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Total Issue Size
Fresh Issue + Offer For Sale
Fresh Issue (FI)
Proceeds go to the company
Offer For Sale (OFS)
Proceeds go to the existing investors
Cloud infrastructure
Capital spending on the cloud systems that run the trading and investing platform.
Brand building and performance marketing
Advertising and customer acquisition activity intended to widen the platform's user base.
Investment in the lending subsidiary
Capital infused into the group's non-banking finance subsidiary to support the growth of its loan book.
Investment in the margin trading subsidiary
Capital infused into the subsidiary that funds the margin trading facility offered to customers.
Inorganic growth and general corporate purposes
Funding for possible acquisitions and for the company's general corporate requirements.
(₹ in Crore)
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Billionbrains Garage Ventures Limited is the parent company of Groww, a Bengaluru based digital investment platform that sells directly to retail customers. Through a single mobile first application it lets individuals buy and sell stocks, invest in direct mutual funds, apply to public issues, and take positions in exchange traded funds, futures and options, bonds and digital gold. Alongside the core broking business it runs a margin trading facility, distributes mutual funds, and operates lending and asset management arms through subsidiaries. The business was founded in 2016 by a group of former Flipkart managers and the holding company was incorporated in January 2018. It has grown into the country's largest retail stockbroker measured by active clients on the National Stock Exchange, with roughly 12.6 million active customers and a market share of about 26 percent as of June 2025. The platform is built on an in house technology stack, onboarding is paperless, and the company invests heavily in investor education content to bring first time investors into formal markets. Revenue rose from about 1,261 crore rupees in FY2023 to roughly 4,062 crore rupees in FY2025, and the company returned to profit in FY2025 with a profit after tax of about 1,824 crore rupees after a loss in FY2024 that arose largely from a one time charge tied to shifting its domicile to India. Broking commissions supply the large majority of income, which ties the company's fortunes closely to retail trading volumes, to the regulatory treatment of derivatives, and to its ability to keep widening the set of products a customer uses on the platform.
The day before the issue opened, the company placed 29,84,53,523 shares with more than 100 anchor investors at the upper band price of 100 rupees a share, raising about 2,984.54 crore rupees. The book drew large global institutions including Goldman Sachs, Morgan Stanley, the Government of Singapore, the Monetary Authority of Singapore and the Abu Dhabi Investment Authority, alongside leading domestic fund houses such as SBI Mutual Fund, HDFC Asset Management, Kotak Mahindra Asset Management and Axis Mutual Fund.
Source: RHP • Analysis provided for informational purposes
Last Updated: 13 July 2026, 1:20 AM
Largest retail broker by active clients
The platform holds roughly a quarter of all active clients on the National Stock Exchange, with about 12.6 million active customers as of June 2025, which gives it the biggest retail footprint of any Indian broker.
Strong brand recall with first-time investors
The company is widely recognised among younger and newer investors, and that recognition lowers the cost of acquiring each additional customer relative to rivals who must buy attention.
Profitable at scale with high margins
FY2025 revenue of about 4,062 crore rupees converted into roughly 1,824 crore rupees of profit, a margin near 45 percent, which is unusually high and reflects the low marginal cost of serving an extra user.
Simple mobile-first product
The application is deliberately pared back and easy to navigate, which suits customers making their first investment and helps explain the platform's high rates of customer retention.
Technology built in-house
Owning its own technology stack rather than licensing one lets the company control the customer experience and keep the cost of serving each account low as volumes grow.
Revenue concentrated in broking
Broking supplies roughly 85 percent of income, so a slowdown in retail trading, or a shift in customer behaviour away from active trading, would hit the top line directly.
Exposure to regulatory change
Rules governing derivatives trading and the fees a broker may charge have been tightened before and could be tightened again; such changes affect the most profitable part of the business.
Dependence on market conditions
Trading volumes rise and fall with market sentiment, so a prolonged downturn would reduce both how often customers trade and how many new ones sign up.
Billionbrains Garage Ventures Limited
Vaishnavi Tech Park, South Tower, 3rd Floor, Sarjapur Main Road, Bellandur, Bengaluru, Karnataka 560103, India
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Reliance on continuous system uptime
The entire business runs through one digital platform, so an outage, a failed upgrade or a security breach during market hours would carry immediate financial and reputational cost.
Competition from established and new brokers
Discount brokers, bank-backed platforms and newer entrants compete for the same retail customers, and price competition in a commoditised service can erode the fees the company earns.