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Groww Unlisted Shares
DRHP Status : DHRP not filed
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Fundamentals About Groww
Downloads & Investor Documents
All documents are provided for informational purposes and are subject to regulatory disclosures.
Key Financials of Groww
| P&L Statement | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 1142 | 2609 | 3902 |
| Cost of Material Consumed | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 |
| Gross Margins | 100 | 100 | 100 |
| Employee Benefit Expenses | 287 | 1188 | 315 |
| Other Expenses | 456 | 856 | 1214 |
| EBITDA | 399 | 565 | 2373 |
| OPM | 34.94 | 21.66 | 60.81 |
| Other Income | 119 | -1160 | 159 |
| Finance Cost | 2 | 4 | 42 |
| D&A | 12 | 20 | 25 |
| EBIT | 387 | 545 | 2348 |
| EBIT Margins | 33.89 | 20.89 | 60.17 |
| PBT | 504 | -618 | 2463 |
| PBT Margins | 44.13 | -23.69 | 63.12 |
| Tax | 46 | 187 | 639 |
| PAT | 458 | -805 | 1824 |
| NPM | 40.11 | -30.85 | 46.75 |
| EPS | 14.16 | -24.85 | 8.9 |
|
Financial Ratios |
2023 | 2024 | 2025 |
|---|---|---|---|
| Operating Profit Margin | 34.94 | 21.66 | 60.81 |
| Net Profit Margin | 40.11 | -30.85 | 46.75 |
| Earning Per Share (Diluted) | 14.16 | -24.85 | 8.9 |
| Assets | 2023 | 2024 | 2025 |
|---|---|---|---|
| Fixed Assets | 14.3 | 57 | 63 |
| CWIP | 0 | 0 | 0 |
| Investments | 1251 | 1448 | 1907 |
| Trade Receivables | 36 | 69 | 97 |
| Inventory | 0 | 0 | 0 |
| Other Assets | 3506.7 | 6444 | 8010 |
| Total Assets | 4808 | 8018 | 10077 |
| Liabilities | 2023 | 2024 | 2025 |
|---|---|---|---|
| Share Capital | 64.7 | 64.8 | 409.7 |
| FV | 2 | 2 | 2 |
| Reserves | 3252 | 2478 | 4446 |
| Borrowings | 0 | 24 | 544 |
| Trade Payables | 1373 | 3926 | 4595 |
| Other Liabilities | 118.3 | 1525.2 | 82.3 |
| Total Liabilities | 4808 | 8018 | 10077 |
About Company
The following table shows a 10-point analysis of Groww (Billionbrains Garage Ventures Limited). We will discuss each point in detail after this table.
| Parameter | Key Numbers | Insights |
|---|---|---|
| Business Overview | FY25 Revenue from Operations ~₹4,061 cr · PAT ~₹1,824 cr · PAT margin ~45% | Leading fintech investment platform offering stocks, mutual funds, IPOs, digital gold, fixed deposits, US stocks & more; India's largest retail broker by active clients; strong retail/SIP focus with simple UI & low costs; diversified into asset management & other verticals; profitable with high operating leverage. |
| Industry & Market Position | Largest retail broker in India by active users (~20M+ transacting) · High market share in mutual funds & stocks · Benefits from digital adoption & retail boom | Dominant in discount broking vs. Zerodha, Upstox; edge from user-friendly app, zero delivery charges & strong brand trust; resilient via recurring revenue & ecosystem strength; exposed to market volumes, regulatory changes (e.g., SEBI norms) & competition. |
| Revenue Growth Trend | FY23–FY25 CAGR ~50%+ (from ~₹1,261 cr to ~₹4,061 cr; strong multi-fold growth) | Explosive expansion from user addition, higher trading volumes & diversification; FY25 surge driven by equity/MF inflows & fee income; outpaced peers amid retail participation boom; sustained momentum into FY26 with Q3 revenue ~₹1,261 cr. |
| Profitability & Margins | Adjusted EBITDA margin ~59% · ROE strong · PAT margin ~45% (turnaround from prior one-offs) | Exceptional profitability from scale & low variable costs; PAT tripled in FY25 after FY24 tax hit; high-quality earnings with recurring brokerage & interest income; superior vs. many fintech peers despite regulatory headwinds. |
| Cash Flow Quality | OCF robust (from fees & ops) · Dividend policy (payouts post-profitability) | Strong cash generation supporting growth & dividends; minimal working capital needs; excellent quality with low volatility & debt-free core. |
| Balance Sheet Strength | Net worth strong (~₹5,000+ cr post-growth) · Debt low/negligible | Extremely conservative & robust; high liquidity & buffers; significant downside protection from equity base & asset-light model; minimal balance sheet risk. |
| Valuation Comfort | Listed price ~₹170–180 (Feb 2026 range) implies P/E ~40–50x (EPS ~₹3–4 est.) | Premium multiple for market leader with high growth & margins; market cap ~₹1,00,000–1,07,000 cr range; justified by scale, profitability & sector tailwinds; reasonable post-IPO despite regulatory pressures. |
| Management & Governance | Founder-led (Lalit Keshre & team) with institutional backing · SEBI-regulated · Clean disclosures | Proven execution in scaling users & profitability; transparent reporting (annual reports, filings); excellent governance standards; benefits from regulatory alignment & investor confidence. |
