Groww, the platform that turned stock trading into an everyday habit, is gearing up for India’s biggest-ever broking IPO. On paper, it’s flying high — profits have tripled, revenues have surged past ₹4,000 crore, and competitors like Zerodha and Angel One are feeling the lagging behind.

But look closer, and the shine dulls a little. A big chunk of Groww’s recent gains comes from one-time accounting adjustments, while its active user base and broking income are already slowing. To keep the engine running, Groww is betting on a new frontier — lending — even as rivals crowd the same space.

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