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Groww is seeking a valuation of $6-8 Bn via the IPO
Groww was last valued at $3 Bn following its last funding of $251 Mn in October 2021
Reports from last November revealed that the fintech player saw its fair market valuation being slashed to under $2 Bn after Groww shifted its domicile from the US to India
Joining the trail of startups eyeing to get listed in the exchanges, fintech giant Groww
As per TechCrunch report, citing sources familiar with the matter, the company is seeking a valuation between $6-8 Bn.
Groww has declined to comment on the Inc42’s queries pertaining to the development.
Sources also said that the valuation sought by the company is subject to change, as per the report.
Groww was last valued at $3 Bn following its last funding of $251 Mn in October 2021, from ICONIQ Growth, Alkeon, Lone Pine Capital, Steadfast and its existing investors.
However, reports from last November revealed that the fintech player saw its fair market valuation being slashed to under $2 Bn after Groww shifted its domicile from the US to India in May 2024.
The digital investment platform completed its reverse flip, shifting its domicile to India, with its only registered entity as Billionbrains Garage, headquartered in Bengaluru.
Groww has begun talks with investment banks and will soon choose advisers for the IPO, the report said citing sources.
Founded in 2017 by Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal, Groww enables users to invest in stocks, exchange-traded funds (ETFs), and IPOs.
The company counts Peak XV Partners, Ribbit Capital, YC Continuity, Tiger Global and Propel Venture Partners, among its investors.
On the financial front, the Bengaluru based fintech company Invest Tech, which operates online stock broking giant Groww, reported 119% growth in its revenue to INR 3,145 Cr in FY24, from INR 1,435 Cr in FY23.
Notably, Groww maintained its operational profitability of INR 535 Cr for FY24 compared with INR 458 Cr, a year ago.
Meanwhile, as per the latest data from NSE, Groww added 2.82 Lakh new users in November, taking its active client base to 1.29 Cr, beating its competitor Zerodha, which had its active user base standing at 81.25 Lakh.
Updated at 01:38 PM
