Industry Outline

Groww operates at the epicenter of India's booming Fintech and Digital Brokerage space. The industry is characterized by massive growth in retail participation, driven by low-cost brokerage models, widespread smartphone adoption, and simplified KYC processes.

Key Industry Drivers:Digitization: Rapid migration of traditional savings into formal financial products.

• Demographics: India's young, financially literate population entering the workforce.
• Financial Inclusion: Government initiatives and UPI making investments accessible even in Tier 2 and Tier cities.
• Competition: Intense competition from established players (Zerodha, Upstox) and traditional banks, driving continuous product innovation.

The total addressable market (TAM) for financial services and wealth management in India is expected to triple in the next five years. Groww is positioned to capture a significant portion of this growth by focusing heavily on user experience and educational content.

About the Company: Groww

Groww is a leading technology-enabled financial services platform. It started by making mutual fund investments easy and quickly expanded into direct equities, derivatives, IPOs, and digital gold.Core Business & Value Proposition: Groww’s core business is to democratize investment for the average Indian. Its platform provides a seamless, mobile-first experience for buying stocks, mutual funds (both direct and regular plans), and other asset classes.

• Brokerage: Low-cost, zero-commission structure for mutual funds; competitive brokerage for equity trading.
• Product Stack: Stocks, Mutual Funds, IPOs, Fixed Deposits, Gold, and US Stocks.
• Revenue Streams: Brokerage fees from equity and F&O trading, commissions from insurance and loan products, and platform fees for premium services.

• CEO: Lalit Keshre, a former Flipkart executive and co-founder.
• Promoters: The founding team, including Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal, are highly respected in the Indian tech and finance ecosystem. Their strong technology background has been key to Groww's success.

Groww IPO – Key Details

Groww IPO Timeline

IPO Objective – How Will the Funds Be Used?

As per the RHP and company communications, the fresh issue of ₹1,060 crore is primarily meant for:

• Investments in technology & product development – scaling infrastructure, improving platform reliability, data security and new product launches.
• Strengthening regulatory capital & capital adequacy for its broking and NBFC-related activities.
• General corporate purposes – including branding, marketing, potential acquisitions and working capital requirements.

The OFS component is mainly an exit/partial exit route for existing investors and some promoters, allowing them to monetise part of their holdings.

Financials

KPI & Financials Highlight

Groww is transitioning from a "trading-first" platform to a broader "wealth-first" ecosystem.

A. User Base & Market Share

• NSE Active Clients: 11.9 Million (Down from peak levels, but Groww remains the #1 stockbroker in India by active clients).
• Market Share: ~26.3% of active NSE clients.
• Total Transacting Users: 1.9 Crore (Up 5% QoQ), indicating that while some traders have stopped (lowering "active" NSE count), more users are transacting in other products like Mutual Funds.

• SIP Dominance: 36% of new users in Q2 started with a Mutual Fund SIP (up from 29% last year).
• Equity Delivery: Revenue per order in the "Stocks" (Delivery) segment increased, driven by a 66% jump in average order value.
• F&O Dependency: The share of revenue from Derivatives dropped by 10 percentage points YoY. This reduces regulatory risk but temporarily hurts topline revenue.

• Organic Growth: ~83% of new customers are acquired organically (Word of Mouth/SEO), keeping acquisition costs lower than competitors like Angel One.
• Retention: 77.7% of active clients have stayed with the platform for over 3 years.

SWOT Analysis

Competitive Analysis  & Market Peers

Competitive Analysis & Market Peers (November 2025)Groww operates in a highly concentrated market where the "Big 3" (Groww, Zerodha, Angel One) control over 60% of active clients.

Detailed Peer Analysis

Vs. Zerodha (The "Old Guard"):

Revenue Gap: Zerodha still generates 2x the revenue and 2.5x the profit of Groww, despite having fewer clients. This is because Zerodha's user base consists of "serious" traders with higher volumes, whereas Groww has millions of smaller, "casual" investors.

Strategy: Zerodha is conservative, focusing on product and zero-debt stability. Groww is aggressive, aiming to be a "Financial Super App" (Lending + Payments + Investing).

Vs. Angel One (The Direct Rival):

Valuation Mismatch: Groww trades at nearly double the P/E valuation of Angel One. The market awards this premium because Groww is seen as a "platform" company (like Paytm/PhonePe but profitable), whereas Angel One is viewed as a traditional broker sensitive to market cycles.

Efficiency: In Q2 FY26, Groww’s EBITDA margin hit ~59%, while Angel One’s margin slumped to ~34%, highlighting Groww's superior cost control.

Vs. Upstox & Others:

Upstox: The #4 player. Recently turned profitable (FY24 PAT ~₹190 Cr) but lags significantly in scale compared to the Big 3.

Bank Brokers (ICICI Direct, HDFC Sky): Losing market share rapidly to discount brokers. They compete on "advisory" and "trust" but lose on price and tech interface.

Should You Apply for Groww IPO?

Even though the IPO window is closed, investors can still evaluate Groww as a long-term listed investment. Positives for Long-Term Investors

• Strong secular tailwinds in digital investing in India.
• Rapid revenue and profit growth (FY25 PAT ~₹1,819 crore). 
• Deep brand reach among first-time investors and a high share of SIPs. 

• Stock has already rallied 50–70%+ above IPO price, so margin of safety may be low at current levels. 
• Earnings are linked to market cycles; in a weak market, trading volumes and SIP flows can slow.
• Investors should watch regulatory developments and any major tech outages or compliance issues.

• Aggressive, long-term investors comfortable with fintech & market-linked risks may consider it as a part of a diversified portfolio, preferably via SIP / gradual accumulation rather than lump-sum after a big rally.
• Conservative investors may wait for:
  • More quarters of consistent profitability after listing, and
  • A more attractive valuation or market correction.

Conclusion

Groww’s IPO has been a milestone event for India’s wealth-tech space. The company combines:

• A huge, digitally native customer base
• Strong profit growth
• A leading position in new demat additions and active SIPs

• Sustain its growth in a competitive broking market,
• Diversify revenues beyond pure brokerage, and
• Manage regulations, technology and risk effectively.

1. What were the Groww IPO dates?
The Groww IPO opened on 4 November 2025 and closed on 7 November 2025. Shares listed on 12 November 2025 on NSE and BSE. 

2. What was the Groww IPO price band and lot size?
The price band was ₹95–₹100 per share, and the minimum lot size was 150 shares, meaning a minimum retail investment of around ₹15,000 at the upper band.
 

3.How big was the Groww IPO issue size?

Total issue size was ₹6,632.30 crore, including a fresh issue of ₹1,060 crore and an OFS of ₹5,572.30 crore. 

4. Is Groww profitable?
Yes. Groww reported ₹535 crore profit in FY24 (operational) and ₹1,819 crore net profit in FY25, though FY24 had a net loss after a one-time tax cost for domicile shift.