India’s popular digital investment platform, Groww, is all set to bring its IPO on November 4, 2025 (Tuesday). With an issue size of over ₹6,600 crores, Groww IPO is targeting a modest valuation of ₹61,735 crores.
Incorporated as Billionbrains Garage Ventures Limited in 2018, Groww was an idea of four Flipkartians: Lalit Keshre, Harsh Jain, Ishan Bansal, and Neeraj Singh. They found that India’s investing landscape is complicated. Today, Groww became the only investment app in India to cross 10 crore cumulative downloads.
In this blog, you’ll find all the details about the Groww IPO, including dates, issue size, proceeds usage, financials, peer performance, and SWOT Analysis.
Groww IPO Date
The key pointers for the Groww IPO dates are:
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- Bidding Opening Date: November 4, 2025
- Bidding Closing Date: November 7, 2025
- Allotment Date: November 10, 2025
- Initiation of Refunds (in case of less or no allotment): November 11, 2025
- Shares Credited to Your Demat Account: November 11, 2025
- IPO Listing Date: November 12, 2025
- Listing on Exchange: BSE and NSE
Groww IPO Issue Size
Groww IPO valuation, as denoted by the market capitalisation, stood at ₹61,735.97 crores. Here are the essential details:
- Groww IPO Price Band: ₹95 to ₹100 per share
- Lot Size: 150 Shares
- Face Value: ₹2 per share
- Total Issue Size and Amount: 66.32 crore shares (aggregating up to ₹6,632.30 crores)
- Fresh Issue Size and Amount: 10.60 crore shares (aggregating up to ₹1,060 crores)
- Offer for Sale and Amount: 55.72 crore shares (aggregating up to ₹5,572.30 crores)
Groww IPO Proceeds Usage
The offer for sale component of this issue will directly go to the selling shareholders. They are:
- Peak XV Investments VI-1
- Partners
- YC Holdings II, LLC
- Ribbit Capital V, L.P.
- GW-E Ribbit Opportunity V, LLC
- Internet Fund VI Pte. Ltd.
- Kauffman Fellows Fund, L.P.
- Alkeon Innovation Master Fund II, LP
- Alkeon Innovation Master Fund II, Private Series, LP
- Propel Venture Partners Global US, LP
- Sequoia Capital Global Growth Fund III – U.S./India Annex Fund, L.P.
The ₹1,060 crores of fresh issue component of the Groww IPO will be directed towards the following purposes:
- ₹225 crores for brand building and marketing steps.
- ₹205 crores to be invested in Groww Creditserv Technology Private Limited (its NBFC subsidiary) for strengthening its capital base.
- ₹168 crores to be invested in Groww Invest Tech Private Limited (subsidiary) for funding its margin trading facility business.
- ₹153 crores will be utilized towards cloud infrastructure.
- The remaining amount will be used for inorganic acquisition activities and general corporate purposes.
Groww IPO Reservations
Groww IPO reservations to different investors are:
- For QIBs: Not less than 75% of the Net Offer
- For NIIs: Not more than 15% of the Net Offer
- For Retail Investors: Not more than 10% of the Net Offer
Groww IPO Lot Size
Groww IPO lot size is 150 shares, wherein bidding can be done in multiples. The minimum amount that each category of investor needs to bid in this IPO is:
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 150 | ₹15,000 |
| S-HNI (Min) | 14 | 2,100 | ₹2,10,000 |
| B-HNI (Min) | 67 | 10,050 | ₹10,05,000 |
Groww IPO Details: Promoter Holding
Lalit Keshre, Harsh Jain, Ishan Bansal, and Neeraj Singh are the promoters of Billionbrains Garage Ventures Limited.
Billionbrains Garage Ventures Limited: Company Overview
Started with just an idea to simplify investment in 2016, Groww has now become one of the leading D2C digital investment platforms in India. It offers a wide range of financial products and services, including stockbroking, mutual funds, derivatives, MTF, wealth management, and asset management.
It is India’s largest and fastest-growing investment platform by active users on the NSE. As of June 2025, it has around 1.5 crore active users, which was just 53.6 lakhs in March 2023. At the same time, the total customer assets of the company also grew from ₹47,804 crores in March 2023 to ₹2,60,657 crores in June 2025.
Groww’s user base spans 98% of India’s pin codes, with a strong presence in smaller towns and cities. Around 45% of active users are under 30 years of age, while 21% are between 31 and 35 years. The platform serves a diverse customer mix, including professionals, business owners, government employees, farmers, and homemakers.
Groww generates revenue primarily through fees and commissions, along with interest income from fixed deposits maintained with exchanges, margin trading facilities, and personal loans.
