Comments
Fintech major Groww recorded its operating revenue jump to ₹2,899 crore in FY24 from ₹1,294 crore in the year-ago period.
The Bengaluru-based fintech major’s net profit grew to ₹297.8 crore in FY24, as per information shared with credit rating agency ICRA. The company clocked a profit after tax (PAT) of ₹73.1 crore in FY23.
The credit agency attributed the surge in revenues to the growth in client base and rising broking volumes. The report noted that Groww ranked first in terms of NSE active clients as of August 2024, with a nearly 25 per cent market share.
“The company reported a return on net worth (RoNW) of 40.3 per cent in FY24, despite paying sizeable fees for the software, server and technology services availed from the parent,” added ICRA.
The company is also in the process of ‘flipping back’ as it looks to shift its domicile back to India. The company has merged its US-based holding company, Groww Inc, with its Indian parent entity, Billionbrains Garage Ventures.
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.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.