Groww, an Indian online brokerage platform, raised nearly $750 million in its IPO, marking the largest fintech listing in India this year. The company’s shares closed 29% above their issue price, giving it a market cap of around $9 billion. This success comes amid a surge in Indian startup IPOs, with other firms like Lenskart and Pine Labs also making their market debuts recently. Founded in 2016 by former Flipkart employees, Groww has grown to serve over 14 million active users and competes with established players like Zerodha. This article is worth reading because it highlights the rising prominence of Indian fintech companies in the global market. Readers will learn about the factors driving Groww’s success and the broader trend of Indian startups going public.
Key facts
- Groww raised ₹66.3 billion (about $748 million) in its IPO, making it the largest fintech listing in India this year.
- The company’s shares closed at ₹128.85, giving it a market cap of approximately $9 billion.
- Groww’s IPO comes amid a broader surge in Indian startup IPOs, with other firms like Lenskart and Pine Labs also making their market debuts recently.
- Founded in 2016 by former Flipkart employees, Groww has grown to serve over 14 million active users and competes with established players like Zerodha.
- The company plans to use the fresh capital to expand its cloud and technology infrastructure, intensify marketing efforts, and invest further in its lending and margin trading businesses.
