Introduction
Billionbrains Garage Ventures Limited, the company that operates the Groww investment platform, is launching an initial public offering (IPO) to raise ₹6,632.30 crore. The issue comprises a fresh issue of ₹1,060 crore and an offer for sale of ₹5,572.30 crore by existing shareholders.
Founded in Bengaluru in 2017, Groww provides a direct-to-customer digital platform offering investment products such as mutual funds, stocks, exchange-traded funds (ETFs), futures and options, and U.S. equities. The IPO marks the company’s first entry into the public markets.
The following sections outline Groww’s business operations, industry landscape, financial performance, and key details as disclosed in its Red Herring Prospectus (RHP).
IPO Details
| Detail | Information |
| Opening Date | 4 Nov 2025 |
| Closing Date | 7 Nov 2025 |
| Price Band | ₹95 – ₹100 per share |
| Issue Size | 66,32,30,051 shares (aggregating up to ₹6,632.30 Cr) |
| Lot Size | 150 shares per lot |
| Minimum Investment (Retail) | ₹15,000(at upper price band) |
| Listing Exchanges | BSE & NSE |
| Expected Listing Date | 12 Nov 2025 |
Source: BSE | Chittorgarh
Business Overview
Billionbrains Garage Ventures Limited (BGVL), incorporated in 2016, operates the Groww platform — a direct-to-customer digital investment and wealth management platform that allows retail investors to invest in multiple financial products through its website and mobile application.
Groww’s platform allows users to invest in mutual funds, stocks, exchange-traded funds (ETFs), futures and options (F&O), U.S. equities, IPOs, and digital gold. The company also offers margin trading facilities, algorithmic trading solutions, new fund offers (NFOs), and credit-related products to enhance the investing experience.
Through its subsidiaries, Groww provides broking services and asset management offerings under the Groww AMC brand. As of June 30, 2025, the company employed 1,415 people across India.
Groww operates on a technology-driven model with an in-house digital infrastructure designed to support a large and growing retail investor base. The company’s focus areas include expanding its customer base and deepening relationships with existing users through an integrated suite of financial services.
Billionbrains Garage Ventures Limited is promoted by Lalit Keshre, Harsh Jain, Ishan Bansal, and Neeraj Singh, who have been associated with the company since its inception.
Industry Context
India’s investment and wealth management industry has grown rapidly in recent years, supported by rising financial awareness, increased internet penetration, and the proliferation of digital platforms. Retail participation in equity and mutual fund markets has expanded significantly, driven by the convenience of online investing and the availability of simplified mobile-first solutions.
Key industry trends:
- Rising Retail Participation: A growing number of first-time investors are entering capital markets through digital platforms offering easy access to equities, mutual funds, and other investment products.
- Technology-Led Access: The use of mobile applications, seamless onboarding, and instant KYC verification have enabled wider inclusion across Tier II and Tier III cities.
- Diversification of Investment Products: Retail investors are showing interest beyond equities, exploring mutual funds, ETFs, derivatives, and international markets.
- Financial Literacy and Awareness: Regulatory initiatives and educational outreach have contributed to higher adoption of formal investment channels.
- Integration of Services: Digital wealth platforms increasingly combine broking, mutual fund distribution, and credit solutions under one interface, reflecting a shift toward comprehensive financial ecosystems.
According to the Redseer Report (September 2025), India’s wealth management industry is poised to benefit from continued digitisation and expanding investor participation, supported by structural trends in income growth and financial inclusion. Groww operates within this expanding segment of India’s financial services landscape, offering a technology-driven, multi-product investment platform.
Business Strengths
Recognised and Trusted Investment Platform
“Groww” is a well-recognised brand among retail investors across cities, towns, and villages in India, known for simplifying access to financial products through its digital platform.
High Customer Retention and Engagement
The company reports strong customer retention and engagement, supported by user loyalty and limited price sensitivity within its core investor base.
User-Centric Product Design
Groww’s mobile and web interfaces are designed for simplicity, transparency, and ease of use, enhancing the investing experience for first-time and experienced investors alike.
