Groww, India’s largest retail stockbroker, is getting ready to file for an IPO in 10 to 12 months, searching for a valuation between $6 billion and $8 billion, sources aware of the matter instructed TechCrunch.
The Bengaluru-headquartered’s itemizing could be the primary IPO by a digital buying and selling platform in India. The focused valuation is greater than double the $3 billion it was final valued at its funding spherical in October 2021.
Groww, which counts Peak XV, Tiger International and Alkeon amongst its backers, has begun talks with funding banks and can quickly select advisors for the IPO, the sources mentioned. The startup, which additionally allows clients to spend money on mutual funds and make UPI transactions, shifted its domicile to India from the U.S. final yr as a part of IPO preparations.
Groww declined to remark.
The buying and selling app has pulled forward of rivals in India’s crowded retail investing market. It had 13.2 million lively customers in December, in contrast with closest rival Zerodha’s 8.1 million customers, in keeping with Nationwide Inventory Alternate knowledge. Groww is including between 325,000 to 550,000 new customers each month — greater than twice the speed of its rivals, per the alternate.
India has emerged as a bright spot for tech listings globally, with seven know-how startups going public in 2024. Meals supply platform Swiggy’s $1.35 billion IPO was the most important tech itemizing on the planet final yr.
Greater than 20 Indian startups are planning IPOs in 2025, together with business-to-business market Zetwerk, managed workspace supplier Desk House, Prosus-owned PayU, and pharmaceutical platform PharmEasy.
Abhinav Bharti, JPMorgan’s head of fairness capital markets for India, instructed TechCrunch in a current interview that India’s rising home capital and coverage continuity have been among the many elements for the IPO surge within the nation.
The collective market capitalization of corporations listed in India doubled to $5.3 trillion in 2014 in comparison with 2019, whereas each day buying and selling quantity tripled to $15 billion.
“No different nation globally supplies you with this a lot political certainty and continuity of coverage,” Bharti instructed TechCrunch. “You possibly can argue in opposition to a coverage determination, however you can’t argue in opposition to the truth that they’ve been constant.”
