The IPO consists of a fresh issue of equity shares aggregating up to ₹10,600.00 million and an offer for sale of up to 574,190,754 equity shares of face value ₹2 each by the promoters and investor shareholders. The total size of the offer will be updated once the price band is finalised.

The IPO dates are to be announced with a tentative listing on BSE and NSE. The minimum lot size is to be announced.

Kotak Mahindra Capital Company Limited, J.P. Morgan India Private Limited, Citigroup Global Markets India Private Limited, Axis Capital Limited and Motilal Oswal Investment Advisors Limited are the book-running lead managers to the issue. MUFG Intime India Private Limited is the registrar.

For detailed information on company financials, business operations, and associated risks, investors are advised to refer to the Groww IPO DRHP.

Industry Outlook

1. India’s investment and wealth management industry is experiencing rapid expansion, driven by rising financial awareness, favourable demographics, and increasing digitisation. The sector is shifting from traditional savings products towards market-linked instruments, creating opportunities for platforms that simplify investing and make financial products more accessible.
2. According to the Redseer Report commissioned for the IPO, India has a large and under-penetrated investor base, with mutual fund participation and equity investing still at nascent levels compared to developed markets. This presents substantial room for growth as more households shift from physical assets such as gold and real estate towards financial assets.
3. Government policies supporting digital finance, regulatory measures encouraging investor protection, and improved financial literacy are further accelerating industry growth. The proliferation of smartphones and low-cost internet has enabled digital platforms to bridge gaps in access, particularly among younger and first-time investors.
4. The competitive environment is evolving, with both established financial institutions and new-age fintech firms seeking to capture market share. While traditional players bring trust and scale, digital-first companies like Groww leverage technology to deliver user-friendly interfaces, lower transaction costs, and personalised experiences. This dynamic landscape highlights innovation, customer acquisition strategies, and regulatory compliance as key factors shaping the future of the industry.

Groww IPO Objectives

The company proposes to utilise the net proceeds from the IPO for the following objectives:

1. Strengthen technology and platform development by investing in product innovation, technology infrastructure, and data-driven solutions to improve customer experience and enhance the scalability of operations.
2. Expand marketing and brand awareness initiatives to reach new customer segments, increase penetration in underserved markets, and consolidate its position in the investment and wealth management ecosystem.
3. Fund working capital requirements to support the company’s expanding business operations, improve liquidity, and ensure efficient day-to-day functioning.
4. Pursue general corporate purposes, including administrative costs, strategic investments, and potential inorganic growth opportunities that align with the company’s long-term vision.
5. Achieve the benefits of listing equity shares on the Stock Exchanges, which include enhancing visibility, improving corporate governance standards, and providing access to capital markets for future growth initiatives.

About Groww Limited

Groww Limited, formally known as Billionbrains Garage Ventures Limited, was originally incorporated as Billionbrains Garage Ventures Private Limited on January 9, 2018, under the Companies Act, 2013. It was subsequently converted into a public limited company and renamed Billionbrains Garage Ventures Limited on April 11, 2025.

In March 2024, following approval from the National Company Law Tribunal, Bengaluru Bench, the company underwent a scheme of amalgamation, resulting in the merger of Groww Inc., its erstwhile holding company, into Billionbrains Garage Ventures Limited.

Groww is primarily engaged in providing a digital investment and wealth management platform that enables individuals to invest in mutual funds, equities, exchange-traded funds, derivatives, and other financial instruments. The platform has been designed to simplify investing through a user-friendly interface, data-driven insights, and transparent pricing, making it accessible to first-time and experienced investors alike.

The company operates through a number of subsidiaries, including Groww Invest Tech Private Limited, Groww Creditserv Technology Private Limited, and Groww Asset Management Limited, among others. These subsidiaries support its core business of investment services, credit solutions, asset management, and insurance broking.

Headquartered at Vaishnavi Tech Park, Bellandur, Bengaluru, Karnataka, Groww leverages technology to provide seamless digital access to financial products across India. Its customer base reflects a younger demographic profile, with a significant portion of new investors entering capital markets through the platform.

Groww’s growth strategy is anchored in expanding product offerings, deepening customer penetration, and strengthening trust through compliance and transparency. By leveraging innovation, scale, and digital adoption, the company aims to consolidate its leadership in India’s rapidly expanding investment and wealth management ecosystem.

