Groww IPO: Top 5 early investors to pocket Rs 4,340 crore, set for up to 5,135% windfall as fintech unicorn readies for listing

The top five early backers of online brokerage Groww are set to cash out with extraordinary gains as the Bengaluru-based fintech gears up for one of India’s most anticipated IPOs of the year. The Offer for Sale (OFS) in Groww’s public issue will see marquee investors, including Peak XV Partners, Y Combinator, and Ribbit Capital, collectively pocket around Rs 4,340 crore, unlocking returns of up to 5,135%.

The IPO, which opens on November 4 and closes on November 7, has been priced in the range of Rs 95–100 per share, valuing Groww’s parent company, Billionbrains Garage Ventures, at around $8 billion (Rs 70,400 crore). The issue will comprise a fresh issue of Rs 1,060 crore and an OFS of 55.72 crore shares by early investors.

Peak XV, Y Combinator lead the windfall race

Among the top sellers, Peak XV Partners Investments VI-1 is set to offload 15.83 crore shares, originally bought at a weighted average cost of Rs 1.91 per share. The fund’s Rs 30.23 crore investment will now be worth Rs 1,582.81 crore at the upper end of the price band, a staggering 5,135% return.

YC Holdings II, LLC, another early backer, will sell 10.54 crore shares, acquired at Rs 3.45 per share, turning its Rs 36.39 crore investment into Rs 1,054.81 crore, a 2,798% return.

Venture capital firm Ribbit Capital V, L.P will also reap big rewards, selling 6.56 crore shares bought at Rs 2.30 apiece, translating its Rs 15.10 crore investment into Rs 656.68 crore, or a 4,247% gain.

Tiger Global and Ribbit-linked fund also cash in

Another Ribbit-linked entity, GW-E Ribbit Opportunity V, LLC, will offload 5.24 crore shares, originally purchased at Rs 37.87 apiece. Its Rs 198.68 crore investment will rise to Rs 524.64 crore, implying a 164% return.Meanwhile, Internet Fund VI Pte. Ltd., a Tiger Global entity, will sell 5.18 crore shares, acquired at Rs 21.97 each. Its Rs 113.89 crore investment will swell to Rs 518.4 crore, marking a 355% return.Together, these five investors — Peak XV Partners, YC Holdings, Ribbit Capital, GW-E Ribbit Opportunity V, and Tiger Global’s Internet Fund VI — will unlock about Rs 4,340 crore through the OFS at the top end of the price band.

Other selling shareholders in the OFS include Kauffman Fellows Fund, Alkeon Innovation Master Fund II, Alkeon Innovation Master Fund II Private Series, Propel Venture Partners Global US, and Sequoia Capital Global Growth Fund III – U.S./India Annex Fund.

IPO details and market backdrop

The IPO will open for public subscription on November 4 and close on November 7. It comprises a fresh issue of Rs 1,060 crore and an OFS of 55.72 crore shares by early investors including Peak XV Partners, Ribbit Capital, Y Combinator, Tiger Global, and Kauffman Fellows Fund.

Groww’s parent, Billionbrains Garage Ventures, is targeting a valuation of up to $8 billion (about Rs 70,400 crore) through the offering. The issue will be managed by Kotak Mahindra Capital, JP Morgan India, Citigroup Global Markets India, Axis Capital, and Motilal Oswal Investment Advisors.

The listing follows a blockbuster October for IPOs, featuring Tata Capital’s Rs 15,500 crore issue and LG Electronics India’s Rs 11,600 crore offering, with Lenskart’s Rs 2,150 crore IPO also slated to open on October 31.

A fintech success story?

Founded in 2016, Groww has evolved from a stockbroking app into a full-fledged financial services marketplace, spanning wealth management, commodities, margin trading facilities, and loans against shares.

The company reported a net profit of Rs 1,824 crore in FY25, marking a sharp turnaround from a loss of Rs 805 crore in FY24, as revenues surged 49% year-on-year to Rs 3,902 crore. In Q1 FY26, it posted Rs 904 crore in revenue and Rs 378 crore in profit, underscoring sustained growth momentum.

As of June 2025, Groww had 12.6 million active clients on the National Stock Exchange (NSE), commanding a 26.3% share among retail investors — putting it nearly on par with industry leader Zerodha.

While brokers face regulatory uncertainty around futures and options (F&O) trading, Groww’s diversified model and consistent profitability have strengthened investor confidence ahead of the listing.

If the IPO sails through, Groww could cement its place among India’s most successful fintech stories, joining the ranks of Paytm and Zomato — but with a stronger balance sheet and a sharper focus on profitability.