Groww IPO ends today: Valuation could top competitors Zerodha, Angel One as fintech race heats up, shows analysis
The Groww IPO, valued at Rs 6,632 crore, closes for subscription today after strong investor demand. Analysts say its valuation could surpass Zerodha and Angel One, signaling a new phase in India’s fintech evolution. Backed by rapid user growth and strong financials, Groww’s debut is being seen as a key test for fintech investor sentiment in 2025.
- Nov 7, 2025,
- Updated Nov 7, 2025 4:42 PM IST
The initial public offering (IPO) of Billionbrains Garage Ventures Ltd, the parent company of fintech platform Groww, closes for subscription today, November 7, after witnessing robust demand from investors. The Rs 6,632 crore public issue has attracted strong retail participation, underscoring optimism around India’s fast-growing digital investment ecosystem.
Of the total issue size, Rs 1,060 crore is being raised through a fresh issue, while the remaining Rs 5,572 crore comes via an offer for sale (OFS) by existing shareholders. The IPO, which opened on November 4, has been priced in the range of Rs 95–Rs 100 per share. As of 11:30 a.m. on Friday, the issue had been subscribed nearly three times, signaling strong investor confidence in the company’s growth prospects.
As of 4 pm on Friday, the Groww IPO was subscribed 11.13 times on the final day of the bidding process, reflecting strong investor interest across categories. The Qualified Institutional Buyers (QIB) portion saw the highest demand with a subscription of 12.15 times, followed by Non-Institutional Investors (NII) at 10.96 times, while the retail investor segment was subscribed 8.32 times.
Groww enables users to invest directly in stocks, IPOs, mutual funds, bonds, and derivatives, and also operates Groww Mutual Fund, its in-house asset management business. The Bengaluru-based firm has emerged as India’s largest investment platform by active NSE users and continues to expand into credit and insurance segments.
Valuation may redefine fintech benchmarks
In a detailed report on emerging fintech valuations, research platform Arc highlighted that Groww’s IPO could mark a turning point for India’s online broking and wealth-tech space. According to Arc’s analysis, Groww’s target valuation—if realised at the upper end of its price band—may exceed those of established players Zerodha and Angel One, setting a new benchmark for digital-first financial companies.
Arc noted that this would be the first time a recently founded fintech platform overtakes long-standing incumbents in valuation terms, a development that reflects investor appetite for scalable, technology-led financial services. The report also stated that Groww’s valuation-to-earnings ratio and price-to-book multiple suggest “a premium being placed on future growth visibility rather than short-term profitability.”
Arc’s research identified three key drivers behind Groww’s high market positioning:
Democratisation of retail investing – Groww’s mobile-first design has made investing accessible to first-time investors in Tier-II and Tier-III cities.
Strong retention and low customer acquisition costs (CAC) – Despite aggressive expansion, Groww’s retention rates between 84–93% across cohorts stand out in an industry prone to high churn.
Sector leadership and platform stickiness – Arc reported that Groww now accounts for nearly one in every five new retail demat accounts opened in India, an indicator of deepening user engagement.
“The discussion around Groww’s IPO valuation goes beyond market optics,” the report noted. “It signals how digital-first financial platforms are beginning to define the new valuation narrative in Indian fintech—one driven by reach, engagement, and ecosystem control rather than legacy business size.”
Financials and analyst perspective
Between FY23 and FY25, Groww’s revenues grew at a CAGR of 85%, while net income and EBIT expanded 100% and 146%, respectively. At the upper price band, the IPO values Groww at 33x trailing earnings and 8.8x book value, higher than peers with median P/Es of 29x and average P/Bs of 7x.
Brokerages have largely given the IPO a ‘Subscribe’ rating. Deven Choksey Research expects revenues to grow 50% in FY25 with improving margins, while Canara Bank Securities highlighted Groww’s diversified product mix and low CAC as key strengths.
Anand Rathi Research also emphasised Groww’s brand recall and digital leadership, citing that among active users who have been on the platform for three years, 77.7% continue to transact—a sign of high customer loyalty.