How To Check the Allotment Status of the Groww IPO?

Steps to check IPO allotment status on Angel One’s app:

1. Log in to the Angel One app.
2. Go to the IPO Section and then to IPO Orders.
3. Select the individual IPO that you had applied for and check the allotment status.
4. Angel One will notify you of your IPO allotment status via push notification and email.

How To Apply for Groww IPO Online?

1. Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
2. Locate the IPO Section: Navigate to the 'IPO' section on the platform.
3. Select IPO: Find and select the Groww IPO from the list of open IPOs.
4. Enter the Lot Size: Specify the number of lots you want to bid for.
5. Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
6. Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.

Contact Details of Groww IPO

Registered Office: Vaishnavi Tech Park, South Tower, 3rd Floor, Survey No. 16/1 and 17/2, Ambalipura Village, Varthur Hobli, Bellandur, Bengaluru – 560103, Karnataka, India

Phone: +91 80 6960 1300

E-mail: corp.secretarial@groww.in

Groww IPO Reservation

Investor Category	Shares Offered
QIB Shares Offered	Not less than 75% of the Offer
Retail Shares Offered	Not more than 10% of the Offer
NII (HNI) Shares Offered	Not more than 15% of the Offer

Groww IPO Promoter Holding

The promoters of the company are Lalit Keshre, Harsh Jain, Ishan Bansal, and Neeraj Singh.

Share Holding Pre-Issue	-
Share Holding Post Issue	-

Key Performance Indicators for Groww IPO

KPI	Value
Growth in Active Users (%)	47.84
Growth in NSE Active Clients (%)	35.46
Contribution Margin (%)	85.38
Profit / (Loss) Margin (%)	44.92

Groww IPO Prospectus

• Groww IPO DRHP

Groww IPO Registrar and Lead Managers

Groww IPO Lead Managers

• Kotak Mahindra Capital Company Limited
• P. Morgan India Private Limited
• Citigroup Global Markets India Private Limited
• Axis Capital Limited
• Motilal Oswal Investment Advisors Limited

Registrar for Groww IPO

MUFG Intime India Private Limited

• Contact Number: +91 22 4918 6270
• Email Address: ipo@linkintime.co.in

Groww IPO Registrar

Financial Performance of Groww Limited

Particulars	Year ending on March 31, 2025	Year ending on March 31, 2024	Year ending on March 31, 2023
Revenue from Operations (₹ mn)	39,017.23	26,092.81	11,415.26
Contribution Margin (₹ mn)	33,312.77	22,818.39	9,605.77
EBITDA excl. Other Income (₹ mn)	23,710.09	(7,808.78)	3,987.76
Adjusted EBITDA (₹ mn)	23,063.69	14,709.19	4,163.01
Profit / (Loss) for the Period (₹ mn)	18,243.73	(8,054.50)	4,577.17

Know before investing

Strengths

5

1. Strong brand recognition as one of India’s leading digital investment platforms

2. Rapidly growing customer base, especially first-time investors

3. Diversified product suite including equities, mutual funds, ETFs, derivatives, and insurance

4. Scalable technology platform with a user-friendly interface

5. Favourable industry outlook with rising financialisation of savings

Risks

5

1. Heavy dependence on a single digital platform for revenue generation

2. Intense competition from both traditional brokers and fintech players

3. Regulatory changes in the securities and financial services sector may impact operations

4. Reliance on technology infrastructure exposes the business to cyber risks and system failures

5. High customer acquisition costs may pressure profitability if growth slows

Groww Limited Peer Details Comparison

Name of the Company	Face Value per Equity Share (₹)	Revenue from Operations (₹ mn)	EPS (Basic) (₹)	Net Asset Value per Equity Share (Basic) (₹)
Groww Limited	2	39,017.23	3.34	8.89
Angel One Limited	10	52,383.79	130.05	623.72
360 One WAM Limited	1	32,950.90	27.14	188.89
Motilal Oswal Financial Services Limited	1	83,390.50	41.83	185.24
Nuvama Wealth Management Limited	10	41,582.69	276.66	979.11
Prudent Corporate Advisory Services Limited	5	11,035.61	47.25	161.25