Groww’s Run in the Unlisted Market — Data-Driven Review (October 2025)

Groww has become one of India’s highest-profile fintechs in the unlisted / pre-IPO market. Investors and secondary-market platforms are pricing Groww at multi-billion-dollar valuations ahead of a large IPO, driven by fast user- and asset-growth, rising AUM from its AMC and credit books, and a recent jump in short-term profitability — though some of that profit is questioned by analysts. Below I unpack the numbers, what they mean for unlisted investors, liquidity dynamics, and risks.

Headline Numbers

1. Implied unlisted valuation: ₹ 60,000 – 68,000 crore (≈ $7 – 8 billion).
2. Quoted unlisted share prices: Marketplaces in Sep–Oct 2025 show per-share levels implying market caps in the tens of thousands of crore (₹ 27 k – 36 k crore on older snapshots). These are indicative platform quotes, not exchange prices.
3. IPO context: Groww was reported preparing a ₹ 7,000 crore IPO (expected Nov 2025), accelerating secondary-market demand and valuation talk.

Bottom line: Price discovery is active — platform quotes differ. Treat unlisted prices as indicative, not definitive.

Operational Performance Driving Interest

User & Asset Growth

Active users and customer assets have shown strong growth — multiple unlisted-market write-ups note high CAGRs in active users and customer assets (> 50% CAGR FY23–mid-FY25; customer-asset CAGR ≈ 91%). Groww’s affluent-user share of assets has increased as its base matures.

AUM & Product Expansion

Groww AMC AUM grew from ₹ 707 crore (Mar 2024) to ₹ 2,520 crore (Jun 2025). The credit/loan book reached ₹ 1,163 crore with low NPAs (1.67%). These new lines diversify revenue and justify higher valuations.

Revenue / Profit Snapshots

1. Q1 FY26: ₹ 948 crore revenue; ₹ 378 crore net profit.
2. FY24: ₹ 3,145 crore revenue; ₹ 805 crore net loss (one-offs material).
3. Analysts caution that the recent profit jump includes one-time items.

What the Unlisted Price Is Pricing In

Buyers appear to value Groww as a fast-growing fintech expected to:

1. Convert free users into higher-value wealth clients,
2. Expand recurring revenue via AMC & credit,
3. Leverage scale for improved margins and public-market multiples.

Implied P/E ratios in pre-IPO analyses hover in the 30s, signaling strong growth expectations.

Liquidity, Transparency & Risks for Unlisted Investors

Price volatility & platform differences: Quotes differ widely and trades are infrequent; exits can be slow.

Accounting one-offs: Profitability spurt may contain one-time gains — strip these for true earnings.

Regulatory / market risks: Brokerage economics, F&O rule changes, or slower active-client growth could pressure margins and valuations.

Practical Takeaways for Investors & Stakeholders

1. If you already hold Groww unlisted shares: Verify price sources and trade volumes; treat secondary prices as indicative and plan for illiquidity.
2. If you’re considering buying pre-IPO: Focus on recurring revenue, AUM trends, and margin sustainability; cross-check multiple platforms.
3. If you’re an analyst/journalist: Always cite source + date of unlisted price snapshots; the IPO process changes discovery rapidly.

Outlook (near term)

With a reported ₹ 7,000 crore IPO underway in Oct–Nov 2025, attention and secondary pricing will remain volatile until listing. The key questions for public-market reception:

1. Sustainability of recent profits,
2. Continued AUM growth,
3. Revenue contribution from AMC and credit lines.

Conclusion

Groww’s unlisted valuation reflects rapid user and asset growth, expansion into AMC and credit, and a near-term IPO pathway. However, secondary quotes vary and liquidity is limited — unlisted prices should be seen as signals, not guarantees.

If you’re evaluating Groww in the unlisted market, demand transparency on recurring earnings and check multiple platforms and trade volumes before investing.

Disclaimer

Unlistedbuzz is not a SEBI-registered Research Analyst or Investment Advisor. The information shared on this platform is intended solely for educational and informational purposes. We do not provide investment advice, stock recommendations, or financial guidance. Investors are strongly encouraged to perform their own due diligence or seek advice from a SEBI-registered investment professional before making any investment decisions.

Investing in unlisted and pre-IPO shares involves inherent market risks, including illiquidity, price volatility, and potential loss of capital. Unlistedbuzz makes no guarantees of returns and bears no responsibility for any investment decisions or outcomes based on the information presented in this report.