Groww, India’s largest retail brokerage platform, is gearing up to enter the country’s public markets with a multi-billion-dollar IPO. This milestone comes just over a year after the company shifted its corporate headquarters from Delaware back to India — a move that positions it as the first Indian startup to list domestically after relocating from the U.S.
The Bengaluru-based firm counts Microsoft CEO Satya Nadella among its backers, along with major investors such as Peak XV Partners, Y Combinator, Ribbit Capital, and Tiger Global. According to the draft IPO papers filed on Tuesday, Groww’s listing is expected later this year and will serve as a major exit opportunity for global venture capital funds. Together, the four firms are offloading about 394 million shares — nearly 9.4% of Groww’s equity base — making up around 69% of the total shares being offered to the public.
The relocation trend isn’t unique to Groww. Other Indian startups such as Pine Labs, Razorpay, Meesho, and Zepto have also shifted their bases back home in recent years. Walmart-backed PhonePe moved its headquarters from Singapore to India in 2022, while Flipkart — once its parent company — similarly announced plans to relocate from Singapore to India earlier this year. Notably, Groww paid about $159 million in taxes to complete its move from the U.S. in 2023.
For startups, returning to India provides strategic advantages: closer alignment with local regulations, eligibility for domestic stock listings, and access to India’s rapidly expanding retail investor base. With IPO appetite rising and capital markets gaining depth, India has become an increasingly attractive alternative to overseas listings.
Interestingly, while U.S. investors are set to offload a significant portion of their holdings, Groww’s founders — Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal — are selling only about 4 million shares, representing just 0.7% of the total offer for sale. This small stake sale signals that the founders intend to retain nearly all their equity, unlike the early investors who view the IPO as a timely exit route.
