Online brokerage Groww IPO has updated its draft papers with SEBI for a ₹6,000-₹7,000 crore float, combining a fresh issue of ₹1,060 crore with an offer-for-sale (OFS) of 574 million shares. Lead managers include Kotak Mahindra Capital, J.P. Morgan India, Citigroup Global Markets India, Axis Capital and Motilal Oswal Investment Advisors.
Big exits on the table, founders trim only marginally
The IPO doubles as a large secondary event for early backers. Peak XV Partners, Y Combinator, Ribbit Capital and Tiger Global are among investors selling, with the four funds together offloading about 394 million shares, roughly 69% of the total shares on offer, per draft filings.
Founders Lalit Keshre, Harsh Jain, Neeraj Singh and Ishan Bansal are together selling about 4 million shares, a small fraction of the overall offer. Microsoft CEO Satya Nadella is also among Groww’s notable backers.
Separately, the revised ET filing notes the same investor bloc in the OFS and adds that each founder will sell one million shares.
First of the “reverse flip” cohort to test public markets
Groww re-domiciled from the U.S. to India last year, paying roughly $159–$160 million in associated taxes and is positioned to become the first Indian startup to list domestically after moving its headquarters back from the U.S., a milestone watched closely by peers that have executed or are exploring similar moves.
Groww IPO: What the numbers say
For FY25, Groww reported ₹4,056 crore in revenue and ₹1,824 crore in net profit; in Q1 FY26, profit stood at ₹378 crore (up 11% year-on-year).
As of June 30, it had 12.58 million NSE active clients. Even as regulator scrutiny cooled derivatives participation in Q1 FY26, derivatives active users fell 28% year-on-year, Groww’s retail F&O share rose to 14.43%, with average daily turnover of ₹9,276 crore.
Scale and market position
As of June, Groww counted about 37.4 million individual demat accounts (roughly 19% share), 12.6 million active NSE clients, ~17 million active SIPs and ~9 million unique mutual fund investors, and has surpassed 100 million cumulative app downloads, indicators of its broad retail reach heading into the listing.
Beyond equities and mutual funds, Groww has pushed into wealth management, margin trading facility (MTF), commodities and loans against shares, bets it expects to drive the next phase of growth.
It has also signed a definitive pact to acquire Fisdom for $150 million in cash (subject to Sebi approval) and is preparing to roll out “W,” a wealth platform for long-term investors. A November listing window at a $7–$9 billion valuation is being targeted, according to the updated filing.
Groww’s float knits together a relatively modest primary raise with a large secondary exit for global funds, while founders largely hold. If the timetable holds, this will be the first major “reverse flip” startup to prove out India’s domestic IPO path after a U.S.-to-India move, a signal moment for the maturing public markets retail investors have helped build.
Also Read: Groww IPO: SEBI Approval Clears Path for $1 Billion Fintech Listing
