Groww On Track To Become India’s First US-Returned Start-Up To Launch IPO, Plans To List By November 2025

Digital investment platform Groww is set to become India’s first start-up to list on the bourses after shifting its base from the US to India. Billionbrains Garage Ventures, the parent company of Groww, filed its revised draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) on September 16, 2025 as it gears up to launch its initial public offering (IPO). Groww is an investment platform that allows users to invest across direct mutual funds, exchange traded funds (ETFs), stocks and IPOs. It also provides tools for stock and portfolio analysis for investors.

The nine-year old start-up made the transition from Delaware in the US to Bengaluru in March 2024. The company paid about $159 million in taxes as part of the restructuring.

Several Indian start-ups have already shifted their headquarters back to India. These include some of the well-known names like Meesho, Pine Labs, Razorpay, and Zepto. The digital payment and financial services platform PhonePe also shifted its headquarters from Singapore to India in 2022. Earlier this year, Flipkart, the e-commerce giant also announced its plan to shift its base from Singapore to India.

Zepto was earlier planning to come out with an IPO in 2025. However, according to reports, the quick commerce unicorn has delayed it to 2026. This means Groww could become the first Indian start-up to go public after shifting its base from the US to India, if it launches its IPO by the end of 2025 as planned.

Groww IPO: Key Details From DRHP

Here’s what we have know from Groww IPO’s DRHP so far:

Groww IPO Issue Size: According to the updated DRHP, Groww IPO includes a fresh issue of equity shares worth Rs 1,060 crore and an offer for sale (OFS) component of 574,190,754 equity shares by promoters and investor shareholders. Though the DRHP does not mention the size of the OFS component, multiple reports suggest that it could be around Rs 5,000-6,000 crore, which takes up the total offer size to around Rs 6,060-7,060 crore.

Groww IPO Price Band: The DRHP does not yet mention the price band in which Groww IPO shares will be offered to investors. However, according to Moneycontrol, Groww is planning to finalise its IPO’s price band by mid-October.

Groww IPO Expected Listing Date: Several reports suggest that Groww is planning to list its shares on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) in November this year.

Selling Promoters, Shareholders: Groww’s DRHP shows that its promoters Lalit Keshre, Harsh Jain, Ishan Bansal and Neeraj Singh will each sell up to a million shares in the OFS. Among the major investors selling shares are Peak XV Partners with about 158 million shares, YC Holdings II LLC with 105 million shares, Internet Fund VI with 64 million shares, Ribbit Capital V with 65 million shares, GW-E Ribbit Opportunity with 52 million shares, and Kauffman Fellows Fund with 27 million shares.

BRLMs, Registrar: The book-running lead managers (BRLMs) are Kotak Mahindra Capital Company, JP Morgan India, CitiGroup Global Markets India, Axis Capital, and Motilal Oswal Investment Advisors. MUFG InTime India (formerly known as Link Intime) has been appointed as the Registrar to the IPO.

Microsoft CEO Satya Nadella Owns Stakes In Groww

Microsoft CEO Satya Nadella owns a total of 43,789 equity shares in Groww’s parent company, Billionbrains Garage Ventures. This includes 32,842 common shares and 10,947 preference shares, according to the DRHP.

Post-conversion, Nadella’s holding will translate to around 0.15 per cent of Groww’s total equity.

Groww Swings Back in Black in FY25

Groww reported a revenue of Rs 904.40 crore from operations for the quarter ended June 2025 (Q1 FY25), down 9.63 per cent year-on-year (y-o-y) from Rs 1,000.80 crore in the corresponding quarter of the previous fiscal year. Its net profit for Q1 FY25 came in at Rs 378.36 crore, up 11.94 per cent y-o-y from Rs 338 crore the previous year.

For FY25, the company’s revenue from operations stood at Rs 3,901.72 crore against Rs 2,609.28 crore in FY24, and Rs 1,141.53 crore in FY23. Its net profit for FY 25 was Rs 1,824.37 crore against a loss of Rs 805.45 crore in FY24, and a profit of Rs 457.71 crore in FY23.