Groww (Billionbrains Garage Ventures Limited)

About the company

Billionbrains Garage Ventures Limited, operating under the brand Groww, is one of India’s leading direct-to-customer (D2C) digital investment platforms. The company allows retail investors to invest and trade easily across a variety of financial products like stocks, derivatives, mutual funds, bonds, and IPOs. The company had 1.44 crore active users as of June 30, 2025 and 1.81 crore transacting users, while its investment app has 10 crore cumulative downloads. The company has a diverse customer base in India with a presence in 98.36% of pin-codes as of June 30, 2025, and ~81% active users are outside the top-6 cities, highlighting its deep penetration across cities, towns and villages in India. In FY25, the company had an active user base of 1.39 crore users, rising 47.8% YoY. Between FY23 and Q1FY26, the active user base grew at a CAGR of 52.74%. Meanwhile, the platform's Annual Average Revenue per User (AARPU) rose to ₹3,339.28 from ₹2,540.99 in FY23. Daily active users (DAU) and Monthly active users (MAU) stood at 71 lakh and 1.26 crore, respectively, during the same period. Groww's user base is dominated by young investors, with ~45% of them being below 30 years of age, while ~21% are between the ages of 31 and 35. Nearly 43.21% of new transacting customers of FY25 are first-time demat account holders of Groww, while the average daily time spent on the platform by active users (individually) was 65.50 minutes in FY25, which is also reflected in the DAU/MAU ratio of transacting users, which stood at 56.29% in FY25. The company relies on its in-house technology to deliver a better experience for customers. Its systems have the bandwidth to handle approximately five crore users simultaneously and execute approximately 5 crore orders per day. Its in-house payment gateway, Groww UPI (GUPI), processed 77.84% of overall deposit transactions during Q1FY26, compared to 56.75% for Q1FY25. Additionally, the platform uses machine learning and artificial intelligence for fraud prevention, customer onboarding, and customised user experiences. Three-year retention rate of the company stood at 77.7% and is growing amid multi-product adoption. Roughly 0.57 crore customers now use more than one product, and the AARPU for multi-product customers was 1.32x higher as compared to platform AARPU. The company is diversifying further with products like "W by Groww" for affluent users and Groww AMC through the acquisition of Indiabulls Asset Management Company. The total addressable market of India's wealth and investment management industry is expected to grow from ₹1.1 trillion in FY25 to ₹2.2–2.6 trillion by FY30. Penetration is still low, with just 16–18% of adults having demat accounts and about 5% active broking accounts in CY24, as opposed to 62% in the US. With a fast-growing retail investor base poised to increase from 6.6–7.2 crore to 12–13 crore users. Groww, with its extensive digital presence in 98.36% of Indian pin codes and dominance in active NSE users, is well-positioned to grow. The company continues to expand its share in the market, build new products, services and features for its customers, invest in technology and pursue strategic acquisitions and investments. Now, Billionbrains Garage Ventures is launching its initial public offering (IPO), which consists of a fresh issue of ₹1,060 crore and an offer for sale of ₹5,572.30 crore. The total issue size of the IPO is ₹6,632.30 crore. Its shares will be listed on the NSE and BSE.

Financial performance (₹ Cr)

Subscription breakup (final, times)

IPO Roadmap / Timeline

1. IPO Opens

   Completed
   04 Nov 2025

   Bidding starts for all investor categories

2. IPO Closes

   Completed
   07 Nov 2025

   Last day to place your bid

3. Basis of Allotment

   Completed
   10 Nov 2025

   Share allotment finalised

4. Refund Initiation

   Completed
   11 Nov 2025

   Refunds credited for non-allottees

5. Credit to Demat

   Completed
   11 Nov 2025

   Allotted shares credited to demat account

6. Listing on Exchange

   Completed
   12 Nov 2025

   Shares list on NSE / BSE

Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.