Nithin Kamath’s recent post congratulating Lalit Keshre and the Groww team on their IPO includes an interesting insight: about 20% of all Groww IPO applications are coming from Zerodha customers. This highlights the significant overlap between the user bases of India’s two leading retail investment platforms and signals confidence from seasoned investors who use Zerodha in also backing Groww’s public listing.
How Kamath know this data?
When investors apply for an IPO in India, they usually do it through:
- Their broker (like Zerodha, Upstox, etc.), or
- Their bank (via ASBA — Application Supported by Blocked Amount).
Each broker processes IPO bids through the Unified Payments Interface (UPI) system via exchanges (NSE/BSE).
Since Zerodha is one of India’s largest retail brokers, it can track how many IPO applications were placed through its own platform.
So Kamath knows how many of his users applied for the this IPO — even though the IPO belongs to a competitor.
IPO Details and Current Status
Groww, India’s rapidly growing digital investment platform, opened its IPO subscription on November 4, 2025, closing on November 7. The IPO size is approximately ₹6,632 crore, featuring a fresh issue of ₹1,060 crore and an offer for sale worth ₹5,572 crore from existing investors. The price band was set between ₹95 and ₹100 per share, with a minimum lot size of 150 shares.
This IPO was well-received with a grey market premium indicating a modest but positive listing debut expected around ₹116.5 per share. The listing date is scheduled for November 12, 2025.
Read this: Check day 1 subscription status, analysts’ views, latest GMP & more
Zerodha and Groww User Base and Financials
Zerodha and Groww have emerged as dominant players in India’s retail investment space. As of mid-2025, Zerodha had around 8.1 million active users while Groww had approximately 12.6 million, making Groww the largest in terms of active retail investors. In FY25, Zerodha’s profit stood at ₹4,200 crore while Groww made ₹1,824 crore in profit, showing strong financial performances despite the competitive environment.
Both companies continue expanding their product offerings—Zerodha focusing on derivatives and advanced traders, and Groww emphasizing mutual funds, ETFs, IPO subscriptions, and mutual fund investments with a user-friendly digital experience for first-time investors.
Recent and Upcoming IPOs in India 2025
India’s IPO market remains vibrant with several notable offerings:
- This IPO is currently open and set to list in November.
- Pine Labs set to launch its IPO on 7th November with an issue size of ₹2,100 crore.
- PhysicsWallah, another edtech unicorn, is preparing a ₹3,820 crore IPO.
- Other upcoming IPOs include Reliance Jio (₹40,000 crore), EbixCash (₹6,000 crore), Credila (₹5,000 crore), and Fractal Analytics (₹4,900 crore).
Conclusion
Nithin Kamath’s comment underscores the close-knit nature of India’s retail investment ecosystem where users of one platform actively support and engage with others, especially during key market events like IPOs. Groww’s IPO reflects its rapid rise and expansive user base, while Zerodha remains a highly profitable market leader. Together, they define the future of digital wealth creation in India, as numerous IPOs signal strong growth and diversification in the Indian capital markets landscape.
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