Growth, India’s largest private equity firm, seeks $7B valuation in IPO

Groww, India’s largest real estate developer, is positioning itself to register for an IPO in 10-12 months and wants to count between $6 billion and $8 billion, sources familiar with the matter told TechCrunch, in what will be a national listing. the fintech sector.

The Bengaluru-headquartered listing will be the first IPO by a digital age platform in India. The demand estimate, which sources warn could change, is higher double the cost of $3 billion from its last funding round in October 2021.

Growth, which counts Peak XV, Tiger Global and Alkeon among its backers, has started discussions with investment banks and will soon appoint advisers for the IPO, sources said. The startup, which also enables customers to make full transactions and engage with UPI, he moved his place to India from the US last year as part of its IPO preparations.

The founder declined to comment.

The e-commerce software operator has taken a lead over its competitors in the crowded Indian e-commerce market. It had 13.2 million users in December, compared to 8.1 million for its close friend Zerodha, according to National Stock Exchange data. Growing and adding between 325,000 and 550,000 monthly users, double the speed of our competitors.

India has said appeared as a bright spot in the list of world-class technologyand seven technology startups going public in 2024 as part of a series of 13 startups. Food delivery platform Swiggy’s $1.35 billion listing was the world’s largest IPO last year.

More than 20 Indian startups are planning IPOs in 2025, including business and business marketplace Zetwerk, workspace manager Table Space, Prosus’ PayU and pharmaceutical platform PharmEasy, TechCrunch previously reported.

The head of India’s capital markets at JPMorgan told TechCrunch in a recent interview that India’s growing economy and policy continuity are some of the factors that have fueled the IPO boom in the country.

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

“There is no other country in the world that gives you political certainty and policy continuity,” JPMorgan’s Abhinav Bharti told TechCrunch. “You can argue against a policy decision, but you can’t argue that it’s inconsistent.”