# Groww

> Source: https://docs.barcoder.ai/docs/wallets/groww
> research date 2026-05-29 · extracted at 2026-10-07
> Publisher: Barcoder — encyclopedia of QR, barcode and payment-code standards

Specifications:
- [Groww — official](https://groww.in/)

## Overview

**Groww** is **India's largest stockbroking + investment platform**, with **14+ million active users + 12.6M+ active NSE clients (June 2025)** <sup>[1][1], [2][2], [India report](https://docs.barcoder.ai/docs/payments/IN)</sup>. **November 12, 2025 — Groww IPO** raised **₹66.3 billion (~$748 million)** — **largest Indian fintech listing of 2025**.

**IPO details** <sup>[1][1]</sup>:
- **Issue price**: ₹100; opened ₹112 (+12%); closed ₹128.85 (+29% from issue).
- **Raise**: ₹66.3 billion (~$748 million).
- **Market cap**: ₹795 billion (~$9 billion).
- **Pre-IPO expected valuation range**: ₹60,000 crore (~$7 billion) → ₹80,000 crore (~$10 billion).

**FY25 financials** <sup>[1][1]</sup>:
- **Revenue**: ₹39 billion (~$440 million).
- **Net profit**: ₹18 billion (~$206 million).

Groww directly competes with **Zerodha** for IN retail-broker leadership — though Zerodha leads by client count (16M), Groww matches/leads on retail-active investors.

## History

**2016 — Groww founded** <sup>[2][2]</sup> by **Lalit Keshre (CEO) + Harsh Jain + Neeraj Singh + Ishan Bansal** — ex-Flipkart team.

**2017-2018 — Grew as a direct mutual-fund platform** (stockbroking/equity trading added 2020) <sup>[2][2]</sup>.

**2020-2024 — Mass IN retail investing boom** <sup>[3][3]</sup>: 14M+ active users by 2025.

**November 12, 2025 — Groww IPO** <sup>[1][1]</sup>: ₹66.3B raised; +29% first-day; ~$9B market cap.

## Ownership & operator

**Operating entity**: **NextBillion Technology Private Limited** (Groww; NSE + BSE listed Nov 12 2025).

**Co-founders**: **Lalit Keshre (CEO) + Harsh Jain + Neeraj Singh + Ishan Bansal** — ex-Flipkart team.

**Major pre-IPO investors**: **Peak XV (Sequoia India), Tiger Global, Ribbit Capital, Y Combinator, Lone Pine Capital, Steadfast Capital, Iconiq Capital**.

**Regulator**: **SEBI (Securities and Exchange Board of India)**.

## Technical integration

| Layer | Description |
|---|---|
| **Channels** | Groww mobile app (iOS + Android) + Groww web |
| **Identifiers** | Phone + email + PAN card + bank account |
| **IN rail** | **[UPI QR](https://docs.barcoder.ai/docs/standards/upi-qr)** (NPCI national A2A rail) for fund transfers |
| **Sub-products** | Equity broking + mutual funds + futures-and-options + IPO investing + US stocks (via Groww International) + Groww Pay + payment-aggregator services |
| **Licenses** | SEBI Stockbroker + AMC + Payment Aggregator |
| **Countries** | IN primary + US (via Groww International) |

## Users & growth

**2025 baseline** <sup>[1][1]</sup>:
- **Active users (June 2025)**: 14+ million
- **Active NSE clients**: 12.6+ million
- **FY25 revenue**: ₹39 billion (~$440M)
- **FY25 net profit**: ₹18 billion (~$206M)
- **IPO raise (Nov 12, 2025)**: ₹66.3 billion (~$748M)
- **Market cap post-IPO**: ₹795 billion (~$9 billion)

## Use cases

IN retail stockbroking (equity + F&O + IPO); mutual-fund investing; US-stocks investing via Groww International; Groww Pay (UPI + payment aggregator services); pension + tax planning via Groww platform.