| Growth Triggers & Catalysts | Retail inflows & SIP momentum · Mutual funds & new products · Market share gains · Listed status (IPO completed Nov 2025) | Organic upside from India's capital market boom, digital adoption & diversification; incremental from user engagement & fee growth; listing enhances liquidity & visibility. |
| Liquidity & Exit Visibility | Listed on NSE/BSE (since Nov 2025) · High trading liquidity post-IPO | Fully liquid post-listing; easy exit via secondary market; reduced risk with public status & institutional interest. |
Groww is a digital investment platform in India that allows users to invest in stocks, mutual funds, ETFs, IPOs, digital gold, and derivatives. It was founded in 2016 by Lalit Keshre, Harsh Jain, Ishan Bansal, and Neeraj Singh, who were formerly at Flipkart. The following are the important points about Groww:
- Groww’s business model is built on being a low-cost, commission‑friendly, tech-first platform, offering zero‑fee (or very low) brokerage for various investment products and making investing accessible to retail users.
- The company is headquartered in Bengaluru, Karnataka, operating via a fully online, paperless platform for account opening, KYC, and trade.
- In FY 2025, Groww reportedly handled ~₹ 340 billion of SIP inflows, giving it a significant share in India’s SIP ecosystem.
Challenges in Groww’s Business
- High competition: The Indian online broking and investing space is crowded, with strong players such as Zerodha, Angel One, and others.
- Regulatory risk: As a stockbroker + investment platform, Groww is exposed to regulatory changes (SEBI, tax, brokerage structure), which could impact its business.
- Reliance on market activity: Its revenue is significantly tied to trading volumes, IPO activity, and retail investor participation; any slowdown could hurt growth.
- Capital intensity for growth: Scaling new business verticals (e.g., margin trading, commodities, lending) requires significant investment in technology and capital
- Profitability pressure & cash burn: Despite growth, newer lines (like lending, wealth products) may take time to become profitable, and operational costs (tech, customer acquisition) remain substantial.
Quick Summary
According to Groww’s own IPO‑prospectus-related data, revenue from operations has grown very rapidly. According to public/IPO‑related data, Groww reported a large net profit in FY 2025 (triple of prior) alongside strong revenue growth. From its investor‑deck / report: Groww’s SIP market share has expanded significantly by FY 2025, with active SIPs share around ~18.5% in June 2025
Shareholding Pattern of Groww
| Name | Holding |
|---|---|
| Promoter And Promoter Groups | 27.96% |
| Others | 72.04% |
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Frequently Asked Questions
These are equity shares of Nextbillion Technology Pvt Ltd (Groww’s parent company), a privately held fintech platform. Since Groww is not yet listed on NSE or BSE, its shares trade privately through platforms like UnlistedKraft.
Yes, UnlistedKraft provides verified access to Groww’s unlisted shares. Once you complete KYC and place an order, shares are credited to your demat account securely within 24 hours.
Unlisted investments carry risks such as low liquidity and limited disclosures. However, Groww is one of India’s top fintech platforms, backed by reputed investors like Tiger Global and Sequoia. Investing via UnlistedKraft ensures a safe, transparent, and verified process.
The price depends on recent grey-market trades, demand from investors, the company’s performance, and overall fintech sector growth. UnlistedKraft updates prices regularly for accuracy.
Yes, a valid demat account is mandatory to receive and hold unlisted shares, including Groww’s.
There’s no fixed holding period unless Groww lists on the stock exchange. Most investors hold till a major liquidity event like an IPO or strategic buyout.
Yes. UnlistedKraft provides a resale option where you can sell your Groww shares, subject to demand and buyer availability.
Yes. As per SEBI rules, pre-IPO unlisted shares come with a six-month lock-in once the company lists on NSE or BSE.
If held for more than two years, gains are taxed as long-term capital gains (20% with indexation). If sold within two years, gains are short-term and taxed as per your income tax slab.
UnlistedKraft ensures verified access to high-potential companies like Groww, with transparent pricing, expert guidance, and fast, secure share transfers to your demat account—making the investment seamless and reliable.
+91-9599071664
amit@unlistedkraft.in