Groww IPO: A massive 78% rise in the IPO shares of , the parent of discount broking firm , has not only made investors happy but also minted a new billionaire on Dalal Street — Lalit Keshre.
Lalit Keshre owns nearly 55.91 crore shares of Groww, valued at over ₹9,960 crore, as of Monday’s closing price of ₹178.23 on the National Stock Exchange (NSE). In dollar terms, his stake is valued at $1.12 billion (1 USD equals 88.61 rupees).
From a farmer’s son to a billionaire
Born to a farmer in Lepa, a remote village in Madhya Pradesh, Keshre moved to Khargone, where he lived with his grandparents so he could continue his education, as there were no English-medium schools in his hometown.
Keshre went on to clear the Joint Entrance Exam and earn admission to IIT Bombay, completing both his bachelor’s and master’s degrees in technology, as per an HT report.
Keshre teamed up with fellow Flipkart alumni — Harsh Jain, Ishan Bansal, and Neeraj Singh — to launch Groww in 2016.
Ahead of the IPO launch, he told Mint that he’s confident of the growth areas that the company has identified over the next five to 10 years.
Backed by investors including Peak XV, Y Combinator, Ribbit Capital, Tiger Global and Kauffman Fellows Fund, Groww reported total income of ₹4,056 crore and net profit of ₹1,824 crore in the financial year ended March 31, 2025.
Groww’s meteoric rise!
Groww achieved a historic milestone in Monday’s trade as its market capitalisation crossed the ₹1 lakh crore mark, placing it among some 100-odd companies out of more than 5,000 listed entities to reach this coveted level.
Groww is now worth more than the combined market capitalisation of listed peers , , , , and , which together are valued at around ₹70,000 crore, as per a Mint analysis.
Groww share price zoomed 20% in trade today, taking its winning streak to the fourth day since its IPO listing last Wednesday. As of Monday’s close, the company was valued at ₹1.10 lakh crore.
Abhinav Tiwari, Research Analyst at Bonanza, recently told Mint that while Groww’s moat is reinforced by dominant retail market share, a sticky young customer base, and a singular digital brand, the scope for significant near-term upside is capped without new triggers or a major market correction.
“At these valuations, a large portion of projected growth and profitability is already embedded in the stock price, so future returns will depend on their ability to continually innovate and expand the market share,” he added.
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