Groww, India’s largest retail stockbroker, is positioning itself to file for an IPO in 10-12 months and is seeking a valuation between $6 billion and $8 billion, sources familiar with the matter said. thing tells TechCrunch, in what will be a landmark list for the country. fintech sector.

The Bengaluru-headquartered listing is the first IPO of a digital-age trading platform in India. The target valuation, which sources warn is subject to change, is more than double the amount of $3 billion from the last round of funding in October 2021.

Groww, which counts Peak XV, Tiger Global and Alkeon among its backers, has started talks with investment banks and will soon choose advisers for the IPO, the sources said. The startup, which also enables customers to invest in mutual funds and make UPI transactions, transferred its domicile to India from the US last year as part of its IPO preparations.

The startup declined to comment.

The trading app operator is ahead of competitors in India’s crowded retail investment market. It had 13.2 million active users as of December, compared with 8.1 million for its closest rival Zerodha, according to National Stock Exchange data. Groww adds between 325,000 and 550,000 new users per month, more than double the pace of competitors.

India has has emerged as a bright spot for tech listings around the worldwith seven technologies starting publicly in 2024 as part of the 13 overall startup list. Food delivery platform Swiggy’s $1.35 billion listing was the largest global tech IPO last year.

More than 20 Indian startups are planning IPOs in 2025, including business-to-business marketplace Zetwerk, managed workspace provider Table Space, Prosus-owned PayU and pharmaceutical platform PharmEasy, TechCrunch previously reported.

JPMorgan’s India head of equity capital markets told TechCrunch in a recent interview that growing domestic capital and policy sustainability in India are among the reasons for the IPO boom in the country.

India’s market capitalization has doubled to $5.3 trillion since 2019, while daily trading volume has tripled to $15 billion.

“No other country in the world gives you this much political certainty and policy continuity,” JPMorgan’s Abhinav Bharti told TechCrunch. “You can argue against a policy decision, but you can’t argue against the fact that they are consistent.”