Lalit Keshare, co-founder of investment platform Groww, is close to becoming a billionaire after the company’s successful IPO. Farmer’s son Keshare’s assets are now worth Rs 9448 crore. Shares of Groww, founded in 2016, have risen more than 70% in four days.
Bengaluru: Lalit Keshare, co-founder and CEO of investment platform Groww, has joined the billionaires club after the company made a stellar debut in the stock market. The rise of Lalit Keshare, a farmer’s son from Madhya Pradesh’s Lepa village, to lead one of the country’s largest fintech companies shows the growing opportunities for startups in India. Keshre currently holds 55.91 crore shares, which is equivalent to 9.06 percent stake in Groww. At the record price of Rs 169 per share, the value of his holding has increased to Rs 9448 crore, taking him close to $1 billion.
Share prices rise on the fourth day
After listing at Rs 100 per share on November 12, the stock jumped more than 70% in four sessions, taking its market cap past Rs 1 lakh crore. Groww is one of the stocks that has made a great entry in the market in recent times. Groww was founded in 2016 by four former Flipkart executives – Keshre, Harsh Jain, Ishan Bansal and Neeraj Singh.
Lalit Keshare grew up in an ordinary family.
44 year old Keshare grew up in a very ordinary family. Living with his grandparents in the Khargone district of Madhya Pradesh, Keshare studied in the only English medium school in the entire district. After completing his schooling, he passed the Joint Entrance Exam and took admission in IIT Bombay. There he obtained graduation and post-graduation degrees in technology. After this he started his career in Flipkart. He worked as one of the early product managers overseeing the Flipkart marketplace and started Groww with his partners in 2016.
The listing of Groww has also significantly increased the wealth of the remaining three founders. Harsh Jain’s 41.16 crore shares are now worth Rs 6956 crore, while Ishan Bansal’s 27.78 crore shares are worth Rs 4695 crore and Neeraj Singh’s 38.32 crore shares are worth Rs 6476 crore.