Groww, India’s fast-rising retail investment platform, is preparing for a historic market debut — a multi-billion-dollar IPO on Indian exchanges. The move follows the company’s decision to shift its corporate domicile from Delaware back to India, a process known as a reverse flip, making it the first major Indian startup to attempt a public listing after such a transition.
This decision reflects a broader trend encouraged by policymakers: Indian startups, many of which were originally incorporated abroad to access global capital, are increasingly re-evaluating the benefits of “coming home.” By redomiciling, Groww clears structural and regulatory complexities that often delay IPOs, while aligning more closely with Indian regulators and domestic investors.
The IPO is expected to combine both a fresh equity raise and a large secondary sale. Global investors — including Peak XV Partners, Y Combinator, Ribbit Capital, Tiger Global, and Microsoft’s Satya Nadella — are preparing to offload a portion of their stakes, with an estimated 9–10% of the company set to change hands.
What makes this IPO stand out is the founders’ stance. Lalit Keshre, Harsh Jain, Ishan Bansal, and Neeraj Singh are retaining nearly all their equity, sending a clear signal of long-term confidence in Groww’s trajectory.
The platform’s metrics underline that confidence: tens of millions of demat accounts, robust revenue growth, and expanding market share in a highly competitive brokerage industry. Analysts view this IPO as not only a funding milestone but also a test case for India’s capital markets — proving whether domestic exchanges can provide the scale, liquidity, and valuations that previously drove startups to incorporate overseas.
If successful, Groww’s listing could set a precedent for other Indian unicorns to reverse flip and pursue IPOs at home, deepening India’s ambition to be both the birthplace and the marketplace for its most valuable startups.
