Groww, backed by Satya Nadella, set to become first Indian startup to go public after U.S.-to-India move | TechCrunch

growing upIndia’s largest retail brokerage firm will test the country’s public markets with a multi-billion-dollar IPO. The list is within a year of the company’s arrival Reorganize its company headquarters Returning to India from Delaware – This move could make it the first Indian startup listed at home after relocating in the United States

With the support of Microsoft CEO Satya Nadella and Marquee Investors, including Y Combinator, Ribbit Capital and Tiger Global, the listing of Groww (which is expected to be later this year) will be the main exit opportunity for global venture funds. According to the draft IPO document Filed Tuesday. This makes them the largest sales group, accounting for 41% of all stocks offered to the public.

Song Laboratory,,,,, Razorpay,,,,, Meeshoand Zepto It is one of the Indian startups that recently moved the base home. Walmart supported phone calls Relocation headquarters From Singapore to India, in 2022, Flipkart – Once its parents and Walmart support, plans to move its headquarters from Singapore to India earlier this year were also announced.

Last year, Groww became one of the first startups to transfer its headquarters from the United States to India. Pay approximately $159 million in tax payments As part of the move.

Relocating their base helps startups align with evolving local regulations and meet domestic stock listing requirements. This also makes sense given the growing retail investor base and the increasing demand for IPOs. This trend reflects the growing maturity and attractiveness of Indian capital markets compared to overseas alternatives.

Although U.S. investors plan to sever most of their shares in Groww, founders Lalit Keshre, Harsh Jain, Neeraj Singh and Ishan Bansal have sold only about 4 million shares, with only a draft prospectus and only 0.7% of the total sales price.

Groww’s founders hold small sales signals for nearly all of their interests, using IPOs as an export route compared to established investors.

Groww plans to raise 10.6 billion rupees (about US$121 million) in new funds from the IPO, as well as 574 million shares conducted by existing shareholders, which are expected to be 5-60 million rupees (about US$56.8-682 million). IPO is Expected The Bangalore-based company is estimated to be $9 billion.

For the fiscal year ended March 31, GRAGW reported total revenue of Rs 40,060 crore (about US$462 million), a year-on-year increase of 45%, and after-tax profit of Rs 1,820 crore (about US$208 million). The startup lost about Rs 8 billion (about $92 million) in net losses, mainly due to the fees tied to its Delaware headquarters relocation.

As of June, Groww had approximately 37.4 million separate DEMAT accounts (digital accounts holding securities electronically), accounting for nearly 19% of the Indian market, and 12.6 million active clients on the national stock exchange equaled 26%. The platform also counts about 17 million active system investment plans (SIP, regular monthly investment) and 9 million unique mutual fund investors, becoming the only investment app in the country with over 100 million cumulative downloads.

JPMorgan Chase, Kotak Mahindra Bank, Citigroup, Axis Bank and Motilal Oswal investment advisors provided advice.