Groww, India’s largest retail stockbroker, is poised to file for an IPO in 10 to 12 months, seeking a valuation between $6 billion and $8 billion, sources familiar with the matter told TechCrunch. The Bengaluru-headquartered listing will be the first IPO by a digital trading platform in India. The targeted valuation is more than double the $3 billion it was last valued at in a funding round in October 2021. Groww, which includes Peak XV, Tiger Global and Alkeon among its backers, has started talks with investment banks and will choose an adviser for the IPO, sources said. . The startup, which also allows customers to invest in mutual funds and make UPI transactions, shifted its domicile to India from the US last year as part of its IPO preparations. Groww declined to comment. The trading app has fared ahead of its competitors in India’s crowded retail investment market. It had 13.2 million active users in December, compared to its nearest competitor Zerodha’s 8.1 million users, according to data from the National Stock Exchange. Groww adds between 325,000 and 550,000 new users per month – more than twice the rate of its competitors, per the exchange. India has emerged as a bright spot for tech listings worldwide, with seven tech startups going public by 2024. Food delivery platform Swiggy’s $1.35 billion IPO was the world’s largest tech listing last year. More than 20 Indian startups are planning IPOs in 2025, including business-to-business marketplace Zetwerk, managed workspace provider Table Space, Prosus-owned PayU, and pharma platform PharmEasy. Abhinav Bharti, JPMorgan’s head of equity capital markets for India, told TechCrunch in a recent interview that growing domestic capital and policy continuity are among the factors behind the country’s IPO surge. The collective market capitalization of listed companies in India doubled to $5.3 trillion in 2014 compared to 2019, while daily trading volume increased to $15 billion. “There is no other country in the world that offers us such political certainty and continuous policy,” Bharti told TechCrunch. “You can argue with policy decisions, but you can’t argue that they are consistent.”
Groww, India’s largest commerce app, seeks $7B valuation in IPO
