SUMMARY
- Groww has seen its revenue surge by 119% from Rs 1,435 crore in FY23 to Rs 3,145 crore in FY24.
- It kept its operational profitability at Rs 535 crore for FY24.
- It reported a net loss of Rs 805 crore, after accounting for taxes.
Fintech firm Groww has seen its revenue surge by 119% from Rs 1,435 crore in FY23 to Rs 3,145 crore in FY24.
The Bengaluru-based company has kept its operational profitability at Rs 535 crore for FY24 up from from Rs 458 crore in FY23.
Moreover, the fintech had to pay approximately Rs 1,340 crore as a one-time tax for moving its headquarters back to India earlier this year. It reported a net loss of Rs 805 crore, after accounting for taxes.
In March, the company moved its headquarters back to India, integrating its US-based subsidiary, Groww Inc, with its Indian parent entity, Billionbrains Garage Ventures.
Established in 2017 by Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal, Groww is a digital discount brokerage service that enables users to invest in stocks, exchange-traded funds (ETFs), and initial public offerings (IPOs).
Groww Invest Tech, a division of Billionbrains Garage Ventures, also oversees other ventures like Neobillion Fintech, Groww Asset Management, Groww Pay Services, Groww Insurance Broking, Billionblock Finserv, among others across India.
As of October 2024, the company reported having an active stock investor base of 1.2 crore.
The company asserts that nearly one in four new SIPs in the nation are initiated through Groww.
Supported by investors such as Peak XV Partners, Tiger Global, and Propel Venture Partners, the fintech giant has secured over $393 million in investments to date.
At the same time, Billionbrains Garage, the parent company of Groww, reported a net profit of Rs 448.7 crore in FY23, an improvement from the loss of Rs 239 crore in FY22. Additionally, the company’s operating revenue increased by more than 3X to Rs 1,277.8 crore in FY23, rising from Rs 351 crore recorded in FY22.
