Groww’s FY’24 revenue more than doubles to INR 3,145 crore; Pays INR 1,340 Crore tax in India domicile move

· Groww saw robust growth in revenues and customers, strengthening market leadership in Stock Broking and Mutual Funds

· Maintains profitability of INR 535 Cr, up from INR 458 crore in FY’23

· Co reports a net loss of INR 805 crore after a one-time India domicile tax

Bengaluru, October 22, 2024: Groww today reported revenues of INR 3,145 Cr for FY’23-24 (fiscal year ending March 31, 2024), 119% growth from FY’22-23 revenue of INR 1,435 Cr.

Groww maintained its operational profitability of INR 535 crore for FY24 versus INR 458 crore for FY23. The company paid about INR 1,340 crore as a one-time tax on its domicile movement to India earlier this year. After paying tax, the company reported a net loss of INR 805 crore.

The Bengaluru-based company began in 2016 as a mutual funds investing platform and steadily expanded its offerings by introducing stocks in 2020. Last year, Groww ventured into consumer lending, payments, and asset management through subsidiary businesses.

Groww is at the forefront of transitioning domestic savings into liquid financial assets. Its customer-centric approach has built a platform enabling seamless access, and emphasising a prudent investing culture as the country’s financial markets navigate an inflexion point in retail participation.

Groww became the first stock broker in the country to cross one crore active investors earlier this calendar year. As of October 2024, Groww’s active stock investor base stood at 1.2 crores. It has emerged as the preferred Mutual Funds investing platform for retail investors, with nearly one in four new SIPs in the country happening via Groww.