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Groww is backed by the investment firms such as Peak XV Partners, [[Tiger Global Management]] and Ribbit Capital.<ref>{{cite web|url=https://www.moneycontrol.com/technology/tiger-global-backed-groww-moves-domicile-from-us-to-india-article-12718637.html|title=Tiger Global-backed Groww moves domicile from US to India}}</ref><ref>{{cite web|url=https://economictimes.indiatimes.com/tech/startups/groww-moves-domicile-to-india-from-the-us/articleshow/109986924.cms?from=mdr|title=Groww moves domicile to India from the US}}</ref>
Groww is backed by the investment firms such as Peak XV Partners, [[Tiger Global Management]] and Ribbit Capital.<ref>{{cite web|url=https://www.moneycontrol.com/technology/tiger-global-backed-groww-moves-domicile-from-us-to-india-article-12718637.html|title=Tiger Global-backed Groww moves domicile from US to India}}</ref><ref>{{cite web|url=https://economictimes.indiatimes.com/tech/startups/groww-moves-domicile-to-india-from-the-us/articleshow/109986924.cms?from=mdr|title=Groww moves domicile to India from the US}}</ref>


In April 2021, Groww became [[Unicorn (finance)|unicorn]] company.<ref>{{cite web|url=https://economictimes.indiatimes.com/tech/funding/online-investment-app-groww-raises-fresh-funds-led-by-tiger-valuation-jumps-to-1-billion/articleshow/81951257.cms?from=mdr|title=Groww gets unicorn tag after raising $83 mn from Tiger Global, others}}</ref><ref>{{cite web|url=https://www.livemint.com/companies/news/groww-looks-to-expand-offerings-11620581862097.html|title=Groww looks to expand offerings}}</ref> Groww was formerly known as Nextbillion Technology Pvt. Ltd.<ref>{{cite web|url=https://economictimes.indiatimes.com/mf/mf-news/groww-completes-rs-175cr-indiabulls-mutual-fund-biz-acquisition/articleshow/100001579.cms?from=mdr|title=Groww completes Rs 175cr Indiabulls Mutual Fund biz acquisition}}</ref> In 2022, Microsoft CEO Satya Nadella invested in Groww.<ref>{{cite web|url=https://timesofindia.indiatimes.com/business/india-business/microsoft-ceo-satya-nadella-invests-in-groww-will-be-adviser-too/articleshow/88784131.cms|title=Microsoft CEO Satya Nadella invests in Groww, will be its advisor}}</ref>
In April 2021, Groww became [[Unicorn (finance)|unicorn]] company.<ref>{{cite web|url=https://economictimes.indiatimes.com/tech/funding/online-investment-app-groww-raises-fresh-funds-led-by-tiger-valuation-jumps-to-1-billion/articleshow/81951257.cms?from=mdr|title=Groww gets unicorn tag after raising $83 mn from Tiger Global, others}}</ref><ref>{{cite web|url=https://www.livemint.com/companies/news/groww-looks-to-expand-offerings-11620581862097.html|title=Groww looks to expand offerings}}</ref> Groww was formerly known as Nextbillion Technology Pvt. Ltd.<ref>{{cite web|url=https://economictimes.indiatimes.com/mf/mf-news/groww-completes-rs-175cr-indiabulls-mutual-fund-biz-acquisition/articleshow/100001579.cms?from=mdr|title=Groww completes Rs 175cr Indiabulls Mutual Fund biz acquisition}}</ref> In 2022, Microsoft CEO [[Satya Nadella]] invested in Groww.<ref>{{cite web|url=https://timesofindia.indiatimes.com/business/india-business/microsoft-ceo-satya-nadella-invests-in-groww-will-be-adviser-too/articleshow/88784131.cms|title=Microsoft CEO Satya Nadella invests in Groww, will be its advisor}}</ref>


