#MCTech3 | Groww anchor book surge, Pine Labs trims IPO; Swiggy Instamart, Zepto slash delivery charges; and more

One quick thing: Oyo rolls back controversial 6,000:1 bonus share plan after investor backlash 

In today’s newsletter: 

• Groww anchor book surge, Pine Labs trims IPO
• Swiggy Instamart, Zepto slash delivery charges
• Zerodha's CTO on how India's startup boom killed open source

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Groww anchor book surge, Pine Labs trims IPO

Groww is graduating from a private company to a publicly listed firm and it’s doing it in style. 

Anchor book oversubscription: The Bengaluru-based brokerage firm’s upcoming IPO has set off a frenzy among investors, both domestic and foreign, signalling rare excitement for a homegrown fintech listing.

• Groww’s Rs 3,000 crore anchor book has drawn bids worth Rs 50,000 crore, oversubscribed 15 times

Domestic mutual funds such as SBI Mutual Fund joined the rush, alongside marquee global names like Sequoia Capital, Dragoneer Investment Group, and Coatue Management.

• The Rs 6,632 crore IPO will value Groww at around $7 billion

Leaving money on the table

Compared to several other startups, Groww's price-to-earnings (PE) ratio of 33.5 is among the most reasonable. We had previously reported that Groww was likely to opt for a conservative valuation, allowing the market to determine its true worth.

• While most brokerage firms have seen profits decline over the past few quarters, Groww reported a 10% increase in net profit in the June quarter

The company’s strong financials and diversified business model have boosted investor confidence in its IPO.

• At a time when several startups face investor scrutiny over inflated valuations, Groww’s conservative pricing and consistent profitability have helped it stand out from the broader “New Economy” crowd

Pine Labs shrinking IPO: In contrast, fintech peer Pine Labs has decided to scale back its IPO. Pine Labs CEO Amrish Rau said the company’s reduced cash requirement was the key reason for trimming its IPO size.

• Rau explained that stronger earnings and a lower debt repayment obligation drove the decision. He also noted that most investors did not want to sell shares either

The merchant-commerce platform has set a price band of Rs 210–221 per share, valuing the company at about Rs 25,376 crore. The band is roughly 26% below its last unlisted market price of Rs 298 per share.

• Pine Labs had once commanded a premium in the grey market, hitting a peak of Rs 385 per share in August 2025

Keeping up with IPOs: Shiprocket, an e-commerce enablement platform, has received SEBI’s approval to float its IPO, along with other clearances. 

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