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Groww (Billionbrains Garage Ventures) IPO
Groww (Billionbrains Garage Ventures)
₹14,250 /150 sharesMinimum Investment
Groww (Billionbrains Garage Ventures) IPO listing details
| Listed on | Issue price | Listing price | Listing gains |
|---|---|---|---|
| BSE | ₹100.00 | ₹112.00 | ₹12.00 (12.00%) |
Groww (Billionbrains Garage Ventures) IPO Details
| Bidding dates | Minimum investment | Lot size | Price range |
|---|---|---|---|
| 4 Nov ‘25 - 7 Nov ‘25 | ₹14,250 | 150 | ₹95 - ₹100 |
| Issue size | IPO doc | Tentative allotment date | Tentative listing date |
|---|---|---|---|
| 6,632 Cr | RHP PDF | 10 Nov ‘25 | 12 Nov ‘25 |
| Face value | Issue type |
|---|---|
| 2 | BB |
Subscription rate
As of 07 Nov'25, 05:00 PM
| Qualified Institutional Buyers | 22.02x |
| Non-Institutional Investor | 14.20x |
| Retail Individual Investor | 9.43x |
| Total | 17.60x |
About Groww (Billionbrains Garage Ventures)
Founded in
2018
MD/CEO
Mr Lalit Keshre
Parent organisation
Groww (Billionbrains Garage Ventures)
Strengths & Risks of Groww (Billionbrains Garage Ventures)
Strengths
Risks
As per the RHP, Groww is a well-known and preferred brand for investing across cities, towns, and villages in India. Its NSE active clients increased from 5.37 million in March 2023 to 12.58 million in June 2025, while its market share among NSE active clients rose from 15.09% to 26.27% over the same period.
Groww’s revenue from operations grew at a CAGR of 84.88% from Fiscal 2023 to Fiscal 2025.
The company's brand recall is demonstrated by organic customer acquisition. For example, in the three months ended June 30, 2025 and 2024, Fiscals 2025, 2024 and 2023, 83.16%, 82.96%, 83.63%, 81.10% and 81.03% customers, respectively, were acquired organically. Groww had ~25.8% market share in net new demat account additions from June 2024 to June 2025.
The Company has mentioned in the RHP that as per AMFI data, ~6 million new SIPs were created in India in June 2025, while Groww created ~2 million new SIPs in June 2025, implying that approximately one out of three new SIPs are created on Groww in June 2025. Moreover, there were ~91.93 million active SIPs in India for June 2025, and Groww had ~17.01 million active SIPs for the same period. This implies that Groww had 18.50% market share in active SIPs for June 2025.
The Company claims in its RHP that In-house technology stack helps deliver a differentiated experience at low cost. The "Cost to Serve" as a percentage of revenue from operations declined from 15.85% in Fiscal 2023 to 12.55% in Fiscal 2024, 14.62% in Fiscal 2025, 12.23% in the three months ended June 30, 2024 and 14.80% in the three months ended June 30, 2025.
The growth of the platform has been supported by customer growth, high engagement and retention which has translated into increasing Total Customer Assets. For customers acquired in the Q1 of Fiscal 2022, from the first quarter into their journey on Groww until the end of Fiscal 2025 the Total Customer Assets per user grew 5.36x, AARPU grew 1.86x and 53.33% of the users are using two or more products.
Groww claims that it has high customer retention, engagement and price in-elasticity. Across cohorts of Active Users to have completed 3 years on the platform, 77.70% remained with the platform. The DAU/MAU ratio of transacting users was 56.29% and 55.24% in Fiscals 2025 and 2024 respectively.
As per RHP, Groww derived 84.50% and 79.49% of the revenue from operations from Broking services in Fiscal 2025 and in the three months ended June 30, 2025, respectively. Any downturn in customers’ willingness to use the Broking services could have an adverse impact on the business, financial condition and cash flows.
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.
Groww incurred losses in Fiscal 2024 and generated profits in Fiscal 2023, Fiscal 2025 and in the three months ending June 30, 2025 and 2024, respectively. If Groww is unable to generate adequate revenue growth and manage its expenses and cash flows as it grows, it may not be able to sustain its profitability.
As per RHP, any downturn or disruption of the financial markets, which are affected by general economic, policy and market conditions in India and globally, may have a material adverse effect on the company’s business and financial condition.
Uninterrupted access to the company’s technology platform is essential to company business. System failures and interruptions could adversely affect the availability or performance of the company’s website, mobile applications or platform, and thereby adversely impact its business, financial condition and results of operations.
Changing laws, rules and regulations may adversely affect the business, prospects and results of operations.
Groww derives a significant portion of its revenue from operations from its Material Subsidiaries, Groww Invest Tech Private Limited and Groww Creditserv Technology Private Limited. Any downturn in the subsidiaries performance could have a material adverse impact on its business, financial condition, cash flows, and may not be able to sustain its profitability.
Any actual or perceived cybersecurity, data or privacy breach could interrupt the operations and adversely affect the reputation, brand, business, financial condition and results of operations.
Groww (Billionbrains Garage Ventures) Financials
*All values are in Rs. Cr
No Graph Data To Display
Application Details of Groww (Billionbrains Garage Ventures) IPO
| Apply as | Price band | Apply Range | Lot size |
|---|---|---|---|
| Regular | ₹95 - 100 | Upto ₹2 Lakh | 150 |
| High Networth Individual | ₹95 - 100 | ₹2 - 5 Lakh | 150 |
For Groww (Billionbrains Garage Ventures) IPO, eligible investors can apply as Regular.