Groww raises Rs 2,984 crore from Singapore govt, Goldman Sachs, Morgan Stanley, other anchor investors

Billionbrains Garage Ventures, the parent company of stockbroking platform Groww, raised Rs 2,984.5 crore from 102 institutional investors through its anchor book on November 3, a day before opening its Rs 6,632 crore initial public offering (IPO) for public subscription.

The public issue opens from November 4 to November 7, with November 5 being a market holiday on account of Prakash Gurpurb Sri Guru Nanak Dev Jayanti. The price band for the offer has been fixed at Rs 95 to Rs 100 per share.

The Bengaluru-based company aims to raise Rs 1,060 crore through fresh issue of shares, while existing investors, including Peak XV Partners, YC Holdings, Tiger Global, Sequoia Capital, Alkeon Capital Management, and Ribbit Capital, will sell 55.72 crore shares worth Rs 5,572.3 crore at the upper price band.

According to the company’s filing, 29.84 crore shares were allotted to anchor investors at Rs 100 per share. Prominent global investors such as Goldman Sachs, Morgan Stanley, Government of Singapore, Monetary Authority of Singapore, Abu Dhabi Investment Authority, Ashoka WhiteOak, Prudential Hong Kong, Eastspring Investments, Amundi Funds, Societe Generale and Wellington Management participated in the anchor book.

Out of the total allocation, 13.89 crore shares, representing 46.6% of the anchor portion, were allocated to 17 domestic mutual fund houses across 54 schemes, including HDFC AMC, Kotak Mahindra AMC, Nippon Life India, SBI Mutual Fund, Axis Mutual Fund, Aditya Birla Sun Life, Motilal Oswal, Mirae Asset, Franklin, Tata MF, HSBC MF, Trust Mutual Fund, and Mahindra Manulife.

Groww, founded by Lalit Keshre, Harsh Jain, Ishan Bansal and Neeraj Singh, offers wealth creation and investment solutions across multiple financial products. It is now the largest investment platform in India by active users on the NSE, competing with listed players such as Angel One, Motilal Oswal Financial Services, 360 ONE Wealth and Nuvama Wealth Management.

The company reported a net profit of Rs 378.4 crore for the quarter ended June 2025, a 12% increase year-on-year, even as operating revenue fell 9.6% to Rs 904.4 crore. For FY25, Groww posted a net profit of Rs 1,824.4 crore against a loss of Rs 805.5 crore in FY24, while its revenue grew 50% to Rs 3,901.7 crore.

At the upper end of the price band, Groww’s valuation is estimated at Rs 61,735 crore (around $7 billion).

The company plans to deploy Rs 152.5 crore of the fresh issue proceeds for cloud infrastructure, Rs 225 crore for brand building and performance marketing, Rs 205 crore for augmenting the capital base of its NBFC arm Groww Creditserv Technology (GCS), and Rs 167.5 crore to expand its margin trading facility through Groww Invest Tech (GIT). Remaining funds will be used for inorganic growth and general corporate purposes.

The IPO share allotment will be finalised by November 10, and Groww is expected to list on the BSE and NSE on November 12.

The offering is being managed by Kotak Mahindra Capital Company, JP Morgan India, Citigroup Global Markets India, Axis Capital, and Motilal Oswal Investment Advisors.