IPOs are back! Groww files ₹7,000 crore offer
Groww's parent company just filed for a ₹7,000 crore IPO with SEBI.
The offer includes a fresh equity raise of ₹1,060 crore and an Offer For Sale of about 574 million shares by founders and early investors like Peak XV Partners and Ribbit Capital.
All four Groww founders—Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal—will each cash out up to 1 million shares.
The move gives early backers an exit while funding Groww's next phase.
From mutual fund platform to full-fledged financial services company
Launched in 2016 as a mutual fund platform, Groww now offers everything from asset management to margin trading and corporate bonds.
Its recent Fisdom acquisition means it's also targeting wealthier users with its 'W' product—think advisory services for folks with bigger portfolios.
Serving India's high-net-worth investors
Groww's affluent user base (those with over ₹25 lakh invested) has jumped nine times since FY23 and now makes up a third of all assets on the platform—₹26,000 crore in total.
Fisdom's team still leads this segment as Groww doubles down on serving India's growing number of high-net-worth investors.