Fintech platform Groww eyes ₹7,000 crore IPO
Groww, the Indian fintech platform, is gearing up for a November 2024 IPO to raise about ₹7,000 crore. The company's valuation could land between $7-9 billion.
The offer includes fresh shares worth ₹1,060 crore and a big chunk being sold by early investors like Ribbit Capital and Peak XV Partners.
After the listing, Groww's founders will still hold nearly 28% of the company. Raised funds are set to boost tech upgrades, expand markets, and strengthen their brand.
From mutual funds to wealth management
Starting out as a mutual fund investment platform, Groww now offers lending and wealth management too—serving 18 million users across India.
With new rules squeezing broking profits, Groww is betting big on India's fast-growing wealth management market (expected to more than double by 2030), recently acquiring Fisdom to help expand its wealth management offerings.
What's in the IPO?
The IPO will see around 57 crore shares sold by existing investors.
As competition heats up and regulations shift in India's finance space, Groww is hoping its broader services—and focus on tech—will keep it ahead of the curve for young investors looking for more than just trading apps.