Groww’s FY24 Revenue More Than Doubles To INR 3,145 Cr
by Lokesh Choudhary · Inc42SUMMARY
- Groww reported 119% growth in its revenue, up from INR 1,435 Cr in the financial year 2022-23 (FY23) to INR 3,145 Cr in FY24.
- The company maintained its operational profitability of INR 535 crore for FY24 compared with INR 458 in the previous fiscal year.
- The fintech also paid around INR 1,340 Cr as one time tax on shifting its base back to India.
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Bengaluru based fintech company Groww Invest Tech, which operates online stock broking giant Groww, has reported 119% growth in its revenue, up from INR 1,435 Cr in the financial year 2022-23 (FY23) to INR 3,145 Cr in FY24.
Notably, Groww maintained its operational profitability of INR 535 crore for FY24 compared with INR 458 in the previous fiscal year.
Additionally, the fintech also paid around INR 1,340 Cr as one time tax on shifting its base back to India earlier this year. It reported a net loss of INR 805 Cr, after taxes.
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 (ETFs) and IPOs.
Groww Invest Tech is a subsidiary of Billionbrains Garage Ventures, which also operates entities such as Neobillion Fintech, Groww Asset Management, Groww Pay Services, Groww Insurance Broking, Billionblock Finserv, among others in India.
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According to the company, its active stock investor base stood at 1.2 Cr as of October 2024.
The company shifted its domicile back to India in March. As part of the move, it merged its US-based holding company, Groww Inc, with its Indian parent entity, Billionbrains Garage Ventures.
As of October 2024, Groww’s active stock investor base stood at 1.2 crores. The company claims that nearly one in four new SIPs in the country are happening via Groww.
Backed by the likes of Peak XV Partners, Tiger Global and Propel Venture Partners, the fintech unicorn has raised more than $393 Mn in funding to date.
Meanwhile, Groww’s parent Billionbrains Garage reported a net profit of INR 448.7 Cr in FY23 compared to a net loss of INR 239 Cr in the previous fiscal. Meanwhile, operating revenue more than tripled to INR 1,277.8 Cr in the fiscal ended March 2023 as against INR 351 Cr in FY22.