Daybreak India’s largest stockbroker, Groww, is banking on the rich to sell its IPO story
15 snips
Sep 15, 2025 India's largest stockbroker is gearing up for a grand IPO while grappling with clients leaving and tightening regulations. Behind the scenes, Groww is acquiring the struggling wealth-tech startup Fisdom for $150 million. Their new venture, 'W,' aims at catering to affluent clients, but questions loom about whether this shift is genuine or merely for show. The podcast dives into the thrilling but challenging landscape of wealth management, raising the stakes for Groww's future success.
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IPO Depends On A Wealth Narrative
- Groww's IPO push depends on convincing markets it can become a wealth manager, not just a discount broker.
- That leap is critical because its broking revenues are under regulatory and user-pressure.
Growth Without Profit Depth
- Groww scaled fast among first-time traders but earns far less per user than rivals like Zerodha and Angel One.
- Regulatory hits on derivatives and falling volumes exposed its profitability weakness.
Derivatives Crackdown Hurt Brokers
- SEBI's clampdown on derivatives slashed a high-margin revenue stream for brokers.
- That regulatory change directly reduced trading volumes and margins across the industry.