India’s rise over the past decade has been more than just double-digit GDP growth. It has been about millions of families stepping into the middle class, eager to save, invest, and secure their futures. Yet for too many, wealth creation remained intimidating, inaccessible, and fragmented.
Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal – all former Flipkart colleagues – had seen firsthand how technology could expand access to e-commerce. At Flipkart, they learned the value of relentless customer obsession, the discipline of building at scale, and the importance of surrounding themselves with exceptional talent. Those lessons became the foundation for Groww’s mission: to make investing, in Lalit’s words, “simple, transparent, and delightful” for millions of Indians.
Today, as Groww enters the public markets, its IPO marks both the culmination of that early vision and the beginning of an exciting new chapter.
Our partnership with Groww began in 2021 when we led the company’s Series E. When we first met Lalit, we were immediately struck by his thoughtful approach to product building, his maniacal emphasis on customer experience, and his relentless focus on the long-term mission. What began with a simple, zero-commission platform to invest in mutual funds quickly became the first investment account for millions of people, many of whom were being introduced to the concept of preserving and building wealth for the very first time. We were excited to deepen our partnership by leading the company’s Series F as the team continued to execute and scale with discipline.
Groww has since expanded into stocks, derivatives trading, Exchange Traded Funds (ETFs), bonds, credit, asset management, and more – all delivered through one unified and intuitive experience across mobile and web. Guided by customer feedback as their north star, the team has followed a first-principles approach from day one. The team built their technology stack in-house, from a proprietary order management system to onboarding, payments, and AI-powered personalization, ensuring resilience, speed, and control at scale. They ship fast, iterate quickly, and embrace a “fail fast” mentality, retiring what does not work in order to double down on what does.
Education and trust are also central to Groww’s DNA. From Groww Digest – now the largest investment newsletter in India – to a widely followed YouTube channel and even books authored by the team, Groww has empowered millions to learn and invest with confidence.
As a result, the company has scaled rapidly, propelled by deep customer love, and word of mouth, with exceptional engagement and industry-leading retention. Since launching Stock Broking in 2020, Groww has grown to be the clear market leader today with around 27% market share.
Today’s IPO is a milestone years in the making, reflecting not only the incredible growth of Groww as a business, but also the impact they have had in opening doors for millions of Indians to better manage their money. Even as they celebrate this achievement, Lalit reminds his team that past success does not guarantee future outcomes, and that humility, healthy paranoia, and an obsessive focus on doing right by the customer must continue to guide the journey forward.
As Groww expands into wealth management, deepens its leadership in digital brokerage, and continues to innovate for an ever-expanding customer base, we believe they will help shape the future of financial services in one of the world’s most dynamic and fast-growing markets.
Congratulations to Lalit, Harsh, Neeraj, Ishan, and the entire Groww team. We are grateful to have been a part of your journey and are just as inspired for what’s ahead.
Published:
November 11, 2025
