Stocks
Invest in Stocks
Invest in stocks, ETFs, IPOs with fast orders. Track returns on your stock holdings and view real-time P&L on your positions.
F&O
Groww IPO
Groww
Groww IPO Details
| Bidding Dates | Min. Investment | Lot Size | Price Range |
|---|---|---|---|
| To be announced | -- | -- | -- |
| Issue Size | IPO Doc |
|---|---|
| 0 | DRHP PDF |
About Groww
Founded in
2016
Parent organisation
Groww
Strengths & Financials of Groww
Strengths
Risks
The company is India's largest and fastest-growing digital investment platform, with its number of NSE active clients growing from 5.37 million in FY23 to 12.92 million in FY25. This rapid expansion has increased its market share among active clients from 15.09% to 26.26% over the same period, solidifying its leadership position.
The company has demonstrated strong financial growth and a significant turnaround to profitability, with revenue from operations growing at a CAGR of 84.88% from ₹1,141.53 Crores in FY23 to ₹3,901.72 Crores in FY25. After incurring a net loss of ₹804.94 Crores in FY24, the company reported a profit after tax of ₹1,824.37 Crores in FY25.
A strong brand recall and user-friendly platform drive high organic customer acquisition, which reduces marketing expenditure. In FY25, 83.63% of new customers were acquired organically, and marketing expenses as a percentage of total income consequently decreased from 19.34% in FY23 to 12.00% in FY25.
The platform exhibits high customer retention and engagement, with a 77.70% three-year average retention rate for its active user cohorts. This engagement is further reflected in a high DAU/MAU ratio of 56.29% in FY25, indicating strong daily user activity and platform stickiness.
An in-house, scalable technology stack drives significant operational leverage and cost efficiency. The company's 'Cost to Serve' as a percentage of revenue from operations declined from 15.85% in FY23 to 14.62% in FY25, while its 'Adjusted Cost to Operate' as a percentage of revenue fell sharply from 26.32% to 13.77% in the same period.
The company has established a dominant position in the mutual fund distribution market, particularly in SIPs. Its market share of SIP inflows grew from 4% in FY22 to 12% in FY25, processing ₹34,000 Crores of the industry's ₹2,89,400 Crores in SIP inflows in FY25.
The platform demonstrates successful customer monetization and cross-selling, with Total Customer Assets per user growing 5.36x for the Q1FY22 cohort by the end of FY25. For the same cohort, 53.33% of users were utilizing two or more products, indicating strong adoption of its expanding product suite.
The company is led by its four co-founders, who previously worked together at Flipkart, bringing significant experience in building and scaling technology products in India. They continue to hold key executive positions, including CEO, COO, CFO, and CTO, ensuring strategic continuity and a founder-led vision.
The company currently derives 84.50% of its FY25 operating revenue from Broking Services, reflecting its strong positioning in this segment. While this business is influenced by market conditions and customer trading activity, it also provides significant opportunities for growth and scalability as market participation deepens.
Like all financial services companies, the business is subject to evolving regulations. For instance, SEBI’s October 2024 derivatives framework impacted transaction volumes, leading to a reduction in active broking users from 7.24 million in Q1 FY25 to 6.12 million in Q1 FY26. However, the company has demonstrated resilience and adaptability, and regulatory evolution also creates avenues for product innovation and diversification.
The company has experienced fluctuations in profitability, moving from a profit of ₹457.66 Crores in FY23 to a one-time loss of ₹804.94 Crores in FY24, before delivering a strong rebound to ₹1,824.37 Crores in FY25. The FY24 loss was primarily due to exceptional, non-recurring items, including a one-time tax of ₹1,339.68 Crores and management incentives of ₹778.60 Crores. Excluding these, the business continues to showcase strong underlying profitability.
Some subsidiaries, such as Groww Asset Management Limited and Groww Pay Services Private Limited, are currently in the investment stage and reported losses of ₹57.54 Crores and ₹14.02 Crores, respectively, in FY25. The company is strategically supporting these businesses, including a planned ₹205 Crores capital infusion into Groww Creditserv, with the aim of unlocking long-term growth opportunities in asset management and lending.
The company’s technology platform is a critical enabler of its growth and customer experience. While a temporary slowdown was experienced in June 2024, the company continues to invest heavily in strengthening its infrastructure. Technology-related expenses have increased from 17.86% of total expenses in FY23 to 27.62% in FY25, reflecting a commitment to ensuring robust, scalable, and reliable systems.
The company has contingent liabilities of ₹3.29 Crores as of June 30, 2025. These amounts are relatively modest in the context of the company’s scale, and management believes they are unlikely to materially impact financial stability.
Groww Financials
*All values are in Rs. Cr
No Graph Data To Display