Investment platform Groww has filed an updated draft red herring prospectus with the market regulator, seeking to raise Rs 1,060 crore in fresh capital through an initial public offering (IPO) that will see major Silicon Valley investors cash out significant stakes.
The Bengaluru-based company, operated by Billionbrains Garage Ventures Limited, plans to combine the fresh issue with a substantial secondary sale of up to 574.2 million shares by existing shareholders, according to regulatory filings reviewed Tuesday.
Peak XV Partners leads the selling shareholders with 158.3 million shares on offer, followed by Y Combinator’s YC Holdings II, with 105.5 million shares. Ribbit Capital is selling 65.7 million shares directly, with its GW-E Ribbit Opportunity V entity offloading an additional 52.5 million shares.
Tiger Global’s Internet Fund VI plans to sell up to 64.8 million shares, while Kauffman Fellows Fund is offering 27.5 million shares.
The company’s four co-founders—Lalit Keshre, Harsh Jain, Ishan Bansal, and Neeraj Singh—are each selling up to 1 million shares, a fraction compared to the venture capital exits.
The company competes with established players like Zerodha and newer entrants such as Upstox in India’s increasingly crowded retail brokerage space.
Edited by Kanishk Singh
