Groww, a full-stack financial services platform, recorded substantial growth with a 2.2x increase in consolidated revenues for the fiscal year ending March 2024. Despite this rapid expansion, the Tiger Global-backed company maintained operational profitability, achieving a 16.8% rise in its profit during the period.
The company’s operational revenue grew to ₹3,145 crore in FY24, a significant jump from ₹1,435 crore in FY23, as revealed in their press release. The primary drivers of this revenue were subscription fees and commissions, alongside earnings from its tech platforms and support services, contributing to additional revenue segments.
However, Groww reported a net loss of ₹805 crore in FY24. This was largely attributed to a one-time tax payment of ₹1,340 crore related to its relocation of domicile to India. Despite this, the company stayed operationally profitable, recording ₹535 crore in profits, up from ₹458 crore in the previous fiscal year.
Earlier in the year, Groww filed its stock broking unit’s annual report, which showed a sharp increase in revenue from ₹1,295 crore in FY23 to ₹2,900 crore in FY24.
By October 2024, Groww had set a new milestone, becoming the first stock broker in India to surpass 1 crore active investors, with 1.2 crore active stock investors currently on its platform.
In comparison, rivals Zerodha and Angel One reported revenues of ₹8,370 crore and ₹4,272 crore, respectively, in the last fiscal year. For Q1 FY25, Angel One posted ₹1,405 crore in revenue and ₹293 crore in profit. Upstox, another competitor, had over ₹1,000 crore in revenue and ₹25 crore in post-tax profits in FY23 but has not yet submitted its FY24 report.