Nithin Kamath highlights fintech crossover in Groww IPO, says 1 in 5 applications came via Zerodha

As fintech platform Groww launched its much-anticipated initial public offering (IPO) today, November 4, Zerodha co-founder and CEO Nithin Kamath took to social media to congratulate Lalit Keshre and the Groww team, while revealing an interesting data point about investor behaviour.

“Congrats on the IPO @lkeshre & team, and best of luck. Btw, about 20% of all @_groww IPO applications are from @zerodhaonline customers,” Zerodha's Nithin Kamath wrote on X.

Kamath’s tweet that almost 20% — one in every five — of Groww IPO applications came via Zerodha customers underscores the overlap among India’s new-age retail investor base and the growing culture of cross-platform investing. Investors often use multiple platforms to apply for IPOs in the quest for greater convenience and accessibility.

Kamath's tweet highlights that despite being competitive, India’s fintech ecosystem grows together. Zerodha and Groww both offer broking services and are direct competitors.

Groww IPO

Groww IPO opened today and was booked 55% as of 4.50 pm. The first day of bidding will close at 5 pm.

Founded in 2016 by former Flipkart executives Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal, Groww started as a mutual fund investment platform before expanding into stockbroking, UPI payments, and other wealth management services.

Over the years, it has attracted interest from prominent venture capital firms like Sequoia Capital India, Ribbit Capital, YC Continuity, Tiger Global and Propel Venture Partners, as per the company's website.

Bengaluru-based Groww, which had 14.38 million active users on its platform as of June 30, will issue new shares worth ₹1,060 crore in the IPO. Existing shareholders, including Tiger Global and Peak XV Partners, are selling a total of 557.2 million shares. Groww looks to raise ₹6,630 crore at the upper end of the price band of ₹95-100.

While Groww's IPO marks a significant milestone for India's fintech space, Zerodha's Nithin Kamath has largely refrained from the idea of floating a public offer.

(This is a developing story. Check back for updates.)

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