Groww Plans $8 Billion IPO Backed by Microsoft CEO Satya Nadella
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Backed by Satya Nadella, Groww gears up for a blockbuster $8B IPO, set to become India’s biggest brokerage.
Groww, India’s biggest online investing platform, is getting ready to file for an IPO in Mumbai next week.
The company wants to raise $650–800 million and could be valued at up to $8 billion.
If that happens, Groww will become India’s largest brokerage. Its rival Angel One is worth about $2.3 billion.
The IPO size may change if new rules allow big firms to sell fewer shares to the public.
Banks like JPMorgan, Kotak, Citigroup, Axis, and Motilal Oswal are helping with the IPO.
As of August, Groww had over 12 million active users on the NSE, making up 26% of all users.
Groww is backed by Microsoft CEO Satya Nadella and investors like Peak XV, Ribbit Capital, and Tiger Global.
