Groww aims for $9 billion valuation after SEBI approval for IPO, set to list in Q4 2025: Report

Indian stock broking platform Groww has secured approval from the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO), which it had filed confidentially earlier this year. Groww's filing for the IPO, which could range between $700 million and $1 billion, was done discreetly to safeguard sensitive financial data and business strategies, Reuters reported.

The platform, valued at $7 billion in its most recent funding round, is now targeting a higher valuation between $8 billion and $9 billion for the offering, the report added. It is aiming for a market debut in the final quarter of 2025. While SEBI has yet to post the approval notice on its website, an official confirmation is expected shortly, the Reuters report added.

Groww's IPO is anticipated to be a combination of a fresh issue of shares and the partial exit of existing investors, including backers such as Tiger Global and Peak XV Partners. It competes with prominent local players like Zerodha in the increasingly competitive Indian retail investing space.

Since its founding in 2016, Groww has been at the forefront of democratizing retail investing, emerging as India’s largest stock broker and the leading distributor of mutual fund SIPs. As of August 2025, Groww boasts over 12.3 million active clients and holds a dominant market share of more than 26%, according to data from the National Stock Exchange (NSE).

The company has experienced remarkable financial growth, reporting a revenue of ₹4,056 crore and a profit after tax (PAT) of ₹1,818 crore for FY 2025, reflecting a threefold increase in PAT compared to the previous year, based on filings with the Registrar of Companies (ROC).

Groww was founded by Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal with a vision to facilitate investments in direct mutual funds, stocks, ETFs, and IPOs for India’s retail investors. Over the years, the platform has quickly ascended to the top of the brokerage ranks in India, driven by rapid client growth and expanding market share.