Groww, India’s largest retail brokerage, is preparing to file for an initial public offering (IPO) in 10 to 12 months, seeking a valuation between $6 billion and $8 billion, sources told britcommerce familiar with the matter.
The listing of the Bengaluru-based company would be the first initial public offering of a digital commerce platform in India. The expected valuation is more than double the $3 billion it was last valued in its funding round in October 2021.
Groww, which counts Peak The startup, which also allows customers to invest in mutual funds and conduct UPI transactions, shifted its domicile to India from the US last year as part of IPO preparations.
Groww declined to comment.
The trading app has moved ahead of its competitors in India’s crowded retail investment market. It had 13.2 million active users in December, compared to 8.1 million users for its closest rival, Zerodha, according to National Stock Exchange data. Groww is adding between 325,000 and 550,000 new users each month, more than double its competitors, according to the exchange.
India has become a bright spot for global tech listings, with seven tech startups set to go public in 2024. Food delivery platform Swiggy’s $1.35 billion initial public offering was the biggest tech listing largest in the world last year.
More than 20 Indian startups are planning IPOs in 2025, including business-to-business marketplace Zetwerk, managed workspace provider Table Space, Prosus-owned PayU and pharma platform PharmEasy.
Abhinav Bharti, JPMorgan’s head of equity capital markets for India, told britcommerce in a recent interview that India’s growing domestic capital and policy continuity were among the factors behind the rise in IPOs in the country.
The collective market capitalization of listed companies in India doubled to $5.3 trillion in 2014 compared to 2019, while daily trading volume tripled to $15 billion.
“No other country globally offers such political certainty and policy continuity,” Bharti told britcommerce. “You can argue against a political decision, but you can’t argue against the fact that they were consistent.”