Groww, backed by Satya Nadella, set to become first Indian startup to go public after U.S.-to-India move
India’s startup ecosystem is about to witness a historic milestone. Groww, backed by Satya Nadella, set to become first Indian startup to go public after U.S.-to-India move, is preparing for a multi-billion-dollar IPO. This bold listing marks a new era for homegrown startups choosing Indian markets over foreign exchanges.
Why Groww’s IPO Matters for India’s Startup Story
Groww is India’s largest retail brokerage firm and a household name for young investors. Its upcoming IPO is significant not just for its size but also for what it represents — the rise of Indian capital markets as a global alternative.
By shifting its corporate headquarters from Delaware back to India, Groww set the stage for this listing. The move puts it ahead of other startups making similar transitions and signals confidence in India’s regulatory and investor landscape.
Satya Nadella’s Backing Elevates Groww’s Global Appeal
Microsoft CEO Satya Nadella’s support has given Groww international credibility. Alongside marquee investors such as Peak XV Partners, Y Combinator, Ribbit Capital, and Tiger Global, Nadella’s endorsement positions Groww as a trusted leader in fintech.
The IPO will also provide a lucrative exit for major global funds, with four key investors selling about 394 million shares — nearly 9.4% of Groww’s total equity. This makes them the largest selling bloc, responsible for about 69% of all shares offered to the public.
Founders Hold Firm as Investors Exit
Unlike global venture funds, Groww’s founders — Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal — are barely reducing their stakes. Together, they are selling just 4 million shares, representing only 0.7% of the total offering.
This sends a powerful message: while global investors seek returns, Groww’s leadership is doubling down on long-term growth in India.
The Bigger Trend: U.S.-to-India Moves Among Startups
Groww isn’t alone in its decision. Other Indian startups such as Pine Labs, Razorpay, Meesho, and Zepto have also shifted their base back home. PhonePe made the move in 2022, while Flipkart announced similar plans earlier this year.
These relocations reflect a broader trend. Returning to India allows startups to align with local regulations, tap into the massive retail investor base, and leverage the growing appetite for IPOs.
Why Investors Are Watching Groww Closely
Groww paid nearly $159 million in taxes during its relocation, underlining the scale of its commitment to India. The IPO’s timing is also strategic, capitalizing on a bullish retail investor market and increased regulatory clarity for domestic listings.
With India’s capital markets maturing rapidly, Groww’s IPO could set the benchmark for others considering similar listings.
Groww, backed by Satya Nadella, set to become first Indian startup to go public after U.S.-to-India move, isn’t just a milestone for the company — it’s a signal that India’s public markets are ready to compete with global exchanges.
If successful, this IPO could trigger a wave of high-profile listings in India, cementing its role as a major hub for tech and financial innovation.
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