Groww revenue soars to Rs 3,145 Cr in FY24, domicile shift costs Rs 1,340 Cr

Full-stack financial services platform Groww continued its growth trajectory with a 2.2X increase in scale on a consolidated basis for the fiscal year ending March 2024. Despite the rapid expansion, the Tiger Global-backed company remained operationally profitable, registering a 16.8% rise in profits during the same period.

Groww’s revenue from operations surged to Rs 3,145 crore in FY24, up from Rs 1,435 crore in FY23, according to the company’s press release. The largest sources of revenue were subscription fees and commissions, while income from its tech platforms and support charges contributed to other segments of its operating revenue.

Notably, Groww reported a net loss of Rs 805 crore in FY24, largely due to a one-time tax payment of Rs 1,340 crore for relocating its domicile to India. Despite this, the company remained operationally profitable, with profits of Rs 535 crore in FY24 compared to Rs 458 crore in FY23.

Earlier this month, Groww filed its annual report for its stock broking unit, which saw revenue from operations rise to Rs 2,900 crore in FY24 from Rs 1,295 crore in FY23.

Earlier this year, Groww became the first stock broker in India to cross 1 crore active investors and currently has 1.2 crore active stock investors as of October 2024.

Its competitors Zerodha and Angel One reported revenues of Rs 8,370 crore and Rs 4,272 crore, respectively, in the last fiscal year. In Q1 FY25, Angel One reported Rs 1,405 crore in revenue and Rs 293 crore in profits. Upstox, which also competes with Groww, posted more than Rs 1,000 crore in revenue and Rs 25 crore profit after tax in FY23, but has yet to file its annual report for FY24.