Billionbrains Garage Ventures Limited is launching its Initial Public Offering (IPO) to raise funds for investment in subsidiaries, brand building, and expenditure for cloud infrastructure. The ipo size aggregates up to Rs. 6,632.30 crore, comprising a fresh issue of 10.60 crore equity shares totaling Rs. 1,060 crore and an offer for sale of 55.72 crore shares worth Rs. 5,572.30 crore.
Groww IPO price band is set at Rs. 95 to Rs. 100 per share. The IPO opens for subscription on November 4, 2025, and closes on November 7, 2025. The shares will be listed on NSE and BSE on Wednesday, November 12, 2025. Here’s everything you need to know.
GMP of Billionbrains Garage Ventures Limited IPO
As of November 3rd, 2025, the shares of Billionbrains Garage Ventures Limited in the grey market were trading at a 14.50 percent premium. The shares in the Grey Market traded at Rs. 114.5. This gives it a premium of Rs. 14.5 per share over the cap price of Rs. 100.
Overview of Billionbrains Garage Ventures Limited (Groww)
Billionbrains Garage Ventures Limited, widely recognized as Groww, is a Bengaluru-based fintech company incorporated in 2017. It offers a direct-to-customer digital investment platform that enables retail investors to invest in mutual funds, stocks, derivatives, ETFs, IPOs, digital gold, and U.S. equities. Known for its user-friendly app and seamless interface, Groww has become one of India’s most preferred platforms for new-age investors.
The company also provides value-added services such as Margin Trading Facility (MTF), algorithmic trading, New Fund Offers (NFOs), and credit solutions to enhance investor experience. Its business model focuses on expanding its customer base and strengthening long-term relationships through diversified financial products.
As of June 30, 2025, Groww employed 1,415 professionals. With its strong technology foundation and customer-centric approach, the company continues to empower millions of Indians in their wealth creation journey.
Promoters of Billionbrains Garage Ventures Limited
The promoters of Billionbrains Garage Ventures Limited include Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal. These individuals bring extensive experience in technology, finance, and business management. Their combined vision has been instrumental in building Groww into one of India’s leading investment platforms.
Selling Shareholders of Billionbrains Garage Ventures Limited
In the Billionbrains Garage Ventures Limited IPO, several investor shareholders are selling shares through the Offer for Sale. Peak XV Partners Investments VI-1 will sell up to 15.83 crore equity shares. YC Holdings II, LLC will sell up to 10.55 crore equity shares. Ribbit Capital V, L.P. will sell up to 6.57 crore equity shares. GW-E Ribbit Opportunity V, LLC will sell up to 5.25 crore equity shares. Internet Fund VI Pte. Ltd. will sell up to 5.18 crore equity shares.
Kauffman Fellows Fund, L.P. will sell up to 2.75 crore equity shares. Alkeon Innovation Master Fund II, LP will sell up to 1.87 crore equity shares. Alkeon Innovation Master Fund II, Private Series, LP will sell up to 1.75 crore equity shares. Propel Venture Partners Global US, LP will sell up to 1.63 crore equity shares. Sequoia Capital Global Growth Fund III – U.S./India Annex Fund, L.P. will sell up to 1.47 crore equity shares. Together, these investor shareholders are offering a total of 55.72 crore equity shares of face value Rs. 2 each through the Offer for Sale.
Lead Managers of Billionbrains Garage Ventures Limited IPO
The book-running lead managers of the Billionbrains Garage Ventures Limited IPO are Kotak Mahindra Capital Company Limited, J.P. Morgan India Private Limited, Citigroup Global Markets India Private Limited, Axis Capital Limited, and Motilal Oswal Investment Advisors Limited.
Further, MUFG Intime India Private Limited acts as the registrar for the issue. The registrar for the IPO ensures smooth share allocation and investor communication.
Objectives of the IPO Offer
Billionbrains Garage Ventures Limited’s IPO proposes to utilize the net proceeds for five primary objectives. The company will allocate Rs. 152.50 crore towards cloud infrastructure to enhance its technology capabilities and scalability.
Additionally, Rs. 225 crore will be invested in brand building and performance marketing to strengthen customer acquisition and retention. A sum of Rs. 205 crore will be directed towards investment in Groww Creditserv Technology Private Limited (GCS), an NBFC, for augmenting its capital base.
