Groww, the largest online investing platform in India, is set to file for an IPO in Mumbai next week. The company aims to raise between $650 million and $800 million, potentially reaching a valuation of $8 billion. Should this occur, Groww would surpass its competitor Angel One, which is valued at approximately $2.3 billion. The size of the IPO may vary if new regulations permit larger companies to offer fewer shares to the public. Financial institutions such as JPMorgan, Kotak, Citigroup, Axis, and Motilal Oswal are assisting with the IPO process. As of August, Groww reported over 12 million active users on the NSE, accounting for 26% of all users.
The platform is supported by Microsoft CEO Satya Nadella, along with investors including Peak XV, Ribbit Capital, and Tiger Global.