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Investment tech unicorn Groww has received the go-ahead from the public markets regulator for its public float, two sources close to the development confirmed to Inc42. The approval comes about three months after Groww filed its IPO papers with the SEBI through the confidential route.
As per sources, Groww would be eyeing the raise of $800 Mn to $1 Bn from the IPO which would value the startup in the range of $7 Bn to $8 Bn. This makes it one of the largest public issues from a new-age fintech startup, and close to Paytm’s public fundraise in 2021.
The company last raised $200 Mn in its Series F funding round in June earlier this year at a valuation of $7 Bn. Earlier reports had also suggested that the IPO could be at a “conservative” valuation ofaround $8 Bn.
In the fiscal year FY25, Groww’s net profit grew three fold year-on-year (YoY) to INR 1,818 Cr. Meanwhile, its operating revenue for the fiscal stood at INR 4,056 Cr, a near 29% jump from INR 3,145 Cr reported in FY24.
Moneycontrol was the first to report the development. Groww declined to comment when Inc42 reached out with questions about the SEBI approval.
(The story will be updated shortly.)
The post SEBI Clears Groww’s IPO; Expected To Raise Up To $1 Bn appeared first on Inc42 Media.
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