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Groww

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Groww
IndustryFinancial 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
RevenueIncrease ₹3,145 crore (US$380 million) (FY24)[5]
Increase ₹535 crore (US$64 million) (FY24)[6]
ParentBillionbrains Garage Ventures Private Limited
SubsidiariesIndiabulls AMC
Websitegroww.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] credit business, asset management,[11] margin trading facility (MTF) business and bonds.[12][13][14] 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.[15][16][17]

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

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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.[18][19][20]

In 2018, Groww was funded by Y Combinator.[21][22][23][24] Groww is backed by the investment firms such as Peak XV Partners, Tiger Global Management and Ribbit Capital.[25][26] Groww also got funding from Mukesh Bansal (founder of Myntra and Curefit) and Ankit Nagori (founder of Curefoods).[27]

In April 2021, Groww became unicorn company.[28][29] Groww was formerly known as Nextbillion Technology Pvt. Ltd.[30] In 2022, Microsoft CEO Satya Nadella invested in Groww.[31]

Groww raced 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.[32][33]

Groww shifted its domicile from the USA to India in FY24 to benefit from the country’s evolving startup ecosystem.[34][35]

Acquisitions

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In 2021, Groww acquired Indiabulls AMC, the mutual funds business of the group, for ₹175 crore.[36] In 2022, Groww invested in fintech SaaS start-up Hyperface.[37] In 2023, Groww acquired minority stake In Fintech Start-up Digio.[38]

Initiative

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In January 2020, Groww launched its flagship financial education initiative known as, 'Ab India Karega Invest'.[39][40]

Awards and recognitions

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  • Groww was awarded the 'Forbes India Leadership Award 2024' for Promising Startup.
  • Lalit Keshre, CEO of Groww, was awarded EY Entrepreneur Of The Year 2023 India- Startup category.[41]

See also

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References

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  1. ^ a b "Groww's Lalit Keshre supports SEBI's efforts to regulate F&O trading".
  2. ^ a b "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. ^ "The scam that wasn't? Groww issues 6-point clarification on failed mutual fund investment".
  11. ^ "Groww Reports Rs 805 Crore Net Loss in FY24".
  12. ^ "Mutual Fund platform Groww to launch stock broking services".
  13. ^ "Exclusive: Groww eyes entry into India's growing cryptocurrency market". 6 October 2021.
  14. ^ "Groww faces backlash over investment error, credits amount to user in 'good faith'". 24 June 2024.
  15. ^ "Groww's active user base crosses 1 crore milestone in May".
  16. ^ "Groww banega crorepati: Active user base set to cross 1 crore in May".
  17. ^ Agarwal, Nikhil (14 August 2024). "Demat accounts: Groww market share crosses 25%, Zerodha continues to lose". The Economic Times.
  18. ^ "How four ex-Flipsters built Groww into a unicorn".
  19. ^ "Meet Lalit Keshre, son of a farmer whose company overtook Zerodha as India's largest stockbroker".
  20. ^ "Meet man who failed to crack IIT, co-founded Rs 25,000 crore company, he is from..."
  21. ^ "Y Combinator: Groww raises seed funding from Y Combinator, Mukesh Bansal, Ankit Nagori".
  22. ^ "Y Combinator's Continuity Fund leads $30 million funding in Groww".
  23. ^ "Groww, Khatabook among seven Indian entrants in Y Combinator's top startups list".
  24. ^ "Investment app Groww raises $6.2mn in Series A funding led by Sequoia India".
  25. ^ "Tiger Global-backed Groww moves domicile from US to India".
  26. ^ "Groww moves domicile to India from the US". The Economic Times. 9 May 2024.
  27. ^ "Groww leverages data to make investing simple, accessible for beginners".
  28. ^ "Groww gets unicorn tag after raising $83 mn from Tiger Global, others". The Economic Times. 8 April 2021.
  29. ^ "Groww looks to expand offerings".
  30. ^ "Groww completes Rs 175cr Indiabulls Mutual Fund biz acquisition". The Economic Times. 5 May 2023.
  31. ^ "Microsoft CEO Satya Nadella invests in Groww, will be its advisor". The Times of India. 9 January 2022.
  32. ^ 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.
  33. ^ "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.
  34. ^ "Groww pays ₹1,340 cr tax to move domicile to India Fortune India". 3 October 2024.
  35. ^ "How largest stock broking platform Groww's tax bill and loss is a result 'relocating' to India - Times of India".
  36. ^ "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.
  37. ^ "Juspay cofounder's startup Hyperface raises $9 million in funding from 3one4 Capital, others". The Economic Times. 13 July 2022.
  38. ^ "Groww Acquires Minority Stake In Fintech Start-up Digio". 13 January 2023.
  39. ^ "Groww's 100th "Ab India Karega Invest" Sees Strong Participation in Mumbai".
  40. ^ "Groww launches 'Ab India Karega Invest' campaign".
  41. ^ "Vellayan Subbiah named EY Entrepreneur of the Year 2023". The Times of India. 24 February 2024.

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