Groww, India’s largest retail stockbroker, is getting ready to file for an IPO in 10 to 12 months, in search of a valuation between $6 billion and $8 billion, sources aware of the matter informed TechCrunch.
The Bengaluru-headquartered’s itemizing could be the primary IPO by a digital buying and selling platform in India. The focused valuation is greater than double the $3 billion it was final valued at its funding spherical in October 2021.
Groww, which counts Peak XV, Tiger Global and Alkeon amongst its backers, has begun talks with funding banks and can quickly select advisors for the IPO, the sources mentioned. The startup, which additionally permits clients to put money into mutual funds and make UPI transactions, shifted its domicile to India from the U.S. final 12 months as a part of IPO preparations.
Groww declined to remark.
The buying and selling app has pulled forward of opponents in India’s crowded retail investing market. It had 13.2 million energetic customers in December, in contrast with closest rival Zerodha’s 8.1 million customers, in response to National Stock Exchange knowledge. Groww is including between 325,000 to 550,000 new customers each month — greater than twice the speed of its opponents, per the trade.
India has emerged as a shiny spot for tech listings globally, with seven know-how startups going public in 2024. Food supply platform Swiggy’s $1.35 billion IPO was the biggest tech itemizing on this planet final 12 months.
More than 20 Indian startups are planning IPOs in 2025, together with business-to-business market Zetwerk, managed workspace supplier Table Space, Prosus-owned PayU, and pharmaceutical platform PharmEasy.
Abhinav Bharti, JPMorgan’s head of fairness capital markets for India, informed TechCrunch in a latest interview that India’s rising home capital and coverage continuity have been among the many components for the IPO surge within the nation.
The collective market capitalization of firms listed in India doubled to $5.3 trillion in 2014 in comparison with 2019, whereas every day buying and selling quantity tripled to $15 billion.
“No other country globally provides you with this much political certainty and continuity of policy,” Bharti informed TechCrunch. “You can argue against a policy decision, but you cannot argue against the fact that they have been consistent.”