Groww IPO: YC’s $120k turns 1,500x 🚀

Groww was in YC’s Winter 2018 batch. Under the old deal (Sam Altman era), YC invested $120k for 6% in common stock (implying valuation of $2M) plus 1% via a SAFE.

How that first $120k became $185M
I traced just the 6% common stock through to IPO (ignoring pro-rata, no secondaries): Groww Inc to India flip (swap 1 : 2.2) -> 14:1 equity bonus (Aug ’24) -> 1:5 stock split (Mar ’25) -> Bonus CCPS 1:10 -> investor converts 5:1

Those steps take the 6% leg to 172,710,700 shares pre-offer. At the IPO band INR 95 - 100, that’s INR 16.41 - INR 17.27B (≈ $185–$195M).

MOIC on the first $120k: 1,542x to 1,623x 🤯

Takeaway for YC Demo Day investors
Even if you paid 10x YC’s entry (invest at $20M cap), the outcome still pencils to 150-160x at the IPO band.

YC kept investing pro-rata, ended up with ~737.9M shares pre-offer. With a disclosed weighted avg cost of INR 3.45/share, the IPO band implies 27.5x - 29.x

Source: DRHP