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Billionbrains Garage Ventures Ltd
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We are a direct-to-customer digital investment platform that provides multiple financial products and services. We were India's largest and fastest growing investment platform by active users on NSE as of June 30, 2025, according to the Redseer Report. With Groww, customers can invest and trade in stocks (including via IPOs), derivatives, bonds, mutual funds and other products. They can also avail margin trading facility and personal loans. We provide a customer friendly design on our Groww app and website and deploy an in-house technology platform to enhance the investing experience.
Lot150Min Invest₹15,000Face Value₹2Issue Size₹6,632 CrFresh Issue₹1,060 CrOffer for Sale₹5,572 CrListing Price₹114CMP₹182
Timeline
4 Nov
Bidding opens
7 Nov
Bidding closes
10 Nov
Allotment
11 Nov
Refund & demat credit
12 Nov
Listing
Subscription
Subscription opens once dates are announced
Reports
Offer Details
Terms
Issue Size₹6,632 Cr66.32 Cr shares
Fresh Issue₹1,060 Cr
Offer for Sale₹5,572 Cr
Face Value₹2
Lot Size150 shares
ReservationQIB 75% · NII 15% · RETAIL 10%
Application Sizes
Retail₹15,0001-13 lots
sNII₹2,10,000from 14 lots
bNII₹10,05,000from 67 lots
Managers & Registrar
Lead ManagerKotak Mahindra Capital Company Limited
Co-ManagerJ.P. Morgan India Private Limited, Citigroup Global Markets India Private Limited, Axis Capital Limited, Motilal Oswal Investment Advisors Limited
RegistrarMUFG Intime India Pvt Ltd
Ownership & Proceeds
Offer for Sale
Selling ShareholderShares OfferedAmt ₹ CrPeak XV Partners Investments VI-1OTH15,82,81,4911,582.81YC Holdings II, LLCOTH10,54,81,6091,054.82Ribbit Capital V, L.P.OTH6,56,68,147656.68GW-E Ribbit Opportunity V, LLCOTH5,24,64,086524.64Internet Fund VI Pte. Ltd.OTH5,18,42,810518.43Sequoia Capital Global Growth Fund III - U.S./India Annex Fund, L.P.OTH1,47,23,398147.23Propel Venture Partners Global US, LPOTH1,62,66,356162.66Kauffman Fellows Fund, L.P.OTH2,75,05,088275.05Friále Fund IV LLCOTH1,13,43,750113.44Alkeon Innovation Master Fund II, LPOTH1,87,07,370187.07Alkeon Innovation Master Fund II, Private Series, LPOTH1,74,53,620174.54Alkeon Innovation Master Fund, LPOTH81,18,00081.18Alkeon Innovation Opportunity Master Fund, LPOTH4,21,2484.21Nirman Investments, L.P.OTH59,68,70059.69Nirman Holdings, L.P.OTH29,84,37829.84Total55,72,30,0515,572.30
Shareholding
CategoryPre IPOPost IPOPromoter Group28%27.82%Public72%72.18%
Objects of the Issue
- Expenditure towards cloud infrastructure
- Brand building and performance marketing activities
- Investment in one of our Material Subsidiaries, GCS, an NBFC, for augmenting its capital base
- Investment in one of our Material Subsidiaries, GIT, for funding its MTF business
- General corporate purposes
Financials
Profit & Loss
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| RevenueCr | 1,142 | 2,609 | 3,902 | 4,645 | 5,724 |
| Operating ProfitCr | 399 | 565 | 2,372 | 2,746 | 3,598 |
| OPM% | 34.9 | 21.7 | 60.8 | 59.1 | 62.9 |
| PBTCr | 504 | -618 | 2,464 | 2,821 | 3,657 |
| PATCr | 458 | -805 | 1,824 | 2,083 | 2,693 |
| EPS | 1 | -2 | 3 | 3 | 4 |
Balance Sheet
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| Equity CapitalCr | 21 | 21 | 366 | 1,248 | 1,248 |
| ReservesCr | 3,252 | 2,478 | 4,446 | 8,404 | 10,320 |
| BorrowingsCr | 0 | 24 | 544 | 224 | 21 |
| Fixed AssetsCr | - | - | 83 | 253 | 229 |
| Total AssetsCr | 4,808 | 8,018 | 10,077 | 18,541 | 19,792 |
Cash Flow
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| Operating Cash FlowCr | 548 | 885 | -962 | -21 | - |
| Investing Cash FlowCr | -371 | -911 | 140 | -1,351 | - |
| Financing Cash FlowCr | -5 | 4 | 876 | 2,175 | - |
| Net Cash FlowCr | 172 | -22 | 53 | 804 | - |
Strengths & Risks
Strengths · as stated in the DRHP
- "Groww" is a well-known and preferred brand for investing across cities, towns and villages in India
- We have high customer retention, engagement and price in-elasticity.
- Customer-friendly design for enhancing investing experience.
- In-house technology stack to deliver a differentiated experience at low cost.
- Entrepreneurial and ownership-driven culture.
- Strong execution delivering growth and profitability.
Strategies · as stated in the DRHP
- Continue to strengthen our brand.
- Launch more products and services for both affluent and aspirational customers.
- Invest in technology.
- Pursue strategic acquisitions and investments.
Risks · as stated in the DRHP
- Any downturn or disruption of the financial markets, which are affected by general economic, policy and market conditions in India and globally, may have a material adverse effect on our business and financial condition.
- Uninterrupted access to our technology platform is essential to our business. System failures and interruptions could adversely affect the availability or performance of our website, mobile applications or platform, and thereby adversely impact our business, financial condition and results of operations.
- We derived 84.50% and 79.49% of our revenue from operations from our Broking services in Fiscal 2025 and in the three months ended June 30, 2025, respectively. Any downturn in customers' willingness to use our Broking services could have an adverse impact on our business, financial condition and cash flows.
- Changing laws, rules and regulations may adversely affect our business, prospects and results of operations.
- Our success depends on our ability to acquire and retain customers on our platform. Any failure to do so could have an adverse impact on our operations, financial condition and results of operations.
- We incurred losses in Fiscals 2024 and generated profits in Fiscal 2023, Fiscal 2025 and in the three months ending June 30, 2025 and 2024, respectively. If we are unable to generate adequate revenue growth and manage our expenses and cash flows as we grow, we may not be able to sustain our profitability.