Billionbrains Garage Ventures Ltd IPO

Groww is a well-known and preferred brand for investing across cities, towns andvillages in India

We have high customer retention, engagement and price in-elasticity.

Customer-friendly design for enhancing investing experience.

In-house technology stack to deliver a differentiated experience at low cost.

Entrepreneurial and ownership-driven culture.

Strong execution delivering growth and profitability.

Any downturn or disruption of the financial markets, which are affected by generaleconomic, policy and market conditions in India and globally, may have a materialadverse effect on our business and financial condition.

Uninterrupted access to our technology platform is essential to our business. Systemfailures and interruptions could adversely affect the availability or performance of ourwebsite, mobile applications or platform, and thereby adversely impact our business,financial condition and results of operations.

We derived 84.50% and 79.49% of our revenue from operations from our Broking servicesin Fiscal 2025 and in the three months ended June 30, 2025, respectively. Any downturnin customers willingness to use our Broking services could have an adverse impact onour business, financial condition and cash flows.

Changing laws, rules and regulations may adversely affect our business, prospects andresults of operations.

Our success depends on our ability to acquire and retain customers on our platform. Anyfailure to do so could have an adverse impact on our operations, financial condition andresults of operations.

We incurred losses in Fiscals 2024 and generated profits in Fiscal 2023, Fiscal 2025 andin the three months ending June 30, 2025 and 2024, respectively. If we are unable togenerate adequate revenue growth and manage our expenses and cash flows as we grow,we may not be able to sustain our profitability.

Any actual or perceived cybersecurity, data or privacy breach could interrupt ouroperations and adversely affect our reputation, brand, business, financial condition andresults of operations.

We derive a significant portion of our revenue from operations from our MaterialSubsidiaries, Groww Invest Tech Private Limited and Groww Creditserv TechnologyPrivate Limited. Any downturn in our subsidiaries performance could have a materialadverse impact on our business, financial condition, cash flows, and results ofoperations.

Our Subsidiaries have incurred losses in the past and may continue to incur losses.Further, a portion of the Net Proceeds will be invested in Groww Creditserv TechnologyPrivate Limited. We may be required to continue providing financial support to thesesubsidiaries which may adversely affect our consolidated results of operations andfinancial condition.

We had negative cash flows from operations in the three months ended June 30, 2025and in Fiscal 2025, and may continue to do so in the near term as we expand our businessand enhance our products and services. Failure to generate sufficient cash fromoperations could adversely affect our liquidity and our ability to fund our operations.