Wealthtech unicorn Groww has filed draft initial public offering (IPO) papers with the Securities and Exchange Board of India (Sebi) under the confidential pre-filing mechanism, it said in a public notice issued on Monday.
The submission, made through parent entity Billionbrains Garage Ventures Ltd, enables the company to seek regulatory feedback without immediate public disclosure of its Draft Red Herring Prospectus (DRHP), the notice read.
While the IPO size was not disclosed, Groww is reportedly looking to raise between $700 million and $1 billion via the public issue of shares, involving a 10% equity dilution. The offering will include both a fresh issue of shares and an offer-for-sale (OFS) component.
According to a report in The Economic Times, Groww is also planning a pre-IPO round of $250-300 million, with Singapore’s sovereign wealth fund GIC leading the round with a proposed $150 million investment through Viggo Investments for a 2.14% stake in the company. Existing investor Tiger Global is also expected to participate in the round.
The pre-IPO round would potentially value the company at approximately $7 billion post-money, more than double its 2021 Series E valuation of $3 billion, the report said.
Originally launched as a direct mutual fund distribution platform, Groww has rapidly evolved into India’s largest stockbroker by active clients. As of March 2025, it held a 26.26% market share, up from 23.28% a year ago, according to data from the National Stock Exchange. The platform added 3.4 million new accounts in FY25, taking its active user base to 12.9 million.
In a strategic move to pave the way for its public listing, Groww shifted its domicile from the US to India in November 2024. The company reported revenue of Rs 3,145 crore for FY24, and a net loss of Rs 805 crore, hit by a one-time tax expense linked to the relocation.
