Deeptech gaining momentum in India During a session titled *The Next Growth Phase* at the Moneycontrol Startup Conclave 2026, Groww co‑founder and CEO **Lalit Keshre** warned that the next wave of startup activity will centre on deeptech. He noted that while media narratives often run ahead of reality, a growing number of small and mid‑cap firms are already developing core technologies such as AI, quantum computing, and advanced materials. An emerging funding ecosystem is beginning to support these ventures, signalling a shift from consumer‑focused apps to foundational tech.
Groww's evolution and public listing Founded in 2016 as a mutual‑fund platform, Groww has expanded into stocks, ETFs, derivatives, credit and other financial products. The company went public in November 2025, raising **Rs 6,632.3 crore**. Its shares opened on the BSE at roughly **Rs 114**, a premium over the **Rs 100** issue price. Keshre said the IPO turned many customers into shareholders, improving the company’s financial health.
As of **25 September 2026**, Groww reports **23.5 million** transacting users and **Rs 3.75 lakh crore** in assets under management, according to its investor‑relations portal. The CEO emphasized that the firm remains focused on serving customers rather than short‑term stock movements.
New merchant discount rate on UPI payments Keshre also voiced support for the government's recent decision to levy a **0.4% merchant discount rate (MDR)** on a limited set of UPI merchant transactions exceeding **Rs 2,000**, effective **15 October 2026**. Person‑to‑person transfers stay free, and about **96 %** of merchant payments will continue to attract no MDR. The fee will be shared among banks, payment apps and other ecosystem participants, not collected by the government or NPCI.
Investor sentiment and long‑term outlook According to Keshre, Indian retail investors are becoming more aware of the need for long‑term wealth creation, even as markets swing. This growing financial literacy, combined with deeper tech innovation, could reshape capital allocation in the coming years.
--- *The article draws on remarks made by Lalit Keshre at the Moneycontrol Startup Conclave 2026 and publicly available Groww data.*