Groww eyes $9B valuation with revised IPO filing next week
15 Sep 2025

Leading online investment platform Groww is gearing up to file its updated draft red herring prospectus (DRHP) with the Securities and Exchange Board of India(SEBI) as early as next week.

The Peak XV-backed company plans to go public by November, with an initial public offering (IPO) size estimated between $700 million and $1 billion.

Originally, Groww aimed for a $7-8 billion valuation, but after strong FY25 results, it now targets about $9 billion in the revised DRHP.

Fresh issue and offer for sale in upcoming IPO
IPO structure

The upcoming IPO will consist of a fresh issue and an offer for sale, allowing early investors to make partial exits.

However, it is still unclear which investors will be selling their shares in this public offering.

Notably, Groww's key investors include Y Combinator, Peak XV Partners, Tiger Global, and Ribbit Capital.

Groww filed draft papers through confidential route
Market strategy

Groww had filed its draft papers with SEBI through the confidential route on May 26.

This was done by Billionbrains Garage Ventures Ltd, Groww's registered entity, under Regulation 59C (5) of the SEBI ICDR Regulations.

The company will be one of the first start-ups to list after moving its parent entity from the US to India.

It recently closed a $200 million round at a $7 billion valuation with Singapore's sovereign wealth fund GIC and existing backer Iconiq Capital participating.

Financials and recent developments at Groww
Growth trajectory

Groww, which started as a mutual fund investment platform, has seen its net profit jump over threefold in FY25 to ₹1,819 crore. Its revenue also rose 31% to ₹4,056 crore.

The company has signed an agreement to acquire PayU-backed wealthtech start-up Fisdom in a $150 million all-cash deal pending SEBI approval.

It is also launching its wealth management platform W for long-term investors.