AsianFin -- Groww, India’s largest retail brokerage firm, is preparing to test the country’s public markets with a multi-billion-dollar IPO, marking a milestone in its journey just over a year after shifting its corporate headquarters from Delaware back to India. If successful, the listing could make Groww the first Indian startup to go public at home following a relocation from the U.S.

The Bengaluru-based company is backed by Microsoft CEO Satya Nadella and prominent global investors such as Y Combinator, Ribbit Capital, and Tiger Global. Its IPO, expected later this year, is set to serve as a major exit opportunity for these venture backers. According to draft IPO documents filed Tuesday, the three firms plan to sell about 236 million shares — representing roughly 5.6% of Groww’s total equity base. Collectively, they make up the single largest selling bloc in the offering, accounting for around 41% of the shares being made available to the public.

Groww’s decision mirrors a broader trend among Indian startups relocating their headquarters back home. Pine Labs, Razorpay, Meesho, and Zepto are among those that have recently shifted their base to India. Walmart-backed PhonePe made the move from Singapore to India in 2022, while Flipkart — once PhonePe’s parent company and also backed by Walmart — similarly announced plans to return its headquarters from Singapore to India earlier this year.