Groww
“Can India's largest retail broking app extend into a full financial supermarket — wealth, lending, payments, AMC — before broking commoditizes?”
Founded2016
HQBengaluru, Karnataka, India
FoundersLalit Keshre, Harsh Jain, Neeraj Singh, Ishan Bansal
Total raisedunknown
Latest roundIPO, November 2025
Valuation~$9B (post-IPO market cap)
IndustryFintech / Investment
The story
Groww began in 2016 as a direct mutual fund distributor targeting India's first-time retail investors. It expanded into stock broking (2020), UPI payments via Groww Pay (2021), digital lending via Groww Creditserv (2023), and asset management with Groww AMC. After raising ~$748M in its November 2025 IPO, the company is now explicitly diversifying away from broking — which still drives ~73% of revenue — toward wealth management and lending (lending now ~6% of revenue, ~₹232 crore annually).
Product timeline
2016
Founded as a direct mutual fund investing platform· pivot
2020
Launched stock broking (Groww Invest Tech)· banking
2021
Launched Groww Pay (UPI TPAP via Yes Bank)· banking
2023
Launched Groww Credit (digital lending / loan against MF)· lending
2024
Launched Groww AMC and W by Groww (wealth)· pivot
2025
IPO on BSE/NSE; raised ~$748M, market cap ~$9B· ipo
Regulated entities
6
regulatory licences held by Groww
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
5 layers disclosed in Groww’s embedded-finance stack
Payments / PSP
Groww Pay (self-operated UPI TPAP)
Banking / BaaS
in the full report
Lending
in the full report
Open banking
in the full report
Sponsor bank
in the full report
Accounting gap: none
7 more providers across 4 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.