Groww cofounder Lalit Keshre enters billionaires' club as stock crosses Rs 1 lakh crore market cap

Billionbrains Garage Ventures, the parent of wealthtech platform Groww, saw its market cap cross Rs 1 lakh crore during the fourth session of trading since listing on the exchanges. On Monday, the stock hit its upper price band of 178.23 per share in the latter hours, more than 78% highet than the company’s IPO price of Rs 100. Its market cap stood at Rs 1.1 lakh crore.

With today’s rally, the combined stake of the promoters exceeded Rs 29,000 crore. Cofounder Lalit Keshre entered the billionaire’s club as his stake reached Rs 9,964 crore with today’s surge. Harsh Jain (Rs 7,335 crore), Neeraj Singh (Rs 6,830 crore), and Ishan Bansal (Rs 4,950 crore) also clocked substantial gains.

Groww’s shares listed 14% above the IPO price at Rs 114 on the BSE, while the NSE saw a 12% premium, at Rs 112 per share. The stock spiked over 34% before settling about 28 % higher on the exchanges at the close of its debut day. The counter has logged gains in all trading sessions so far.

Analysts speak

Shivani Nyati, head of wealth at Swastika Investmart, said that Groww’s debut reflected strong investor confidence backed by brand strength and swift user growth in India’s digital investing landscape. Low customer acquisition costs, a large pool of monthly active users, solid conversions from mutual fund customers to equity traders, and consistent AUM growth are working in the company’s favour, she added.

However, Nyati also pointed to high valuation multiples and regulatory uncertainties within fintech and broking as the areas to watch.