Wallets/groww
Groww
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Overview
Groww is India's largest stockbroking + investment platform, with 14+ million active users + 12.6M+ active NSE clients (June 2025) [1, 2, in-cro]. November 12, 2025 — Groww IPO raised ₹66.3 billion (~$748 million) — largest Indian fintech listing of 2025.
IPO details [1]:
- Issue price: ₹100; opened ₹112 (+12%); closed ₹128.85 (+29% from issue).
- Raise: ₹66.3 billion (~$748 million).
- Market cap: ₹795 billion (~$9 billion).
- Pre-IPO expected valuation range: ₹60,000 crore (~$7 billion) → ₹80,000 crore (~$10 billion).
FY25 financials [1]:
- Revenue: ₹39 billion (~$440 million).
- Net profit: ₹18 billion (~$206 million).
Groww directly competes with Zerodha for IN retail-broker leadership — though Zerodha leads by client count (16M), Groww matches/leads on retail-active investors.
History
2016 — Groww founded [2] by Lalit Keshre (CEO) + Harsh Jain + Neeraj Singh + Ishan Bansal — ex-Flipkart team.
2017-2018 — Grew as a direct mutual-fund platform (stockbroking/equity trading added 2020) [2].
2020-2024 — Mass IN retail investing boom [3]: 14M+ active users by 2025.
November 12, 2025 — Groww IPO [1]: ₹66.3B raised; +29% first-day; ~$9B market cap.
Ownership & operator
Operating entity: NextBillion Technology Private Limited (Groww; NSE + BSE listed Nov 12 2025).
Co-founders: Lalit Keshre (CEO) + Harsh Jain + Neeraj Singh + Ishan Bansal — ex-Flipkart team.
Major pre-IPO investors: Peak XV (Sequoia India), Tiger Global, Ribbit Capital, Y Combinator, Lone Pine Capital, Steadfast Capital, Iconiq Capital.
Regulator: SEBI (Securities and Exchange Board of India).
Technical integration
| Layer | Description |
|---|---|
| Channels | Groww mobile app (iOS + Android) + Groww web |
| Identifiers | Phone + email + PAN card + bank account |
| IN rail | [[upi]] (NPCI national A2A rail) for fund transfers |
| Sub-products | Equity broking + mutual funds + futures-and-options + IPO investing + US stocks (via Groww International) + Groww Pay + payment-aggregator services |
| Licenses | SEBI Stockbroker + AMC + Payment Aggregator |
| Countries | IN primary + US (via Groww International) |
Users & growth
2025 baseline [1]:
- Active users (June 2025): 14+ million
- Active NSE clients: 12.6+ million
- FY25 revenue: ₹39 billion (~$440M)
- FY25 net profit: ₹18 billion (~$206M)
- IPO raise (Nov 12, 2025): ₹66.3 billion (~$748M)
- Market cap post-IPO: ₹795 billion (~$9 billion)
Use cases
IN retail stockbroking (equity + F&O + IPO); mutual-fund investing; US-stocks investing via Groww International; Groww Pay (UPI + payment aggregator services); pension + tax planning via Groww platform.
Implementations & partners
Operator: NextBillion Technology Private Limited (Groww) — NSE + BSE listed Nov 12, 2025.
Co-founders: Lalit Keshre (CEO), Harsh Jain, Neeraj Singh, Ishan Bansal.
Major pre-IPO investors: Peak XV, Tiger Global, Ribbit Capital, Y Combinator, Lone Pine Capital, Steadfast, Iconiq.
Major Indian retail-broker competitors:
- [[zerodha]] (Bootstrapped IN largest broker by clients; 16M+ users; no-IPO ethos)
- Upstox (IN retail broker)
- Angel One (IN listed; legacy + digital broker)
- 5paisa (IN retail broker)
- ICICI Direct + HDFC Securities + Kotak Securities (bank-anchored brokers)
Regulator: SEBI.
Fun facts
- November 12, 2025 IPO: ₹66.3B raise (~$748M); +29% first-day; ~$9B market cap.
- Largest Indian fintech IPO of 2025.
- 14M+ active users + 12.6M+ active NSE clients (June 2025).
- FY25 revenue ₹39B ($440M) + net profit ₹18B ($206M) — distinctive Indian-fintech profitability.
- Co-founders ex-Flipkart team: Lalit Keshre + Harsh Jain + Neeraj Singh + Ishan Bansal.
- Backed by Peak XV + Tiger Global + Ribbit + Y Combinator + Iconiq.
- 2016 vintage + 2020 stockbroking launch — distinctive late-pivot success story.
Comparison
| Feature | Groww | [[zerodha]] (IN largest broker rival) | Angel One (IN listed broker) | Upstox (IN retail broker) | [[robinhood]] (US analogous retail broker) |
|---|---|---|---|---|---|
| Operator | NextBillion Technology Private Limited / Groww (NSE+BSE listed Nov 12 2025; Lalit Keshre CEO; Peak XV + Tiger Global + Ribbit + YC + Iconiq backed) | Zerodha Broking Ltd (Nithin + Nikhil Kamath; bootstrapped) | Angel One Ltd (BSE listed; legacy + digital) | Upstox (Ratan Tata-backed; ARG) | Robinhood Markets (NASDAQ: HOOD) |
| Type | IN largest retail stockbroker + mutual funds + US stocks + Groww Pay | IN largest broker by clients (16M+; bootstrapped) | IN listed broker (legacy + digital) | IN retail broker | US retail broker + crypto |
| Country | IN + US | IN | IN | IN | US + global |
| Users | 14M+ active + 12.6M+ NSE clients (Jun 2025) | 16M+ clients (15% daily volumes) | Major IN | Major IN | 25M+ |
| Listing | NSE+BSE listed Nov 12 2025; ~$9B market cap; ₹66.3B IPO raise (~$748M) | Bootstrapped + no-IPO ethos (per Kamath brothers) | BSE listed | Private | NASDAQ: HOOD |
| FY25 profitability | ₹18B ($206M) net profit + ₹39B ($440M) revenue | Profitable + bootstrapped | Profitable | Major IN | Growth |
Status
Active, India's largest retail-broker + post-Nov 12 2025 IPO [1]:
- NextBillion Technology Private Limited (Groww) since 2016 (pivoted 2018).
- 14M+ active users + 12.6M+ active NSE clients (Jun 2025).
- November 12, 2025 IPO: ₹66.3B raise + ~$9B market cap + +29% first-day.
- FY25 ₹39B revenue + ₹18B net profit — distinctive profitability.
- SEBI Stockbroker + AMC + Payment Aggregator licensed.
Sources
- 1 Groww $748M IPO Nov 12 2025 — TechCrunch
- 2 Groww IPO review — Finnovate
- 3 Groww pre-IPO valuation — Angel One
- 4 IPO alert Groww goes public — Ensemble VC
- in-cro In-corpus:
reports/countries/IN-india.md
Source
Biography extracted from groww.md. See matrix.md for standards-support matrix if present.