## Implementations & partners

**Operator**: **NextBillion Technology Private Limited (Groww)** — NSE + BSE listed Nov 12, 2025.

**Co-founders**: Lalit Keshre (CEO), Harsh Jain, Neeraj Singh, Ishan Bansal.

**Major pre-IPO investors**: Peak XV, Tiger Global, Ribbit Capital, Y Combinator, Lone Pine Capital, Steadfast, Iconiq.

**Major Indian retail-broker competitors**:
- **[Zerodha](https://docs.barcoder.ai/docs/wallets/zerodha)** (Bootstrapped IN largest broker by clients; 16M+ users; no-IPO ethos)
- **Upstox** (IN retail broker)
- **Angel One** (IN listed; legacy + digital broker)
- **5paisa** (IN retail broker)
- **ICICI Direct** + **HDFC Securities** + **Kotak Securities** (bank-anchored brokers)

**Regulator**: **SEBI**.

## Fun facts

- **November 12, 2025 IPO**: ₹66.3B raise (~$748M); +29% first-day; ~$9B market cap.
- **Largest Indian fintech IPO of 2025**.
- **14M+ active users + 12.6M+ active NSE clients (June 2025)**.
- **FY25 revenue ₹39B ($440M) + net profit ₹18B ($206M)** — distinctive Indian-fintech profitability.
- **Co-founders ex-Flipkart team**: Lalit Keshre + Harsh Jain + Neeraj Singh + Ishan Bansal.
- **Backed by Peak XV + Tiger Global + Ribbit + Y Combinator + Iconiq**.
- **2016 vintage + 2020 stockbroking launch** — distinctive late-pivot success story.

## Comparison

| Feature | Groww | [Zerodha](https://docs.barcoder.ai/docs/wallets/zerodha) (IN largest broker rival) | Angel One (IN listed broker) | Upstox (IN retail broker) | [Robinhood](https://docs.barcoder.ai/docs/wallets/robinhood) (US analogous retail broker) |
|---|---|---|---|---|---|
| Operator | **NextBillion Technology Private Limited / Groww (NSE+BSE listed Nov 12 2025; Lalit Keshre CEO; Peak XV + Tiger Global + Ribbit + YC + Iconiq backed)** | Zerodha Broking Ltd (Nithin + Nikhil Kamath; bootstrapped) | Angel One Ltd (BSE listed; legacy + digital) | Upstox (Ratan Tata-backed; ARG) | Robinhood Markets (NASDAQ: HOOD) |
| Type | **IN largest retail stockbroker + mutual funds + US stocks + Groww Pay** | IN largest broker by clients (16M+; bootstrapped) | IN listed broker (legacy + digital) | IN retail broker | US retail broker + crypto |
| Country | IN + US | IN | IN | IN | US + global |
| Users | **14M+ active + 12.6M+ NSE clients (Jun 2025)** | 16M+ clients (15% daily volumes) | Major IN | Major IN | 25M+ |
| Listing | **NSE+BSE listed Nov 12 2025; ~$9B market cap; ₹66.3B IPO raise (~$748M)** | Bootstrapped + no-IPO ethos (per Kamath brothers) | BSE listed | Private | NASDAQ: HOOD |
| FY25 profitability | **₹18B ($206M) net profit + ₹39B ($440M) revenue** | Profitable + bootstrapped | Profitable | Major IN | Growth |

## Status

**Active, India's largest retail-broker + post-Nov 12 2025 IPO** <sup>[1][1]</sup>:
- **NextBillion Technology Private Limited (Groww)** since 2016 (pivoted 2018).
- **14M+ active users + 12.6M+ active NSE clients (Jun 2025)**.
- **November 12, 2025 IPO: ₹66.3B raise + ~$9B market cap + +29% first-day**.
- **FY25 ₹39B revenue + ₹18B net profit** — distinctive profitability.
- **SEBI Stockbroker + AMC + Payment Aggregator licensed**.

## Sources

[1]: https://techcrunch.com/2025/11/12/groww-raises-nearly-750m-in-ipo-as-indias-retail-investing-boom-continues/ "Groww $748M IPO Nov 12 2025 — TechCrunch"
[2]: https://www.finnovate.in/learn/blog/groww-ipo-review-details-investment-guide "Groww IPO review — Finnovate"
[3]: https://www.angelone.in/news/ipos/groww-prepares-for-ipo-could-be-valued-at-rs-80000-crore "Groww pre-IPO valuation ₹80,000 crore — Angel One"
[4]: https://www.ensemble.vc/research/ipo-alert-groww-goes-public "IPO alert Groww goes public — Ensemble VC"
[in-cro]: https://docs.barcoder.ai/docs/payments/IN

- [1] [Groww $748M IPO Nov 12 2025 — TechCrunch][1]
- [2] [Groww IPO review — Finnovate][2]
- [3] [Groww pre-IPO valuation — Angel One][3]
- [4] [IPO alert Groww goes public — Ensemble VC][4]
- <sup>[India report](https://docs.barcoder.ai/docs/payments/IN)</sup> In-corpus: `reports/countries/IN-india.md`

## Source

Biography extracted from [groww.md](https://docs.barcoder.ai/source/wallets/groww). See `matrix.md` for standards-support matrix if present.