With a 2.2X increase in scale on a consolidated basis for the fiscal year ending March 2024, Groww, a full-stack financial services platform, continued its growth trajectory. It registered a 16.8 percent rise in profits during the same period, despite the rapid expansion, the Tiger Global-backed company remained operationally profitable.
Groww’s revenue from operations has witnessed an upsurge and stands at Rs 3,145 crore in FY24. According to the company’s press release, This is an increase from Rs 1,435 crore in FY23. The largest sources of revenue were the subscription fees and commissions. This was further coupled with the 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. This was largely due to a one-time tax payment of Rs 1,340 crore. Furthermore, this was carried out to relocate its domicile to India. Having said that, the company has remained operationally profitable making profits of INR 535 crore in FY24 if we compare with INR 458 crore in FY23.
Groww also filed its annual report for its stock broking unit, which saw revenue rise to Rs 2,900 crore in FY24 from operations from Rs 1,295 crore in FY23.
Groww has reached a milestone by becoming the first stock broker in India to cross 1 crore active investors. Currently, it has 1.2 crore active stock investors as of October 2024.
If we look at Its competitors, Zerodha and Angel One, these players have also reported revenues of INR 8,370 crore and INR 4,272 crore, respectively, In Q1 FY25, Angel One reported Rs 1,405 crore in revenue and Rs 293 crore in profits in the last fiscal year. One of Groww’s peers, Upstox also posted more than Rs 1,000 crore in revenue and Rs 25 crore profit after tax in FY23. However, the company is yet to file its annual report for FY24.
