IPO consulting services behind Groww’s public market readiness

Executive Summary 

Groww, India’s largest investment and wealth management platform by NSE active clients, engaged Redseer to conduct an in-depth study of the sector as part of its IPO process. Our mandate was to build the industry section by grounding the narrative in data, structural shifts, and the long-term evolution of India’s capital markets. 

In a market that is widely reported and rapidly evolving, Redseer delivered high-quality analysis that distilled the biggest trends shaping the growth of investing and wealth management in India. The study clarified the drivers of financialisation, mapped the market opportunity across segments, benchmarked leading players, and provided a forward-looking view on the scale and headroom for digital-first platforms such as Groww. 

About the Client 

Groww is India’s largest investment and wealth management platform based on NSE active clients, with ~12.6 million active clients as of June 2025. It has a strong presence in mutual funds, with ~37.41 million individual demat accounts and ~9 million mutual fund unique investors as of June 2025. Additionally, among the top 5 brokers (based on NSE active clients as of June 30, 2025), it is the fastest-growing broker based on NSE active clients between June 30, 2022, and June 30, 2025. 

The Strategic Imperative

• Understand India’s evolving investment and wealth management ecosystem, including the shift from physical to financial assets and the rise of retail participation 

• Quantify the revenue–based total addressable market across broking and wealth & asset management. Further, estimate their future growth trajectories 

• Identify key macro and digital enablers driving inclusion and penetration across various market segments 

• Benchmark digital-first platforms, bank-led brokers, and global peers across user growth, profitability, and revenue performance 

• Assess future opportunities and potential risks in a regulatory and competitive context to inform disclosures and positioning for the Offer Document 

Outcomes & Impact 

• Defined India’s investment landscape by tracing the structural shift in the flow of household savings from physical to financial assets, highlighting how equities and mutual funds have grown from ~5% of the flow of household financial savings in FY2020 to ~17% in FY2024. 

• Mapped industry headroom, only ~5% active broking accounts penetration in India in CY2024, compared to ~62% in the US, indicating >10x runway for expansion in retail participation. 

• Established the rise of digital-first players like Groww, with Groww accounting for ~45.45% of net additions in NSE active users’ additions in the twelve months ending June 2025. 

• Benchmarked industry performance, showing digital-first players achieving ~60% CAGR in revenue and ~42% PAT margin, outperforming both bank-led brokers and wealth management firms. 

• Identified resilience levers and risks, including digital infrastructure scaling, evolving regulations (e.g., running account settlements, client-level segregation), and cyber-risk mitigation frameworks critical for sustainable growth narratives. 

What This Means for the Industry 

India’s investment and wealth management industry has expanded rapidly over the last few years, driven by rising retail participation and digital adoption. The total addressable market by revenue stood at ~INR 1.1 trillion in FY2025 and is expected to grow to INR 2.2 – 2.6 trillion by FY2030, reflecting a 15 – 17% CAGR. Retail investors now anchor this growth, with ~55 million mutual fund unique investors and ~50 million NSE active clients as of June 2025. Digital-first platforms such as Groww have been at the center of this transformation by democratizing access, simplifying investing, and enabling millions of first-time investors to participate in capital markets.

As penetration deepens, the role of IPO strategy consulting, coupled with structured pre-IPO advisory, will continue to support companies gearing up for public market expansion.

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