India, Dec. 19 -- Groww has the wherewithal to become India's Robinhood Markets Inc., Jefferies said while initiating coverage of the newly listed stock with a "buy" rating.

The online trading app operated by Billionbrains Garage Ventures Ltd. is India's largest brokerage in terms of active clients, despite starting the business in FY 21, Jefferies analysts Supratim Datta, Prakhar Sharma and Satvik Karabar wrote in a note dated 19 December 2025.

According to them, Groww has several levers to grow its earnings per share at compounded annual growth rate of 35% over FY26-28. These include:

"Groww has a product velocity similar to Robinhood," Jefferies said. The firm has quickly has quickly grown its bouquet of offerings to include commodi...