Groww results: Net profits surge 308%, revenue at ₹2,900 crore in FY24, says report

Groww Invest-Tech Private Limited, Groww's brokerage unit, recorded a 308 per cent increase in net profits to ₹298 crore for the financial year ended 2024, compared to ₹73 crore in the previous financial year, reported the news portal Entrackr on Tuesday, October 1.

The Tiger Global-backed company's revenue from operations increased 123.9 per cent to ₹2,900 crore in the financial year 2024, compared to ₹1,295 crore in the previous year, the news portal reported, citing the audited financials accessed by the credit rating agency ICRA.

Groww Invest-Tech is a wholly owned subsidiary of Billionbrains Garage Ventures, which houses the group’s tech platform. The company provides equity brokerage services in cash as well as derivative segments along with mutual fund distribution, as per the report.

Groww's market share

Groww holds 25 per cent of the Indian market and has 1.2 crore active users as of August 2024, according to NSE data quoted by the news portal. In October 2023, it took over Zerodha to become the number one stock broking app in India. AngelOne, Upstox, and ICICI Securities are among the other apps in the top five list.

The company has entered the Margin Trading Facility (MTF) business, which will lead to higher borrowings funded through a combination of its own funds and commercial paper, according to ICRA notes. However, the financial leverage is expected to remain manageable, as per the report.

Groww completed its domicile transition back to India from the United States, according to company chief executive officer (CEO) Lalit Keshre.

Its competitor Zerodha recorded ₹8,370 crore in revenue and ₹4,700 crore in profits in the financial year 2024. “Over the last three years, our profitability has resulted in our net worth being approximately 40% of the customer funds that we manage,” said CEO Nithin Kamath in a blog post.