Groww

Last updated
Groww
Industry Financial services [1]
FoundedMay 2016;8 years ago (May 2016) [2]
FounderLalit Keshre, Harsh Jain, Neeraj Singh & Ishan Bansal [3]
Headquarters
Bengaluru, Karnataka
,
India
Key people
Lalit Keshre (CEO) [1] [4]
Services
RevenueIncrease2.svg₹3,145 crore (US$380 million) (FY24) [5]
Increase2.svg₹535 crore (US$64 million) (FY24) [6]
Parent Billionbrains Garage Ventures Private Limited
Subsidiaries Indiabulls AMC
Website groww.in

Groww Invest Tech Pvt. Ltd is an Indian stock broker and financial services company that is member of the National Stock Exchange of India (NSE), Bombay Stock Exchange (BSE), and the Multi Commodity Exchange (MCX). [7] It offers institutional and retail brokerage, [8] [9] currency and commodity trading, mutual funds, [10] Exchange-traded fund (ETF), [11] credit business, asset management, [12] margin trading facility (MTF) business and bonds. [13] [14] [15] Groww is the largest broker in India with market share of 27 per cent and an active client base of 1.03 crore as of May 2024. [16] [17] [18]

Contents

Groww Invest Tech Private Limited (GIT) is the main operating entity of the Groww Group and is a wholly owned subsidiary of Billionbrains Garage Ventures Private Limited. [2]

History

In May 2016, Lalit Keshre and his three friends from Flipkart— Harsh Jain, Neeraj Singh and Ishan Bansal— started Groww as a direct mutual fund distribution platform. [19] [20] [21]

In 2018, Groww was funded by Y Combinator. [22] [23] [24] [25] Groww is backed by the investment firms such as Peak XV Partners, Tiger Global Management and Ribbit Capital. [26] [27] Groww also got funding from Mukesh Bansal (founder of Myntra and Curefit) and Ankit Nagori (founder of Curefoods). [28]

In April 2021, Groww became unicorn company. [29] [30] Groww was formerly known as Nextbillion Technology Pvt. Ltd. [31] In 2022, Microsoft CEO Satya Nadella invested in Groww. [32]

Groww went past Zerodha in terms of active investors at the end of September 2023. As per NSE data, Groww had 6.63 million active investors against Zerodha’s 6.48 million. [33] [34] In May 2024, Groww became the first broker in India to cross 10 million clients. [35] In August 2024, Groww's active client base was close to 12 million compared to Zerodha's 7.9 million active clients. [36]

Groww shifted its domicile from the USA to India in 2024. [37] [38]

Acquisitions

In 2021, Groww acquired Indiabulls AMC, the mutual funds business of the group, for ₹175 crore. [39] [40] In 2022, Groww invested in fintech SaaS start-up Hyperface. [41] In 2023, Groww acquired minority stake In Fintech Start-up Digio. [42]

Initiative

In January 2020, Groww launched its flagship financial education initiative known as, 'Ab India Karega Invest'. [43] [44]

Awards and recognitions

See also

Related Research Articles

<span class="mw-page-title-main">Bombay Stock Exchange</span> Indian stock exchange in Mumbai

BSE Limited, also known as the Bombay Stock Exchange (BSE), is an Indian stock exchange which is located on Dalal Street. Established in 1875 by cotton merchant Premchand Roychand, it is the oldest stock exchange in Asia, and also the tenth oldest in the world. The BSE is the world's 6th largest stock exchange with a market capitalization exceeding US$5 trillion on May 21, 2024.

<span class="mw-page-title-main">National Stock Exchange of India</span> Indian securities marketplace

National Stock Exchange of India Limited (NSE) is one of the leading stock exchanges in India, based in Mumbai. NSE is under the ownership of various financial institutions such as banks and insurance companies. It is the world's largest derivatives exchange by number of contracts traded and the third largest in cash equities by number of trades for the calendar year 2022. It is the 7th largest stock exchange in the world by total market capitalization, exceeding $5 trillion on May 23, 2024. NSE's flagship index, the NIFTY 50, is a 50 stock index that is used extensively by investors in India and around the world as a barometer of the Indian capital market. The NIFTY 50 index was launched in 1996 by NSE.

Axis Bank Limited, formerly known as UTI Bank (1993–2007), is an Indian multinational banking and financial services company headquartered in Mumbai, Maharashtra. It is India's third largest private sector bank by assets and fourth largest by market capitalisation. It sells financial services to large and mid-size companies, SMEs and retail businesses.

The Indiabulls Group is an Indian conglomerate headquartered in Gurgaon, whose primary businesses are financial services, construction-equipment rentals, and LED lighting.

<span class="mw-page-title-main">Motilal Oswal Financial Services</span> Indian diversified financial services firm

Motilal Oswal Financial Services Limited is an Indian financial services company offering a range of financial products and services. The company was founded by Motilal Oswal and Raamdeo Agrawal in 1987.

