Groww founders showered with Rs 600 crore one-time incentives before IPO

Groww’s IPO filing reveals that its four co-founders — Lalit Keshre, Harsh Jain, Ishan Bansal, and Neeraj Singh — received massive one-time performance-based incentives in FY25, ahead of the company’s planned public debut.

According to the draft prospectus, the payouts accounted for the bulk of their total remuneration for the year. Lalit Keshre received Rs 188.63 crore, which included a one-time incentive of Rs 185.6 crore. Harsh Jain was paid Rs 149.57 crore, with Rs 146.6 crore coming from the incentive.

Meanwhile, Ishan Bansal earned Rs 136.96 crore, of which Rs 133.9 crore was incentive-based. Neeraj Singh’s package was Rs 151.32 crore, with Rs 148.3 crore attributed to the one-time performance payout.


In effect, Groww’s founders collectively pocketed over Rs 614 crore in incentives accrued in FY24 but paid out in FY25, on top of their base remuneration. The company clarified that these were performance-linked rewards, underscoring its policy of aligning leadership compensation with business milestones.

Groww is preparing to tap the capital markets, and founder-level compensation is often scrutinised by investors. While Indian startups going public have increasingly rewarded top management through stock options or bonuses before an IPO, Groww’s payouts stand out for their sheer size.

The brokerage, which disrupted the investment landscape with commission-free equity trading, now ranks among the largest retail investment platforms in India. It has over 12 million active NSE clients and manages billions in client assets. Its upcoming IPO is expected to be one of the most closely watched tech listings in recent years.

Digital-first platforms such as Groww, Zerodha, and Angel One have transformed the investment and wealth management segments. These firms have disrupted the market through multiple approaches — offering transparent cost structures and commission-free trades, a wide range of investment options, and integrated savings and investment services through user-friendly mobile apps.

These innovations have empowered individual investors with greater control over their financial decisions, fostering a more inclusive financial ecosystem.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)