Further, Rs. 167.50 crore will be utilized for investment in Groww Invest Tech Private Limited (GIT) to support its margin trading facility business. The remaining funds will be deployed towards inorganic growth through acquisitions and for general corporate purposes to support long-term expansion.
Financial Analysis of Billionbrains Garage Ventures Limited
Coming into financial highlights, Billionbrains Garage Ventures Limited’s consolidated revenue from operations has increased from Rs. 2,609.28 crore in FY24 to Rs. 3,901.72 crore in FY25, which represents a growth of 49.53 percent. The net profit of the company has converted from negative to positive, from a net loss of Rs. 805.45 crore in FY24 to a net profit of Rs. 1,824.37 crore in FY25.
In the June Quarter 2025, Billionbrains Garage Ventures Limited has reported a consolidated revenue from operations of Rs. 904.40 crore and a net profit of Rs. 378.37 crore. The company has an earnings per share (EPS) of Rs. 3.34. Billionbrains Garage Ventures Limited has a PAT Margin of 44.92 percent and an EBITDA Margin of 59.11 percent.
Further, Billionbrains Garage Ventures Limited’s revenue and net profit have grown at a CAGR of 84.88 percent and 99.64 percent, respectively, over the last two years.
Billionbrains Garage Ventures Limited Vs Peers (Domestic & Global)
Billionbrains Garage Ventures Limited reported revenue from operations of Rs. 3,901.72 crore and a Return on Net Worth (RoNW) of 37.57 percent. In comparison, Angel One Limited recorded revenue of Rs. 5,238.38 crore with a RoNW of 20.85 percent, while Motilal Oswal Financial Services Limited posted Rs. 8,339.05 crore in revenue and a RoNW of 22.64 percent.
360 One WAM Limited achieved revenue of Rs. 3,295.09 crore with a RoNW of 14.37 percent, and Nuvama Wealth Management Limited reported Rs. 4,158.27 crore in revenue with a RoNW of 28.22 percent. Prudent Corporate Advisory Services Limited earned Rs. 1,103.56 crore in revenue and recorded a RoNW of 29.30 percent.
Among global peers, Robinhood Markets Inc. posted revenue of Rs. 24,493.30 crore with a RoNW of 17.70 percent, while Interactive Brokers Group Inc. reported Rs. 43,035.56 crore in revenue with a RoNW of 17.64 percent. Nordnet AB achieved Rs. 4,379.03 crore in revenue and a RoNW of 35.45 percent.
Billionbrains Garage Ventures Limited’s net asset value per share stands at Rs. 8.89, compared to Rs. 623.72 for Angel One Limited, Rs. 185.24 for Motilal Oswal Financial Services Limited, Rs. 188.89 for 360 One WAM Limited, Rs. 979.11 for Nuvama Wealth Management Limited, and Rs. 161.25 for Prudent Corporate Advisory Services Limited. In contrast, Robinhood Markets Inc., Interactive Brokers Group Inc., and Nordnet AB reported Rs. 750.95, Rs. 3,258.99, and Rs. 268.47 per share, respectively.
Strengths of Billionbrains Garage Ventures Limited
- Strong brand identity through Groww, a trusted digital investment platform.
- Diverse financial offerings spanning equities, mutual funds, and lending products.
- Experienced promoters with deep expertise in technology and finance.
- Scalable digital infrastructure supporting rapid user acquisition and engagement.
- Focus on innovation and AI-driven insights to improve customer experience.
Weaknesses of Billionbrains Garage Ventures Limited
- High dependency on retail investor participation for revenue generation.
- Competitive pressure from established and emerging fintech companies.
- Regulatory changes could impact certain business operations.
- Heavy reliance on technology may expose it to cybersecurity risks.
- Profitability depends on maintaining strong market growth and user retention.
Conclusion
Billionbrains Garage Ventures Limited’s IPO presents an opportunity for investors to participate in India’s evolving fintech story. The company’s focus on innovation, diversified financial services, and strong promoter background supports its long-term growth prospects.
However, investors should evaluate its valuation, competition, and market risks before subscribing to the IPO. The offering could attract substantial interest given the brand’s recognition and robust performance in the financial technology sector.
Written By – Nikhil Naik
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