Groww, India's biggest trading app, seeks $7B value in IPO

Groww, the leading retail stockbroker in India, is on the verge of taking a significant financial step. Within the next 10 to 12 months, the Bengaluru-based company plans to file for an Initial Public Offering (IPO), aiming for a valuation ranging between $6 billion and $8 billion, according to sources.

A Milestone for Digital Trading Platforms

This listing would mark the first IPO by a digital trading platform in India. The valuation Groww is targeting surpasses more than double the $3 billion valuation it reached during its funding round in October 2021.

Backing and Preparations

With backers like Peak XV, Tiger Global, and Alkeon, Groww is already in discussions with investment banks to select advisors for the IPO. Notably, as part of its preparation, Groww has shifted its domicile from the U.S. to India, positioning itself strategically for the upcoming financial milestone.

Market Dominance

In India’s competitive retail investing landscape, Groww stands out. By December, it had reached 13.2 million active users, surpassing its closest competitor Zerodha, which had 8.1 million users. The app continues to grow its user base by adding between 325,000 to 550,000 new users monthly, notably outpacing its rivals.

India's Tech IPO Boom

India continues to be a focal point for tech IPOs on a global scale. Last year, seven technology startups went public, with Swiggy’s $1.35 billion IPO being the largest worldwide. In 2025, more than 20 Indian startups, including well-known names like Zetwerk, Table Space, PayU, and PharmEasy, plan to enter the public domain.

Expert Insights

Abhinav Bharti, head of equity capital markets at JPMorgan for India, attributes the IPO increase to India's rising domestic capital and political stability. "No other country globally provides you with this much political certainty and continuity of policy," Bharti stated.

Market Growth

India's market has seen substantial growth, with the collective market capitalization of companies listed in the country doubling to $5.3 trillion as of 2014, compared to 2019. Daily trading volumes also tripled, reaching $15 billion in this period.

"You can argue against a policy decision, but you cannot argue against the fact that they have been consistent," said Bharti.