Groww IPOs on NSE-India, reaches $8.9B valuation; Ensemble team backed the company pre-revenue

Ensemble is over the moon to share that Groww — one of the earliest investments sourced by the Unity data platform, and one of the clearest representations of the Ensemble strategy in action — has gone public on the NSE in India.

The company debuted under parent entity Billionbrains Garage Ventures (BILO.NS) and quickly landed among India’s most successful tech IPOs of 2025. Groww raised $795M on a ~$7B market cap; trading opened at a 12% premium to issue price, and first-day activity saw the share price gain +29%, bringing the company’s valuation close to $9B.

Ensemble’s team backed Groww pre-revenue, at the Series A. Now, the company stands as one of India’s largest and most trusted retail investment platforms, with over 40 million users trading equities, mutual funds, and fixed-income products, all through an app-first experience. The investment was one of the first true tests of our thesis that data could help us identify the strongest teams in the world before they became obvious. Today is a moment of validation for a strategy that has always looked beyond the obvious — and a great outcome for a world-class team we believed in from day one.

An early data-enabled success

Our Unity platform played a critical role in identifying Groww early — back when there was limited public data available.

Unity surfaced Groww to our investment team based on clear signals: the founding team’s unusually strong network centrality in India, their rapid hiring of top-tier fintech talent, and the concentration of high-quality team members in a small, “stacked” founding group.According to our analysis, Groww had the strongest network profile of any seed-stage company in India at the time. Nearly every early team member had the background to be a successful founder in their own right.

From there, we tapped into Ensemble’s broader network of existing investors to secure a warm introduction to CEO Lalit Keshre. That initial outreach led to an immersive advisory role — we became deeply involved, conducting monthly strategy calls with the team and helping introduce Groww to top-tier investors. When the Series A round came together, we co-invested alongside Sequoia Capital, a firm we introduced to the company. This is the "Ensemble strategy" just as it was drawn up: use data to scale our reach, arrive early, add value immediately, win trust and the access that comes with it.

Next steps for Groww

Since Ensemble’s Series A investment, Groww has evolved from a scrappy upstart in Bangalore into one of the most important financial infrastructure companies in India.

Back then, they were laser-focused on democratizing access to equity investing — simple, mobile-first, and built for the millions of Indians entering the public markets for the first time. Today, they serve over 14 million active users.

While stockbroking remains the core business, Groww has steadily expanded its financial services stack. In the past 18 months alone, they’ve:

• Launched a separate lending platform
• Rolled out products in payments, insurance, and asset management
• Reached profitability at scale
• And become the first Indian startup to go public after re-domiciling from Delaware to India, a meaningful shift in the country’s tech ecosystem.

What’s next?

Groww plans to use the IPO proceeds to scale their cloud infrastructure, expand margin and lending products, ramp up customer acquisition, and pursue strategic acquisitions. Their ambition is to become the all-in-one financial operating system for India’s rising investor class. And they’re executing on that vision with clarity and speed.