Groww parent Billionbrains files confidential IPO papers with Sebi

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Billionbrains Garage Ventures, the parent company of Groww, has confidentially filed a draft red herring prospectus (DRHP) for an initial public offering (IPO) with the Securities and Exchange Board of India (Sebi). The Bengaluru-based company informed about the filing through a newspaper advertisement on Monday.

 

The IPO size is estimated at ₹8,000 crore and will include both primary and secondary shares. This will make India's largest-ever offering by a capital market firm.

 

Last year in November, Groww re-domiciled from the United States to India to pursue listing on domestic stock exchanges. The stockbroker is backed by investors like Tiger Global, Peak XV Partners, and Ribbit Capital.

 

Earlier this month, Singapore’s sovereign wealth fund GIC sought approval from the Competition Commission of India (CCI) to acquire a 2.14 per cent stake in the company. This is part of the pre-IPO funding, which could take the company’s valuation to around $6.5 billion, double from its 2021 valuation of $3 billion during the Series-E fund round. 

 

For the financial year ended March 2024, the company reported revenue of ₹ 3,145 crore and a net loss of ₹805 crore, driven in part by a one-time tax expense related to the relocation.

 

Groww surged past Zerodha last year to become the largest stockbroker in terms of number of clients. As of March 2025, Groww’s active clients surged 36 per cent to nearly 13 million, boosting its market share by 286 basis points (bps) to 26.3 per cent. Zerodha’s market share in the financial year 2025 (FY25) dipped by 184 bps to 16 per cent. However, Zerodha remains the most profitable stockbroker.

 

Groww also joins a slew of firms to take the confidential filing route for IPO. These include Physics Wallah, Tata Capital, and Imagine Marketing (Boat).