Flipkart Private Limited is an Indian e-commerce company, headquartered in Bangalore, and incorporated in Singapore as a private limited company. The company initially focused on online book sales before expanding into other product categories such as consumer electronics, fashion, home essentials, groceries, and lifestyle products.

Religare Enterprises Limited (REL) is an Indian investment and financial services holding company, headquartered in New Delhi. REL is listed on National Stock Exchange of India and Bombay Stock Exchange. It is registered with the Reserve Bank of India (RBI).

<span class="mw-page-title-main">Central Depository Services Limited</span> Indian security depository

Central Depository Services (India) Ltd. (CDSL) is an Indian central securities depository, founded in 1999.

<span class="mw-page-title-main">Bajaj Finserv</span> Indian financial services company

Bajaj Finserv Limited is an Indian non-banking financial services company headquartered in Pune. It is focused on lending, asset management, wealth management and insurance.

<span class="mw-page-title-main">Paytm</span> Indian financial technology company

Paytm is an Indian multinational financial technology company, that specializes in digital payments and financial services, based in Noida, India. Paytm was founded in 2010 by Vijay Shekhar Sharma under One97 Communications. The company offers mobile payment services to consumers and enables merchants to receive payments through QR code payment, Soundbox, Android-based-payment terminal, and online payment gateway. In partnership with financial institutions, Paytm also offers financial services such as microcredit and buy now, pay later to its consumers and merchants.

<span class="mw-page-title-main">Karvy Corporate</span> Indian financial services company

Karvy Group is a financial services company in India. It was involved in financial services like equity, commodities trading, depository and wealth services and distribution of other financial products. It has its headquarters in Hyderabad. It also had branch offices outside India in Bahrain, Dubai, Malaysia, Philippines and the United States.

<span class="mw-page-title-main">Scripbox</span>

Scripbox is a Bengaluru-based digital wealth management service founded in 2012.

ANSR is a business consulting company. It was established in 2004 by Lalit Ahuja. Since its inception, ANSR has established over 125 GCCs aggregating to over 125K enterprise talent with over $1.6B in investment.

<span class="mw-page-title-main">Cred (company)</span> Indian financial technology company

Dreamplug Technologies Pvt. Ltd. d/b/a CRED is an Indian fintech company, based in Bangalore. Founded in 2018 by Kunal Shah, it is a reward-based credit card payments app. Cred also lets users make house rent payments and provides short-term credit lines.

<span class="mw-page-title-main">Navi Group</span> Indian financial services company

Navi is an Indian financial services company founded by Sachin Bansal and Ankit Agarwal in 2018. Navi operates in the space of digital Loans, home loans, mutual funds, health insurance, digital gold and UPI.

ET Money is an Indian fintech and wealth management platform which was founded in 2015. It offers a variety of financial products and services, including mutual funds, insurance, fixed deposits, NPS and SIPs. The investments tracked and managed on the app is US$3 billion as of March 2022.

Paisabazaar is an Indian digital loan and credit card platform. It is a part of PB Fintech. In 2020, Paisabazaar was India's largest digital consumer credit marketplace, with a 51.4% market share in terms of disbursals.

Zerodha Broking Ltd. is an Indian stock broker and financial services company that is member of the National Stock Exchange of India (NSE), Bombay Stock Exchange (BSE), and the Multi Commodity Exchange (MCX). It offers institutional and retail brokerage, currency and commodity trading, mutual funds and bonds.

Ditto Insurance is a corporate insurance agent headquartered in Bengaluru, India. Founded in January 2021, the company received its license from the Insurance Regulatory and Development Authority of India (IRDAI) in December 2020.

<span class="mw-page-title-main">Coinswitch</span>

Coinswitch is an Indian cryptocurrency exchange and trading platform headquartered in Bangalore, Karnataka. Founded in 2017, the platform enables users to trade Virtual Digital Assets (VDAs) with Indian Rupees. In October 2021, Coinswitch secured $260 million in Series C funding, valuing the company at $1.9 billion.

