Lalit Keshre, Co-founder and CEO of Groww
Billionbrains Garage Ventures, the parent of online investment platform Groww, plans to use proceeds from its ₹6,632.3-crore initial public offering (IPO) to accelerate its transition into a full-stack wealth platform by expanding its suite of investment products beyond equities and mutual funds to portfolio management services (PMS), commodities and advisory.
“We are not just a broking company. We are building India’s largest wealth platform, and we have multiple businesses,” said Lalit Keshre, Co-founder and CEO of Groww on Thursday. Groww’s immediate priorities include strengthening technology infrastructure, building its brand, and new product verticals, he added.
IPO details
The company’s public offer, which opens for subscription on November 4 and closes on November 7, comprises a fresh issue of ₹1,060 crore and an offer for sale by existing shareholders worth ₹5,572.3 crore.
The founders will not sell any shares in the OFS, and the dilution from the fresh issue is expected to be modest. The price band has been fixed at ₹95–100 a share, and the stock is likely to list on November 12.
The proceeds from the fresh issue will be used to fund cloud and technology upgrades, scale up the margin trading facility (MTF) business, support performance marketing, strengthen capital in key subsidiaries and pursue inorganic growth opportunities, according to the company’s red herring prospectus.
Diversification push
Groww’s multi-product approach is aimed at reducing reliance on a single revenue stream, particularly as recent regulatory changes in the equity derivatives market have dampened trading volumes. The company expects a broader product mix to provide stability to its earnings and help deepen engagement with users.
Earlier this year, Groww completed the acquisition of Bengaluru-based wealth-tech firm Fisdom after receiving SEBI’s approval. The deal gives Groww access to Fisdom’s advisory and PMS capabilities, as well as its distribution network, enabling a faster entry into the high-net-worth and advisory segments.
Keshre said Groww’s long-term goal is to create an integrated investment ecosystem catering to investors across segments. The company currently offers mutual funds, stocks, derivatives, US equities, ETFs, sovereign gold bonds, and fixed deposits, and plans to gradually expand into other asset classes.
The company holds a 26.3 per cent market share of active NSE clients as of FY25, with 12.6 million active clients. It accounted for 45.5 per cent of net client additions on the NSE in FY25, the highest among all brokers.
The company reported a consolidated profit of ₹448 crore in FY24, up from ₹73 crore a year earlier, on total revenue of ₹2,280 crore.
Published on October 30, 2025