Groww, a well-known brand among retail investors, is owned by Billion Brains Garage Ventures Ltd. Interestingly, the term Garage in its name has no connection with its operations and has been part of the name since inception. The company is a leading direct-to-customer (D2C) digital investment platform enabling users to invest in mutual funds, derivatives, IPOs, bonds, ETFs, and equities.
Groww’s IPO is set to open on 4th November 2025, with a price band of Rs 95–100 per share and an issue size of Rs 6,632 cr., which includes an OFS component of Rs 5,572 cr. Major early investors like Tiger Global, Peak XV Partners, and Satya Nadella (Microsoft CEO) will partially or fully exit through this offering.
OFS details:
| Name of the Company | Lenskart Solutions | |
| Issue Open | 04-11-2025 | |
| Issue closes | 07-11-2025 | |
| Issue Size | ||
| Fresh Issue | 1060 | |
| Offer for sale | Rs. in cr. | 5572 |
| Face Value per share | Rs. | 2 |
| Upper issue price band | Rs. | 100 |
Objects of the Fresh Issue:
The fresh issue worth Rs 1,060 cr. will be utilized as follows:
• Cloud infrastructure – Rs 153 cr.
• Marketing and brand building – Rs 225 cr.
• Investment in subsidiaries – Rs 205 cr.
• Undefined acquisitions – Rs 310 cr.
• Other corporate expenses – Rs 167 cr.
Financial Performance:
Groww reported a loss of Rs 805 cr. in FY24 primarily due to a one-off tax adjustment and ESOP-related costs. However, between FY23 and FY25, its revenue surged by 80% to Rs 4,062 cr., while net profit rose sharply to Rs 1,824 cr., reflecting strong operating leverage and a 100% CAGR in profitability.
For the quarter ended June 2025, revenue fell 10% y-o-y due to regulatory changes, while net profit rose 12% to Rs 378 cr., aided by robust interest income from margin funding and deposits. Provisions for loans increased sharply to Rs 72 cr. in FY25 (from Rs 6 cr. in FY24) and nearly doubled in Q1 FY26, attributed by management to insufficient prior-period data.
| Particulars | Jun-25 | Jun-24 | Mar-25 | Mar-24 | Mar-23 | CAGR (%) |
| Number of months | 3 | 3 | 12 | 12 | 12 | |
| Total Income | 948 | 1048 | 4062 | 2796 | 1261 | 79.5% |
| Net Profit/ (-) Loss | 378 | 338 | 1824 | 805 | 458 | 99.6% |
| Equity capital | 418.8 | 20.7 | 365.6 | 20.7 | 20.7 | |
| EPS (Rs.) | 0.6 | 0.6 | 3.2 | -1.5 | 0.8 |
Groww generated 85% of FY25 revenue from its core broking business, with the balance 15.4% from mutual fund distribution, lending, and other value-added services.
Peer Comparison (FY25):
In the Indian retail broking landscape, Groww competes with Angel One, Zerodha, Upstox, and 5paisa. While Angel One leads in revenue, Groww dominates in client growth and market share. Its profitability and margins are superior, backed by efficient operations and lower customer acquisition costs. Here is an up-to-date comparison:
(Rs. in crore)
| Particulars | Groww | Angel One | Zerodha |
| Active NSE Clients | 12.6 million | ~8.2 million | ~7.5 million |
| Revenue | 3,902 | 4,747 | 6,875 |
| Net Profit | 1,824 | 1,227 | 1,000 |
| EBDAT Margin | 59.7% | 41.1% | ~35% |
Despite being a strong, fast-growing fintech with solid brand equity and profitability, the issue is steeply priced, factoring in much of the growth potential. The IPO may yield moderate listing gains in a buoyant market environment.
Disclaimer:
The writer is not a SEBI-registered analyst. He and his friends or relatives may or may not participate in the IPO. This article is intended purely for educational purposes. Investors are advised to consult their financial advisors before making any investment decisions. The grey market premium should be viewed only as an indicator and not as a reliable benchmark for listing performance.
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