Billionbrains Garage Ventures Pvt. Ltd., the parent company of financial services platform Groww, has selected JPMorgan Chase & Co. and Kotak Mahindra Bank Ltd. to assist with its IPO in Mumbai.

Sources indicate that the IPO could launch this year, with a target valuation between US$7 billion and US$8 billion, potentially raising $750 million or more.

The plans are still in early stages, with details like size and timeline subject to change.

Groww, founded in 2016, serves over 50 million customers and is backed by significant investors, like Microsoft CEO Satya Nadella, Ribbit Capital, and Tiger Global.

Representatives for Billionbrains Garage and JPMorgan declined to comment. Kotak Mahindra Bank has not yet responded to inquiries.