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Groww parent Billionbrains files confidential IPO papers with Sebi
Billionbrains Garage Ventures, the parent company of Groww, has confidentially filed a draft red herring prospectus (DRHP) for an initial public offering (IPO) with the Securities and Exchange Board of India (Sebi). The Bengaluru-based company disclosed the filing through a newspaper advertisement on Monday.
The IPO size is estimated at ₹8,000 crore and will include both primary and secondary shares. This will make it the largest-ever offering by a capital market firm in India.
In November last year, Groww re-domiciled from the United States to India to pursue a listing on domestic stock exchanges. The stock broker is backed by investors such as Tiger Global, Peak XV Partners and Ribbit Capital.
Earlier this month, Singapore's sovereign wealth fund GIC sought approval from the Competition Commission of India (CCI) to acquire a 2.14 per cent stake in the company. This is part of the pre-IPO funding round, which could take the company's valuation to around $6.5 billion — double its 2021 valuation of $3 billion during its Series E fundraise.
For the financial year ended March 2024, the company reported revenue of ₹3,145 crore and a net loss of ₹805 crore, driven in part by a one-time tax expense related to the relocation.
Groww surpassed Zerodha last year to become the largest stock broker in terms of number of clients. As of March 2025, Groww's active clients rose 36 per cent to nearly 13 million, boosting its market share by 286 basis points to 26.3 per cent. Zerodha's market share in FY25 fell by 184 basis points to 16 per cent. However, Zerodha remains the most profitable stock broker.
Groww also joins a slew of firms opting for the confidential filing route for IPOs. These include Physics Wallah, Tata Capital and Imagine Marketing (Boat).
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