Mumbai, Aug 3: Rating agency ICRA upgraded the rating of Billionbrains Garage Ventures Ltd , the parent company of investment platform Groww, to AA from AA– , citing an improvement in its market position, capitalisation, profitability and liquidity profile.
The agency said the upgrade factors in the company’s sustained position in the securities broking business, capital raised through its Series F funding and initial public offering , and steady earnings despite regulatory changes in the broking industry.
Groww has remained the largest stockbroker by active National Stock Exchange clients for around 11 consecutive quarters since the second quarter of FY2024 and had a market share of about 29 per cent as of June 2026, ICRA said.
The rating agency also noted that the company’s capitalisation strengthened following the USD 202 million Series F fund raise in June 2025 and net IPO proceeds of around Rs 1,060 crore in November 2025. Its consolidated tangible net worth stood at Rs 8,413 crore as of March 31, 2026.
ICRA said the company maintained healthy profitability, with the average profit before tax to net operating income ratio improving to about 61 per cent during FY2025 and FY2026.
The report noted that Groww has expanded beyond stockbroking into businesses such as lending, wealth management and asset management. However, these businesses are yet to contribute meaningfully to revenues and profitability.
According to ICRA, the company remains dependent on capital market-related activities, with a majority of its revenue linked to its broking business, making it susceptible to market cycles, regulatory changes and technology-related risks.
The agency said Groww‘s ability to maintain its market position in broking while scaling its newer businesses profitably and maintaining asset quality in its lending operations will remain key monitorables.