Groww to file IPO papers next week
Groww's parent company, Billionbrains Garage Ventures Ltd., is gearing up to file for an IPO in Mumbai next week.
The company hopes to raise $650-800 million at a valuation of up to $8 billion.
If all goes well, Groww could overtake Angel One and become the most valuable brokerage in India.
The platform has over 12 million active users on NSE
Launched in 2016, Groww has become India's largest investment platform with over 12 million active users on the NSE as of August—holding about 26% of the market.
It lets people invest easily in stocks, mutual funds, and more through a simple app and website.
Deal is being advised by big names
The IPO size might shift if regulators tweak listing rules around public float.
Big names like JPMorgan Chase & Co., Kotak Mahindra Bank Ltd., Citigroup Inc., Axis Bank Ltd., and Motilal Oswal Investment Advisors are advising on the deal.
Plus, Groww counts Microsoft CEO Satya Nadella and major global investors among its backers.