In-House Technology Infrastructure
The platform is built on a proprietary technology stack developed internally, enabling scalability, security, and cost efficiency while maintaining full control over product innovation.
Entrepreneurial and Ownership-Driven Culture
Groww’s organisational structure fosters accountability and innovation, supported by a leadership team with strong execution capabilities and long-term alignment.
Consistent Execution and Profitability
The company has demonstrated sustained growth and profitability through disciplined execution, operational efficiency, and a technology-led cost model.
Risks and Challenges
While Groww has established a significant presence in India’s digital investment ecosystem, investors should note the following key risks disclosed in the Red Herring Prospectus:
Regulatory Dependence:
The company operates in a highly regulated financial services environment. Any change in laws, SEBI regulations, or RBI guidelines could impact its operations, product offerings, or compliance costs.
Competitive Intensity:
Groww competes with established financial institutions, online brokerages, and new-age fintech companies offering similar services, which may affect its market share and pricing strategies.
Technology and Data Security Risks:
As a technology-driven platform, Groww is exposed to risks related to system failures, cybersecurity threats, and data breaches, which could impact user trust and operational continuity.
Revenue Concentration:
A substantial portion of income is derived from brokerage and distribution fees. Any regulatory or market-driven reduction in these charges may affect profitability.
Customer Retention and Growth:
Sustaining user engagement and attracting new investors are critical to the company’s business model. Any slowdown in customer acquisition or retention could impact growth.
Dependence on Key Personnel:
The company’s performance depends on the continued involvement of its promoters and senior management, whose loss could adversely affect operations and strategy execution.
Financial Performance
- Revenue Growth:
Total income increased to ₹4,061.65 crore in FY25 from ₹2,795.99 crore in FY24, reflecting year-on-year growth of approximately 45%. - Profitability:
Profit after tax (PAT) rose sharply to ₹1,824.37 crore in FY25 compared with a loss of ₹805.45 crore in FY24, resulting in a PAT margin of 44.92% for FY25. - Operational Efficiency:
EBITDA stood at ₹2,371.01 crore in FY25, up from ₹-780.88 crore in FY24, translating to an EBITDA margin of 59.11%, supported by improved revenue performance and operating leverage. - Q1 FY26 Update:
For the quarter ended June 30, 2025, total income was ₹948.47 crore and profit after tax stood at ₹378.37 crore, reflecting continued profitability in the current fiscal. - Capital Efficiency: As of FY25, Return on Net Worth (RoNW) stood at 37.57%, and Net Worth increased to ₹4,855.35 crore, indicating improved capital utilisation and strengthened balance sheet position.
Investor Sentiment
The Groww IPO represents a key listing in India’s fintech and wealth management space for the following reasons:
- Established Digital Brand: Operates one of India’s most recognised online investment platforms with a broad retail user base across geographies.
- Technology-Led Model: Built on a fully in-house technology stack that supports scalability, efficiency, and product innovation.
- Sustained Financial Performance: Demonstrated profitability and high return on net worth in FY25, supported by strong operational metrics.
The company’s diversified offerings, strong retail reach, and consistent execution make the issue notable within India’s digital financial services sector.
Valuation & Peer Comparison
As per the RHP, Billionbrains Garage Ventures Ltd. reported an EPS of ₹3.19 (diluted), NAV of ₹8.89, and RoNW of 37.57% for FY25. At the upper price band, the implied P/E ratio stands at around 30x on a post-issue basis.
Peer comparisons include Angel One (P/E 19.8x), Motilal Oswal (24.9x), 360 One Wam (45.2x), Nuvama Wealth (26.9x), and Prudent Advisory (58.9x). These peers represent established wealth and brokerage platforms with comparable market exposure.
Conclusion
The Groww IPO marks a significant development in India’s digital financial services sector. For Billionbrains Garage Ventures Ltd., it represents the transition of one of India’s leading online investment platforms to the public market. For investors, the offering provides exposure to a technology-driven company operating in the fast-growing retail investment segment.
While the issue valuation reflects its scale and profitability, Groww’s brand recognition, in-house technology capability, and consistent financial performance underline its established position within India’s fintech ecosystem.
Source: DRHP, RHP
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