Billionbrains Garage Ventures, the parent company of stock broking firm Groww, has filed draft papers with market regulator Sebi for an initial public offering (IPO) through a confidential pre-filing route, with an aim to raise between $700 million and $1 billion, according to market sources.
The IPO is a combination of a fresh issue of equity shares and an offer for sale (OFS) component. The company is backed by marquee investors like Peak XV, Y Combinator, Tiger Capital, and Microsoft CEO Satya Nadella among others. Proceeds from the IPO are expected to be invested in technology development and business expansion.
Groww began its operations in 2016 and in FY25 had over 26 per cent market share. The company’s active client base rose from 95 lakh in March 2024 to 1.29 crore in March 2025, reflecting a sharp 36 per cent year-on-year increase.
The company is likely to raise $100-150 million in funding at a post-money valuation of $7 billion from Singapore-based asset management firm GIC. The round is part of a larger $250-300 million round, which is expected to close within the next two weeks.
The brokerage firm turned profitable in FY23 with a profit of ₹449 crore and revenue of ₹1,277 crore. In FY24, Groww reported revenues of ₹3,145 crore with an operating profit of ₹535 crore.
Last year, the company paid a onetime tax of ₹1,340 crore in India domicile move, leading to a net loss of ₹805 crore.
Flipkart move
Flipkart CEO Kalyan Krishnamurthy, in an address to employees on Monday, said that the IPO bound e-commerce major’s planned domicile shift to India is a significant step toward aligning closely with the economic and regulatory landscape here.
At an internal ‘Flipster Connect’ event on Monday, Krishnamurthy talked about a six-fold increase in investments in AI this year. He mentioned that Flipkart has initiated the flip back of the company and reaffirmed the team’s focus on profitability with a renewed emphasis on customer centricity, according to a PTI report.
On the Walmart-backed Flipkart’s IPO plans, Krishnamurthy said that a lot of work, already done over the past 12 months, is aligned with this intention and assured that the organisation will continue to do a lot more, going forward.