Groww: India's Largest Retail Investing App

Groww at a Glance

What Is Groww?

Groww is an investment platform that lets Indian retail users invest in direct (commission-free) mutual funds, stocks, F&O derivatives, US stocks, digital gold and IPO applications, all from one app. It was founded in 2016 by Lalit Keshre, Harsh Jain, Neeraj Singh and Ishan Bansal — four engineers who had worked together at Flipkart — on the idea that mutual fund investing in India was needlessly complicated for first-time investors. Groww launched as a mutual-fund-only app, then expanded into full stockbroking as its user base matured into active traders. The company listed on the NSE and BSE in November 2025, becoming one of the largest India-focused fintech IPOs of the year.

Business Model

Groww's core mutual fund product is free to use — it earns no commission on direct plans, which was central to its early growth and trust-building. Revenue instead comes primarily from brokerage fees on stock and F&O trades, since active trading carries per-order charges. On top of that, Groww earns account maintenance charges (AMC) on demat accounts, transaction fees on IPO applications, interest income on client funds held in transit, and referral or distribution income from partner insurance and lending products. As Groww's audience has shifted from purely mutual-fund savers toward active stock and derivatives traders, brokerage-linked revenue has become a larger share of the business — the same shift that discount brokers like Zerodha, Upstox and Angel One have all leaned into as India's retail trading volumes have grown.

Funding History

Groww raised a cumulative ~$595 million in primary funding across seven private rounds between 2018 and June 2025, per Inc42 and Tracxn deal-tracking data, before its ₹6,632.30 crore IPO — comprising a ₹1,060 crore fresh issue and a ₹5,572.30 crore offer-for-sale — priced at ₹95–100 per share. The issue was oversubscribed roughly 17.6 times, and shares listed on 12 November 2025.

Market Position and Competition

Groww's most direct competitor is Zerodha, India's original discount broker and long-time market-share leader, alongside Upstox, Angel One and newer entrant Dhan. Groww's edge has historically been distribution and interface simplicity rather than product depth: it won a large share of India's first-time investors by making mutual fund SIPs feel as easy as any consumer app, then converted a portion of that user base into active traders as it added stockbroking. Its scale in active client accounts is now comparable to or ahead of Zerodha's by most industry estimates, though profitability per client and trading-volume market share still vary by broker and reporting period.

Recent Developments (2025–2026)

• June 2025: Raised $202.3 million in a Series F round led by GIC, at a reported valuation of approximately $7.1 billion — its final private round before going public.
• November 2025: IPO opened 4 November, closed 7 November, and shares listed on the NSE and BSE on 12 November 2025, at a price band of ₹95–100 and an issue size of ₹6,632.30 crore.
• Since listing: As a public company, Groww's revenue, profitability, active client counts and shareholding pattern are now disclosed through periodic stock-exchange filings rather than private funding announcements, giving far more granular visibility than most startups on this list.

Frequently Asked Questions

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Curious how Groww's biggest rival built its business? Read our Zerodha analysis →. For the complete list of startups WorthScale has covered, visit the startups hub →.