The bigger picture
Industry observers believe Groww’s IPO could redefine valuation norms in India’s fintech space, reflecting both investor enthusiasm and confidence in the country’s wealth-tech future. Arc’s findings underline this shift: the focus is moving from profitability to platform dominance and customer retention.
If successfully listed, Groww could not only surpass its peers in market value but also set the tone for India’s next generation of fintech innovators.
The initial public offering (IPO) of Billionbrains Garage Ventures Ltd, the parent company of fintech platform Groww, closes for subscription today, November 7, after witnessing robust demand from investors. The Rs 6,632 crore public issue has attracted strong retail participation, underscoring optimism around India’s fast-growing digital investment ecosystem.
Of the total issue size, Rs 1,060 crore is being raised through a fresh issue, while the remaining Rs 5,572 crore comes via an offer for sale (OFS) by existing shareholders. The IPO, which opened on November 4, has been priced in the range of Rs 95–Rs 100 per share. As of 11:30 a.m. on Friday, the issue had been subscribed nearly three times, signaling strong investor confidence in the company’s growth prospects.
As of 4 pm on Friday, the Groww IPO was subscribed 11.13 times on the final day of the bidding process, reflecting strong investor interest across categories. The Qualified Institutional Buyers (QIB) portion saw the highest demand with a subscription of 12.15 times, followed by Non-Institutional Investors (NII) at 10.96 times, while the retail investor segment was subscribed 8.32 times.
Groww enables users to invest directly in stocks, IPOs, mutual funds, bonds, and derivatives, and also operates Groww Mutual Fund, its in-house asset management business. The Bengaluru-based firm has emerged as India’s largest investment platform by active NSE users and continues to expand into credit and insurance segments.
Valuation may redefine fintech benchmarks
In a detailed report on emerging fintech valuations, research platform Arc highlighted that Groww’s IPO could mark a turning point for India’s online broking and wealth-tech space. According to Arc’s analysis, Groww’s target valuation—if realised at the upper end of its price band—may exceed those of established players Zerodha and Angel One, setting a new benchmark for digital-first financial companies.
Arc noted that this would be the first time a recently founded fintech platform overtakes long-standing incumbents in valuation terms, a development that reflects investor appetite for scalable, technology-led financial services. The report also stated that Groww’s valuation-to-earnings ratio and price-to-book multiple suggest “a premium being placed on future growth visibility rather than short-term profitability.”
Arc’s research identified three key drivers behind Groww’s high market positioning:
Democratisation of retail investing – Groww’s mobile-first design has made investing accessible to first-time investors in Tier-II and Tier-III cities.
Strong retention and low customer acquisition costs (CAC) – Despite aggressive expansion, Groww’s retention rates between 84–93% across cohorts stand out in an industry prone to high churn.
Sector leadership and platform stickiness – Arc reported that Groww now accounts for nearly one in every five new retail demat accounts opened in India, an indicator of deepening user engagement.
“The discussion around Groww’s IPO valuation goes beyond market optics,” the report noted. “It signals how digital-first financial platforms are beginning to define the new valuation narrative in Indian fintech—one driven by reach, engagement, and ecosystem control rather than legacy business size.”
Financials and analyst perspective
Between FY23 and FY25, Groww’s revenues grew at a CAGR of 85%, while net income and EBIT expanded 100% and 146%, respectively. At the upper price band, the IPO values Groww at 33x trailing earnings and 8.8x book value, higher than peers with median P/Es of 29x and average P/Bs of 7x.
Brokerages have largely given the IPO a ‘Subscribe’ rating. Deven Choksey Research expects revenues to grow 50% in FY25 with improving margins, while Canara Bank Securities highlighted Groww’s diversified product mix and low CAC as key strengths.
Anand Rathi Research also emphasised Groww’s brand recall and digital leadership, citing that among active users who have been on the platform for three years, 77.7% continue to transact—a sign of high customer loyalty.
The bigger picture
Industry observers believe Groww’s IPO could redefine valuation norms in India’s fintech space, reflecting both investor enthusiasm and confidence in the country’s wealth-tech future. Arc’s findings underline this shift: the focus is moving from profitability to platform dominance and customer retention.
If successfully listed, Groww could not only surpass its peers in market value but also set the tone for India’s next generation of fintech innovators.