References

  1. 1 2 "Groww's Lalit Keshre supports SEBI's efforts to regulate F&O trading".
  2. 1 2 "Groww: Making investing as easy as ecommerce".
  3. ↑ "Beyond broking: What next for Groww?".
  4. ↑ "Groww CEO apologises for app glitch: 'This time, it hurt a lot more'".
  5. ↑ "Groww paid Rs 1,340 cr in domicile taxes in FY 24, doubles consolidated revenue to Rs 3,145 cr".
  6. ↑ "Groww's $160 million tax payout; PhonePe's losses fall". The Economic Times.
  7. ↑ "India's Groww valued at $3 billion in $251 million funding". 25 October 2021. Retrieved 25 October 2021.
  8. ↑ "Top five discount brokers control 64.6 per cent of NSE volume in July". 17 August 2024.
  9. ↑ "India's top 5 stock brokers control about over 60% of market".
  10. ↑ Khanna, Surbhi (2 July 2024). "The scam that wasn't? Groww issues 6-point clarification on failed mutual fund investment". The Economic Times.
  11. ↑ "Groww Vs. Zerodha: Which One Is Better 2024?".
  12. ↑ "Groww Reports Rs 805 Crore Net Loss in FY24".
  13. ↑ "Mutual Fund platform Groww to launch stock broking services".
  14. ↑ "Exclusive: Groww eyes entry into India's growing cryptocurrency market". 6 October 2021.
  15. ↑ "Groww faces backlash over investment error, credits amount to user in 'good faith'". 24 June 2024.
  16. ↑ "Groww's active user base crosses 1 crore milestone in May".
  17. ↑ "Groww banega crorepati: Active user base set to cross 1 crore in May".
  18. ↑ Agarwal, Nikhil (14 August 2024). "Demat accounts: Groww market share crosses 25%, Zerodha continues to lose". The Economic Times.
  19. ↑ "How four ex-Flipsters built Groww into a unicorn".
  20. ↑ "Meet Lalit Keshre, son of a farmer whose company overtook Zerodha as India's largest stockbroker".
  21. ↑ "Meet man who failed to crack IIT, co-founded Rs 25,000 crore company, he is from..."
  22. ↑ "Y Combinator: Groww raises seed funding from Y Combinator, Mukesh Bansal, Ankit Nagori". The Times of India. 29 January 2018.
  23. ↑ Gooptu, Biswarup (10 September 2020). "Y Combinator's Continuity Fund leads $30 million funding in Groww". The Economic Times.
  24. ↑ "Groww, Khatabook among seven Indian entrants in Y Combinator's top startups list". The Economic Times. 13 January 2021.
  25. ↑ "Investment app Groww raises $6.2mn in Series A funding led by Sequoia India".
  26. ↑ "Tiger Global-backed Groww moves domicile from US to India".
  27. ↑ "Groww moves domicile to India from the US". The Economic Times. 9 May 2024.
  28. ↑ "Groww leverages data to make investing simple, accessible for beginners".
  29. ↑ "Groww gets unicorn tag after raising $83 mn from Tiger Global, others". The Economic Times. 8 April 2021.
  30. ↑ "Groww looks to expand offerings".
  31. ↑ "Groww completes Rs 175cr Indiabulls Mutual Fund biz acquisition". The Economic Times. 5 May 2023.
  32. ↑ "Microsoft CEO Satya Nadella invests in Groww, will be its advisor". The Times of India. 9 January 2022.
  33. ↑ Tiwari, Khushboo (2024-04-15). "Brokerage firm Groww seals top spot with nearly 23% market share". Business Standard . Archived from the original on 2024-04-16. Retrieved 2024-06-16.
  34. ↑ "Report 1C: Report of Redressal of Complaints lodged by clients against Trading Members (TMs) during 2024-25: Last Updated on 31-MAY-2024". National Stock Exchange of India . 2024-05-31. Archived from the original on 2024-06-11. Retrieved 2024-06-16.
  35. ↑ "Groww's active client base tops 10 mn; becomes 1st broker co to attain feat". Business Standard. June 13, 2024.
  36. ↑ "Stock broking firm Groww's revenue more than doubles to Rs 2,900 crore in FY24, net profit at Rs 298 crore". Money Control. October 1, 2024.
  37. ↑ "Financial services startup Groww moves domicile to India from the US". 3 October 2024.
  38. ↑ "How largest stock broking platform Groww's tax bill and loss is a result 'relocating' to India - Times of India". The Times of India. 22 October 2024.
  39. ↑ "Groww to buy Indiabulls MF for ₹175 crore". The Hindu .
  40. ↑ "Zerodha-rival Groww gets approval to acquire Indiabulls mutual fund business". mint. 10 September 2021. Archived from the original on 19 November 2021. Retrieved 19 November 2021.
  41. ↑ "Juspay cofounder's startup Hyperface raises $9 million in funding from 3one4 Capital, others". The Economic Times. 13 July 2022.
  42. ↑ "Groww Acquires Minority Stake In Fintech Start-up Digio". 13 January 2023.
  43. ↑ "Groww's 100th "Ab India Karega Invest" Sees Strong Participation in Mumbai".
  44. ↑ "Groww launches 'Ab India Karega Invest' campaign".
  45. ↑ "Vellayan Subbiah named EY Entrepreneur of the Year 2023". The Times of India. 24 February 2024.

Commons-logo.svg Media related to Groww at Wikimedia Commons

This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.