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- 20 Lac+ unique clients
- 33+ Years of Serving
- Advance Technical Analysis
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Groww IPO: Financial Performance
Billionbrains Garage Ventures Limited’s (Groww) key financials for different periods are as follows:
| Particulars | FY25 | FY24 | YoY Change |
|---|---|---|---|
| Revenue from Operations | 3,902 | 2,609 | 50% |
| Adjusted EBITDA | 2,306 | 1,471 | 57% |
| Net Profit | 1,824 | -805 | 327% |
| Contribution Margin | 3,331 | 2,282 | 46% |
| Total Customer Assets | 2,16,812 | 1,21,376 | 79% |
| Platform AARPU (₹) | 3,339 | 3,530 | -5% |
| Profit Margin | 45% | -29% | 74% |
| Contribution Margin (%) | 85% | 87% | -2% |
| Adjusted EBITDA Margin (%) | 59% | 56% | 3% |
- Revenue from Operations: Groww’s operating revenue reached ₹3,902 crores in FY25, showing a 50% year-over-year increase. It is driven by rising user growth and higher transaction volumes on its investment platform.
- Adjusted EBITDA: The company posted an adjusted EBITDA of ₹2,306 crore in FY25, which is a 57% increase compared to the previous year. This reflects improved operating efficiency and careful cost management as the business grew.
- Net Profit: Groww achieved a net profit of ₹1,824 crores in FY25, recovering from a loss of ₹805 crores in FY24.
- Contribution Margin: Contribution margin increased to ₹3,331 crores in FY25, a 46% rise year-over-year. This indicates stronger unit economics and effective expense management.
- Total Customer Assets: Customer assets jumped to ₹2.17 lakh crores in FY25, climbing 79% year-over-year. This underscores greater investor trust and increased participation on the platform.
- Platform AARPU (Average Annual Revenue per User): Groww’s AARPU was ₹3,339 in FY25, down 5% from the previous year.
- Profit Margin: The platform reported a profit margin of 45% in FY25, a significant improvement from a negative margin in FY24. This highlights strong operational effectiveness and profitability.
- Contribution Margin: The contribution margin fell slightly to 85% in FY25, indicating ongoing investments in user growth and product development.
- Adjusted EBITDA Margin: Groww’s Adjusted EBITDA margin rose to 59% in FY25, highlighting better cost efficiency and the benefits of scale.
Groww IPO Peer Comparison
Here is the peer comparison table for Billionbrains Garage Ventures Limited with its listed peers:
| Company Name (FY25) | P/E Ratio | P/B Ratio | EPS (Basic) (₹) | RoNW (%) |
|---|---|---|---|---|
| Billionbrains Garage Ventures Limited (Groww) | 33.26 | 15.71 | 3.34 | 37.57% |
| Angel One Limited | 19.80 | 4.04 | 130.05 | 20.85% |
| Motilal Oswal Financial Services Limited | 24.88 | 5.44 | 41.83 | 22.64% |
| 360 One WAM Limited | 45.20 | 6.45 | 27.14 | 14.37% |
| Nuvama Wealth Management Limited | 26.85 | 7.6 | 276.66 | 28.22% |
| Prudent Corporate Advisory Services Limited | 58.92 | 16.33 | 47.25 | 29.30% |
- P/E Ratio: Groww’s pre-IPO P/E ratio is coming out to be 33.26, and it is lower than the industry average P/E ratio of 40.77. It means that it is better in terms of valuation compared to industry peers.
- P/B Ratio: In the unlisted market, Groww’s price-to-book value ratio is at 15.71, and it is higher than most of its peers.
- Earnings Per Share (EPS): Groww reported an EPS of ₹3.34, which is the lowest in the industry.
- Return on Net Worth (RoNW): Groww stands out with its RoNW of 37.57%, which is the highest in the group.
Groww IPO GMP
Groww IPO GMP is ₹13 as of October 31, 2025 (at 15:57). It is expected to list at a 13% gain at a price of ₹113. However, GMP is not a safe or assured criterion to bid for an IPO. It is important to do your own analysis before investing in any IPO.
Groww IPO SWOT Analysis
Here is the detailed SWOT analysis of Groww IPO you need to understand before investing:
Groww IPO: Strengths
- Strong User Growth and High Organic Acquisition: The number of active users on the Groww platform grew at a CAGR of 52.74% from March 2023 to June 2025. A large majority of customers joined organically, highlighting strong brand trust and lower dependence on paid marketing channels.
- High Customer Retention: Out of all users who have completed three years on the Groww platform, 77.7% of users remained active. Retention in the first quarter after onboarding has consistently ranged between 84.79% and 92.98%, indicating sustained user satisfaction and long-term engagement.
- Technological Strength: Groww’s systems can handle up to 5 crore users simultaneously and execute around 5 crore orders per day. It is also known for its user-friendly design and technology.
- Strong Revenue and Profit Growth: Groww’s operating revenue jumped 50% year-over-year to ₹3,902 crores in FY25, while also achieving a profitability of ₹1,824 crores.
- High Profitability and Efficient Operations: Adjusted EBITDA grew by 57% year-over-year to ₹2,306 crores, and the profit margin reached 45% in FY25. This shows strong operational and profit strength.
- Valuation Multiple: It has the highest return on net worth (RoNW) of 37.57% in the industry and also has a P/E ratio of 33.26, indicating a relatively reasonable valuation.
WHY SMC
- 20 Lac+ unique clients
- 33+ Years of Serving
- Advance Technical Analysis
- Free Demat Account
Groww IPO: Weaknesses
- High Dependence on Broking Revenue: Around 80% of the revenue comes from the broking segment. Any decline in trading activity or customer engagement in this segment could significantly impact overall financial performance.
