Zerodha helps Groww grow: Nithin Kamath’s cheeky congratulations steal the show on the IPO day

In a tweet, Zerodha founder Nithin Kamath congratulated Groww CEO Lalit Keshre on the latter’s much-awaited IPO, but with a signature witty twist.“Congratulations on the IPO and good luck,” Kamath posted on X (formerly Twitter). Then came the punch line. “Besides, about 20% of all Groww IPO filings come from @zerodhaonline customers.” The tongue-in-cheek comment showed grace, even in the midst of competition.

Groww’s IPO got off to a good start

The public issue of Groww was launched on November 4 and by the end of Day 1, bids for shares of 20.6 crore had been received against 36.47 crore shares on offer, translating to a total subscription of 57%.The retail part was the most enthusiastic — almost subscribed twice — while the qualified institutional buyers (QIB) and non-institutional investors (NII) categories were slower on day 1 but are expected to gain momentum in the subsequent sessions.

The IPO, which aims to raise Rs 6,632 crore, includes a fresh issue of shares worth Rs 1,060 crore and an offer for sale (OFS) of 55.7 crore shares by existing investors.

Groww has set its price range at Rs 95-100 per share, valuing the company at close to Rs 60,000 crore at the higher end. The offering closes on November 7, with a listing likely on November 12 on both NSE and BSE. Groww and Zerodha may be fierce competitors, but both have built a huge retail investor base by simplifying investing for millions of new users. While Groww has now overtaken Zerodha in terms of active customer numbers — 12.07 million versus 7.26 million, according to NSE data — Zerodha remains India’s most profitable broker, with revenues of Rs 8,500 crore and profits of Rs 4,200 crore in FY25.

Groww, on the other hand, reported revenues of Rs 3,902 crore and profits of Rs 1,824 crore in FY25, a sharp turnaround from the previous year’s losses.

That financial strength means both platforms are shaping the future of India’s investment ecosystem: Groww with its youthful, app-first user base and Zerodha with its deep, loyal trading community.