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The deal is expected to be completed by September 2027, pending regulatory clearance from the Competition Commission of India.
Several institutional investors picked up the shares, including Goldman Sachs, Morgan Stanley, Societe Generale, Kotak Securities, Tata Mutual Fund and BNP Paribas.
The stock exchange has been attempting to list since 2016 to provide exit to its investors.
The anchor round saw participation from 17 domestic mutual funds, including HDFC, Kotak, SBI and Axis Bank.
The secured credit card is part of Kotak811's 3 in 1 super account.
The change will will apply only to new savings bank accounts opened after August 1, 2025.
Zerodha, led by the Kamath brothers -- Nithin Kamath and Nikhil Kamath, also held on to its second spot with a 15.58% market share and 7.58 million users.
PhonePe has reportedly onboarded Kotak Mahindra Capital, JP Morgan, Citi and Morgan Stanley to kick off its IPO.
In April last year, the RBI restricted Kotak Mahindra Bank from onboarding new customers through online channels and issuing new credit cards.
The company is expected to proceed with an IPO this year, and may seek to raise $750 million or more at a valuation of $7-$8 billion.
