Financial services provider Groww has more than doubled its FY24 revenue to ₹3,145 crore at a consolidated level, from ₹1,435 crore in the year-ago period. The Bengaluru-based company maintained its operational profitability of ₹535 crore for FY24 as compared to ₹458 crore in FY23.
The company paid about ₹1,340 crore as a one-time tax on its domicile movement to India earlier this year. Groww moved its registered office from Delaware in the US to Bengaluru last fiscal year. After paying tax, the company reported a net loss of ₹805 crore.
Recently, the company announced a standalone revenue from the brokerage business to ₹2,899 crore in FY24 based on information filed with rating agency ICRA.
Last year, Groww ventured into consumer lending, payments and asset management through subsidiary businesses and the consolidated figures take these into account.
As of October 2024, Groww’s active stock investor base stood at 1.2 crore. It has added over 47 lakh new SIP accounts during the July-September quarter. Out of 66 lakh new SIPs recorded in September by AMFI, Groww added 16 lakh new SIPs.
Groww has steadily expanded its offerings by introducing stocks in 2020. “Groww is at the forefront of transitioning domestic savings into liquid financial assets. Its customer-centric approach emphasises on a prudent investing culture as the country’s financial markets navigate an inflexion point in retail participation,” the company said in a statement.
Founded in 2017 by Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal, Groww is an online discount broking platform that allows users to invest in stocks, exchange-traded funds and IPOs. It has raised more than $393 million in funding to date by likes of Peak XV Partners, Tiger Global and Propel Venture Partners.