Groww’s INR 7,000 Cr+ IPO, Zepto’s Marketing Mantra & More

Groww Sets Sail For IPO

Groww has finally filed its updated DRHP with SEBI for an INR 7,000 Cr+ IPO. The investment tech unicorn’s public issue will comprise a fresh issue of shares worth INR 1,060 Cr, as well as a massive OFS component of 57.4 Cr shares, likely worth INR 5,000-6,000 Cr.

Backers including Peak XV, Tiger Global and Ribbit will partially exit through the IPO, while cofounders Lalit Keshre, Harsh Jain, Neeraj Singh and Ishan Bansal will offload 10 Lakh shares each. 

Back In The Black: As per the updated DRHP, the company swung back to profitability in FY25. Here’s a quick snapshot of Groww’s FY25 numbers:

• It clocked a net profit of  INR 1,824.4 Cr against a loss of INR 805.5 Cr in FY24 
• Operating revenue jumped 5o% YoY to INR 3,901.7 Cr 
• Expenses declined 22% YoY to INR 1,596.4 Cr

What also works for the investment tech major’s IPO is its strong user base, diversified offerings, a strong brand recall and growing adoption of online discount broking in the country. 

Achilles’ Heel: A deeper look into the DRHP reveals Groww’s over-dependence on the broking segment, which contributed 85% of its revenues in FY25. In addition, the company’s notional daily turnover in the derivatives segment tanked 38% between June 2024 and June 2025 as SEBI clamped down on the F&O segment. 

Groww’s Many Troubles: With near-zero fee structures stifling its profitability, Groww is also grappling with intensifying competition from established players like Angel One and Upstox, as well as new entrants like JFS and Paytm Money. Then, there is the looming shadow of Zerodha, which dwarfs Groww – both in terms of revenues and profits. 

Despite the odds, the investment tech giant looks unfazed as it gears up for its INR 7,000 Cr+ OFS-heavy IPO.

From The Editor’s Desk

Zepto’s Marketing Mantra : Operating in a space infamous for copious amounts of cash burn to capture market share, Zepto relies on in-house marketing tools, high-frequency brand campaigns and meticulously managed user acquisition and retention systems to stay ahead.

UC Investors Eye Big Returns: Accel is set to net nearly 27X returns from its investment in Urban Company, while Elevation Capital and Bessemer India are expected to make 19X and 14X gains, respectively, from their early bets in the hyperlocal services startup, which lists today. 

PharmEasy Eyes INR 1,700 Cr Debt: The online pharmacy’s parent will pledge shares of its listed diagnostic arm Thyrocare to raise the funds via NCDs. The development comes at a time when PharmEasy is struggling with profitability and a leadership exodus. 

Zappfresh Sets IPO Price Band: The D2C meat delivery startup has set a price band of INR 96 to INR 101 per share for its SME public listing today. At the upper end of the IPO price, the startup will be valued at INR 225 Cr. 

Lendingkart Finance’s Q1 Loss Swells: The NBFC arm of the lending tech major reported a net loss of INR 84.8 Cr in Q1 FY26, up 241% from INR 24.9 Cr in the year-ago quarter. Operating revenue plunged 60% YoY to INR 116.9 Cr in the quarter under review. 

Indkal Nets $20 Mn: The consumer electronics startup has raised the capital as part of its larger $100 Mn round from its existing and new investors. Indkal Technologies designs, develops and delivers consumer electronics and home appliances. 

Nazara’s Stock Split: The gaming major has received shareholder nod to undertake a stock split and a bonus issue of shares. Nazara’s board proposed the sub-division of one equity share into two and the issuance of bonus shares in the ratio of 1:1. 

InCred Money Nets INR 250 Cr: The wealth and asset management arm of InCred Group has raised the capital from a group of investors at a valuation of INR 1,650 Cr. The startup offers investment options across unlisted shares, FDs, gold, silver, and other assets. 

Inc42 Startup Spotlight

Can Nugen Make AI Reliable for High-Stakes Industries?

From law and governance to finance, industries that run on precision have long been wary of adopting AI at scale. Hallucinations, inconsistent outputs and unreliable predictions make it risky to deploy AI in sectors where accuracy is non-negotiable. Pune-based Nugen wants to change this.

Making AI Reliable: Founded in 2025, the startup is building proprietary AI technology designed to deliver reliable performance for complex industries. Its AI models come equipped with reliability scores and confidence indicators – tools that help enterprises know when to trust AI and when to depend on human judgment. 

Its enterprise-ready solutions support cloud and on-premises deployments, with seamless integration through secure APIs and connectors.

The AI R&D Model: Alongside enterprise-grade use cases, the startup is also investing in research on AI safety and alignment, with a focus on transparency and interoperability. In doing so, Nugen aims to make AI not just more powerful, but also more accountable and business-ready.

Operating in a space dominated by global big tech giants, can Nugen’s “reliability-first” AI approach help it earn the trust of enterprises?