An INR 6,632 Cr issue, overbought 17.6 times at close, sending the valuation of the company to a staggering INR 61,700 Cr (nearly $7 Bn) – the Groww IPO has been the largest fintech public float this year, beyond doubt.

“The IPO response exceeded all our expectations. It validates years of belief – not just from investors, but from customers who’ve trusted us through multiple market cycles.” Harsh Jain, the co-founder and COO of Groww, told Inc42.

What next? The question stares at Groww as the euphoria settles down and it gears up to list its shares on November 12. Groww is likely to list with a P/E multiple of 33-34x – at a little premium over its listed peer like Angel One that’s trading at 19-22x P/E multiple.

The leadership at the millennial-friendly app has clarity in vision. The IPO may be a milestone, but the real challenge starts now – to scale sustainably, diversify beyond broking, and preserve the culture that brought it here. “I would say these events – such as the IPO – are rather good pitstops in our long journey, which has energised our team and, at the same time, made us all anxious,” Jain said.

But, the Groww IPO was more than a mere market event.

For a startup that began its journey in 2016 as a millennial-friendly app to simplify mutual fund investing, Groww’s listing will be a watershed moment with the tech-first investment company debuting in public markets.

After hitting profits in FY25, Groww recorded a 12% on-year increase in its bottom line for Q1 FY26 to INR 378.4 Cr from INR 338 Cr. The next phase will be built on new products and offerings that take Groww beyond its strongholds.

“Mutual funds were our entry point. Once a user trusts you with one financial product, it becomes easier to help them explore others,” Jain said, hinting at the rationale behind Groww’s entry into new verticals and products.

As per the cofounder, the expansion into stocks, derivatives, and ETFs stems from the user journey. “Our platform evolved naturally. Users who began SIPs with us wanted to buy stocks next. Then came demand for margin trading, commodities, and wealth products.”

Unlike fintechs that diversify aggressively for valuation optics,........

© Inc42