Groww, India’s largest trading app, is seeking a valuation of $7 billion in an IPO

Groww, India’s largest retail stockbroker, is preparing to file for an IPO within 10 to 12 months and is seeking a valuation of $6 billion to $8 billion, sources familiar with the matter told TechCrunch, in what would be a historic stock listing. The country. Financial technology sector.

The listing of the headquarters in Bengaluru will be the first IPO through a digital age trading platform in India. The target assessment, which sources warn may change, is more than that Double its value by $3 billion Since the last funding round in October 2021.

Groww, which counts Peak The startup, which also enables customers to invest in mutual funds and conduct UPI transactions, She moved her homeland to India from the United States last year as part of preparations for its IPO.

The startup declined to comment.

The trading app operator has outperformed rivals in India’s crowded retail investment market. It had 13.2 million active users in December, compared with 8.1 million for its closest competitor Zerodha, according to National Stock Exchange data. Groww is adding between 325,000 and 550,000 new users per month, more than twice the pace of competitors.

India has It has emerged as a bright spot for technology lists globallywith seven tech startups going public in 2024 as part of a total of 13 startup listings. Food delivery platform Swiggy’s $1.35 billion listing was the largest global technology IPO last year.

More than 20 Indian startups are planning an IPO in 2025, including business marketplace Zetwerk, managed workspace provider Table Space, Prosus-owned PayU, and pharma platform PharmEasy, TechCrunch previously reported.

JP Morgan’s head of capital markets in India told TechCrunch in a recent interview that India’s growing domestic capital and policy continuity were among the factors that led to the IPO surge in the country.

India’s market capitalization has doubled to $5.3 trillion since 2019, while daily trading volume has tripled to $15 billion.

“There is no other country in the world that provides you with this amount of political certainty and policy continuity,” JPMorgan’s Abhinav Bharti told TechCrunch. “You can argue against a political decision, but you can’t argue against the fact that it was consistent.”