- Profitability Remains Inconsistent: The company reported losses in FY24 and just turned profitable in FY25. Sustaining profitability will depend on managing expenses, scaling efficiently, and maintaining steady revenue growth.
- Negative Operating Cash Flows: Operating cash flows remained negative due to continued investments in growth and product enhancement. Persistent negative cash flows may strain liquidity and impact operational funding.
- Cybersecurity and Data Privacy Risks: Any data breach, cyberattack, or privacy lapse could disrupt operations and erode customer trust. This can create serious reputational, financial, and compliance risks.
- Loss-Making Subsidiaries: Subsidiaries have recorded past losses and may require continuous financial support. This can impact the consolidated results of the parent company, Billionbrains Garage Ventures Ltd.
- Liquidity Risks from Margin Trading Facility (MTF): Exposure to MTF-related risks can affect liquidity, especially during periods of high market volatility. A reduction in available liquidity may impact customer confidence and operational flexibility.
- High Offer for Sale (OFS) Component: Over 84% of the total issue size is an offer for sale component. This means that the company cannot use the OFS amount for growth purposes.
Groww IPO: Opportunities
- India’s Growing Investment and Wealth Management Market: India’s investment and wealth management market is valued at ₹1.1 trillion in March 2025. It is expected to grow to ₹2.2 – ₹2.6 trillion by 2030, at a CAGR of 15% – 17%.
- Low Market Penetration: Despite rapid growth in the investor base, only 16% to 18% of Indian adults hold demat accounts. Also, the active broking penetration in India remains low at 5% as compared to 62% in the US. This highlights massive untapped potential for digital investing platforms.
- Rising Adoption of Digital-First Platforms: Digital investment platforms are simplifying access to capital markets by offering easy, transparent, and seamless experiences. The ongoing shift from offline brokers to self-directed online investing continues to create big areas of growth.
- Low Turnover: India’s Average Daily Turnover as a percentage of market capitalization is just 0.18%. This is lower than the US, Japan, and China ratios. This presents significant scope for growth as investors mature and diversify their portfolios.
- Mutual Fund Growth Potential: India’s mutual fund AUM-to-GDP ratio stands at 20% in FY25, far below advanced economies like the US (132%) and Japan (60%). As awareness deepens, the current mutual fund penetration of less than 5% is expected to rise sharply over the next decade.
Groww IPO: Threats
- Shifting Investment Preference: The rise of direct mutual funds and passive products is going to significantly impact the current business models of stockbroking. Platforms must adapt quickly, diversifying products and revenue streams to maintain long-term growth.
- Credit and Default Exposure: Unsecured lending products carry inherent credit risk. Adverse economic factors, such as high inflation or rising interest rates, can impact borrower repayment and asset quality.
- Policy and Taxation Sensitivity: Changes in capital gains tax, GST, or securities transaction tax can influence investor sentiment, affecting transaction volumes and capital flows into markets.
- Exposure to Market Volatility: Indian markets remain vulnerable to global economic and geopolitical developments. Such volatility often drives investors toward safer assets, thereby reducing equity market participation.
- Regulatory and Compliance Pressure: Frequent regulatory updates by SEBI enhance market transparency for investors, but also increase operational complexity and compliance costs for financial services companies.
For all the insights on Groww IPO and detailed expert advice, you can download the SMC ACE App or visit the SMC telegram channels. Take smart decisions and apply for the Groww IPO easily on the SMC ACE Apply by opening free demat account now.
Frequently Asked Questions – FAQs
1. Is Groww going IPO?
Yes, Groww is coming up with its IPO on November 4, 2025 (Tuesday), and it will close on November 7, 2025 (Friday).
2. Is Groww good for IPO?
As compared to peers, Groww IPO is reasonably valued at a P/E ratio of 33.26x, and it also turned profitable in FY25. However, the lower EPS and regulatory changes by SEBI can impact its growth over the long run.
3. Is Groww a listed company?
Groww is not a listed company as of now. However, its parent company, Billionbrains Garage Ventures Limited, is coming up with an IPO. This is going to be listed on NSE and BSE on November 12, 2025 (Wednesday).
4. How can I invest in Groww IPO?
You can easily invest in the Groww IPO by opening free Demat account with SMC Global Securities. All you need to do is check the details, enter the lot size, and make a payment to place your bid. After this, you can check the allotment status on November 10, 2025 (Monday).
5. Why is Groww raising money through an IPO?
Groww is raising around ₹6,632 crores through an IPO, out of which ₹5,572 crores is an OFS, which means it will directly go to the selling shareholders. The remaining fresh issue amount of ₹1,060 crores will be used for marketing, cloud infrastructure, and investment in subsidiaries.
References:
https://investmentbank.kotak.com/kib-cms/sites/default/files/offer-documets/BILLIONBRAINS%20GARAGE%20VENTURES%20LIMITED_RED%20HERRING%20PROSPECTUS.pdf
Author: All Content is verified by SMC Global Securities.
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