Groww DRHP: Shareholding Pattern & Leadership Line-Up

Just weeks before Groww filed its updated DRHP for IPO, the investment tech startup’s four cofounders – Lalit Keshre, Harsh Jain, Neeraj Singh and Ishan Bansal – sold shares worth a cumulative INR 104 Cr to ICONIQ Capital’s investment vehicles.

Overall, Keshre, Jain, Singh and Bansal offloaded 1.08 Cr shares together at INR 96.56 apiece to ICONIQ Capital’s ISP VII-B Blocker GW, Ltd and ISP VII Blocker GW, Ltd.

The transaction, which took place in July 2025, saw Keshre sell 2.8 Mn shares and Jain offload 2.3 Mn shares to ISP VII-B Blocker GW, Ltd. Singh and Bansal sold 2.8 Mn shares each to ISP VII-B Blocker GW, Ltd and ISP VII Blocker GW, Ltd. 

As a result, ICONIQ held a 4.04% stake in the company at the time of filing the updated DRHP (September 18).

Besides, the founders also transferred some of their equity shares to family trusts, including Sangam, Aarambh, Fortune, and Ikigai, framed as “gifts” at undisclosed valuations. On top of this, all four cofounders are looking to sell 10 Lakh shares each via the offer for sale. 

Besides the aforementioned information, Groww’s updated 555-page DRHP detailed its shareholding pattern and the key leaders.

Groww’s promoters cumulatively hold 26.64% stake in the company. While Keshre holds 9.13% stake, Jain has 6.72% stake. Singh owns 6.26% stake in the company, while Bansal has 4.53%.

Overall, promoters and promoter group together have a 27.96% stake in the startup.

Peak XV Partners tops the cap table in terms of institutional investors with a 21.6% stake (including Sequoia Capital Global Growth Fund’s 1.85% shareholding), followed by YC Holdings at 13.25%, Ribbit at 14.78% and Tiger Global at 6.05%. 

All these investors plan to sell part of their stakes via the OFS, which has a size of up to 57.4 Cr shares and is expected to be worth about INR 5,000 Cr to INR 6,000 Cr. The startup is eyeing a valuation of $7 Bn to $8 Bn for the IPO.

Notably, Microsoft CEO Satya Nadella is also an investor in Groww and owns 0.15% stake.

 

On the financial front, Groww swung to profitability in FY25. It reported a net profit of INR 1,824.4 Cr in the fiscal year compared to a loss of INR 805.5 Cr in FY24. Operating revenue soared 50% YoY to INR 3,901.7 Cr during the same period. But for Q1 FY26, its revenue declined 10% YoY to INR 904.4 Cr. However, profit zoomed 12% YoY to INR 378.4 Cr during the quarter. 

Groww is a market leader in terms of user base, with around 12.07 Mn active clients as of August, compared to Zerodha and Angel One’s user base of around 7 Mn each. However, both Angel One, with INR 11,938.7 Cr revenue for FY25, and Zerodha, with INR 8,320 Cr revenue for FY24, are ahead of Groww in terms of the top line.

As the tightening of derivatives regulations by SEBI has impacted overall trading volumes and user participation, broking platforms are looking at alternate sources of revenue. Zerodha and Angel One have branched out to services such as credit disbursement, asset management, and payments. Groww has also signed an agreement to acquire a 100% stake in wealthtech startup Fisdom for INR 961 Cr. 

Groww currently offers a broad range of financial services apart from stock broking, including mutual funds, margin trading facility, and more. 

Now, let’s take a look at the company’s board and the key executives of Groww.

Who Sits On Groww’s Board?

Gaurang Shah

Shah helms the company’s board as its chairperson and has been associated with Groww since June 7, 2024. He is a chartered accountant with more than three decades of experience in financial services, and previously held senior leadership roles across Kotak Mahindra Life Insurance Company and Kotak Mahindra Bank.

Shah earned up to INR 33 Lakh in FY25, including remuneration of INR 26 lakh and INR 7 Lakh for attending board meetings. 

Lalit Keshre

Cofounder Keshre is a whole-time director and the CEO of the company. In his executive role, he is responsible for “providing strategic direction, driving business growth, and overall decision-making in the company”. He received a remuneration of INR 188.6 Cr in FY25, including a one-time performance-based incentive of INR 185.6. Cr accrued in FY24. 

Harsh Jain

Cofounder Jain serves as a whole-time director and the COO of the company. In his executive role, he oversees operations, growth planning, and strategic execution. He received a remuneration of INR 149.5 Cr in FY25, including a one-time performance-based incentive of INR 146.5 Cr. 

Ishan Bansal

Cofounder Bansal is a whole-time director and the CFO of the company. In his executive role, he is responsible for “financial management, planning, and corporate strategy”. He received a remuneration of INR 136.9 Cr in FY25, including a one-time performance-based incentive of INR 133.9 Cr accrued in FY24. 

Neeraj Singh

Singh is a cofounder and whole-time director of the company, serving as its CTO. He drives technology development and engineering innovation at the company. He received a remuneration of INR 151.3 in FY25, including a one-time performance-based incentive of INR 148.3 Cr.

Ashish Agrawal

Agrawal, MD at Peak XV Partners, has been representing the firm on the company’s board since May 9, 2024, in the capacity of a nominee director. 

Neetu Kashiramka

Kashiramka, MD of VIP Industries, joined the company’s board as an independent director on January 29, 2025. She has over 27 years of experience in finance and management. She received a remuneration of 5 Lakh in FY25.

Ankit Nagori

Nagori joined the company’s board as an independent director on February 20, 2025. He is the chairman, promoter, and CEO of Curefoods. Prior to that, he cofounded Curefit and held leadership roles at Flipkart. 

Neeru Chaudhry

Chaudhry joined the company’s board as an independent director on February 20, 2025. She is currently an associate professor at IIT Delhi with over 14 years of experience in academia, finance, and management. She received a remuneration of 20 Lakh in FY25.

Key Managerial Personnel

Roshan Bhanuprakash Dave

Dave is the company secretary and compliance officer of the company and has been associated with it since September 7, 2021. He was appointed as company secretary on May 2, 2023. He has experience in corporate governance, compliance, and regulatory affairs, having previously worked with IIFL Capital Services.

He received an aggregate compensation of INR 34.6 Lakh in FY25, with INR 3 Lakh accrued as variable pay paid in FY26.

Ashutosh Ashok Naik

Naik is the chief compliance officer of the company. He has been with Groww since October 15, 2020, and was previously associated with 360 One WAM Limited. He oversees regulatory, governance, and compliance functions at the investment tech startup. He received an aggregate compensation of INR 1.48 Cr in FY25, with INR 34.3 Lakh accrued as variable pay paid in FY26.

Adit Sunil Gupta

Gupta is the head of design at the company. He has been with Groww since December 1, 2020, and was earlier associated with Uber India R&D. He specialises in product design and development. He received an aggregate compensation of INR 1.08 Cr in FY25, with INR 14.9 Lakh accrued as variable pay paid in FY26.

Sunil Bissa

Bissa is the head of customer success at Groww. He has been with the company since October 21, 2019, and was earlier associated with Wealth India Financial Services. He oversees customer relationship management and support functions. He received an aggregate compensation of INR 96.2 Lakh in FY25, with INR 19.1 Lakh accrued as variable pay paid in FY26.