Groww raced past [[Zerodha]] in terms of active investors at the end of September 2023. As per [[National Stock Exchange of India|NSE]] data, Groww had 6.63 million active investors against Zerodha’s 6.48 million.<ref>{{Cite news |last=Tiwari |first=Khushboo |date=2024-04-15 |title=Brokerage firm Groww seals top spot with nearly 23% market share |url=https://www.business-standard.com/companies/news/brokerage-firm-groww-cements-top-spot-with-nearly-a-quarter-market-share-124041500796_1.html |url-status=live |archive-url=https://web.archive.org/web/20240416112704/https://www.business-standard.com/companies/news/brokerage-firm-groww-cements-top-spot-with-nearly-a-quarter-market-share-124041500796_1.html |archive-date=2024-04-16 |access-date=2024-06-16 |work=[[Business Standard]]}}</ref><ref>{{Cite web |date=2024-05-31 |title=Report 1C: Report of Redressal of Complaints lodged by clients against Trading Members (TMs) during 2024-25: Last Updated on 31-MAY-2024 |url=https://nsearchives.nseindia.com/miscellaneous/ArbitrationReports/isc_report1C_2425.xls |url-status=live |archive-url=https://web.archive.org/web/20240611111701/https://nsearchives.nseindia.com/miscellaneous/ArbitrationReports/isc_report1C_2425.xls |archive-date=2024-06-11 |access-date=2024-06-16 |website=[[National Stock Exchange of India]]}}</ref>
Groww raced past [[Zerodha]] in terms of active investors at the end of September 2023. As per [[National Stock Exchange of India|NSE]] data, Groww had 6.63 million active investors against Zerodha’s 6.48 million.<ref>{{Cite news |last=Tiwari |first=Khushboo |date=2024-04-15 |title=Brokerage firm Groww seals top spot with nearly 23% market share |url=https://www.business-standard.com/companies/news/brokerage-firm-groww-cements-top-spot-with-nearly-a-quarter-market-share-124041500796_1.html |url-status=live |archive-url=https://web.archive.org/web/20240416112704/https://www.business-standard.com/companies/news/brokerage-firm-groww-cements-top-spot-with-nearly-a-quarter-market-share-124041500796_1.html |archive-date=2024-04-16 |access-date=2024-06-16 |work=[[Business Standard]]}}</ref><ref>{{Cite web |date=2024-05-31 |title=Report 1C: Report of Redressal of Complaints lodged by clients against Trading Members (TMs) during 2024-25: Last Updated on 31-MAY-2024 |url=https://nsearchives.nseindia.com/miscellaneous/ArbitrationReports/isc_report1C_2425.xls |url-status=live |archive-url=https://web.archive.org/web/20240611111701/https://nsearchives.nseindia.com/miscellaneous/ArbitrationReports/isc_report1C_2425.xls |archive-date=2024-06-11 |access-date=2024-06-16 |website=[[National Stock Exchange of India]]}}</ref>


==Acquistions==
==Acquistions==
In 2021, Groww acquired [[Indiabulls]] AMC, the mutual funds business of the group, for {{INR}}175 crore.<ref>{{cite news |title=Zerodha-rival Groww gets approval to acquire Indiabulls mutual fund business |url=https://www.livemint.com/mutual-fund/mf-news/zerodharival-groww-gets-cci-nod-to-acquire-indiabulls-mutual-fund-business-11631250687990.html |access-date=19 November 2021 |work=mint |date=10 September 2021 |language=en |archive-date=19 November 2021 |archive-url=https://web.archive.org/web/20211119211803/https://www.livemint.com/mutual-fund/mf-news/zerodharival-groww-gets-cci-nod-to-acquire-indiabulls-mutual-fund-business-11631250687990.html |url-status=live }}</ref> In 2022, Groww invested in fintech SaaS start-up Hyperface.<ref>{{cite web|url=https://economictimes.indiatimes.com/tech/funding/juspay-cofounders-startup-hyperface-raises-9-million-in-funding-from-3one4-capital-others/articleshow/92855263.cms?from=mdr|title=Juspay cofounder’s startup Hyperface raises $9 million in funding from 3one4 Capital, others}}</ref> In 2023, Groww acquired minority stake In Fintech Start-up Digio.<ref>{{cite web|url=https://www.outlookbusiness.com/investors/groww-acquires-minority-stake-in-fintech-start-up-digio-news-7156|title=Groww Acquires Minority Stake In Fintech Start-up Digio}}</ref>
In 2021, Groww acquired [[Indiabulls]] AMC, the mutual funds business of the group, for {{INR}}175 crore.<ref>{{cite news |title=Zerodha-rival Groww gets approval to acquire Indiabulls mutual fund business |url=https://www.livemint.com/mutual-fund/mf-news/zerodharival-groww-gets-cci-nod-to-acquire-indiabulls-mutual-fund-business-11631250687990.html |access-date=19 November 2021 |work=mint |date=10 September 2021 |language=en |archive-date=19 November 2021 |archive-url=https://web.archive.org/web/20211119211803/https://www.livemint.com/mutual-fund/mf-news/zerodharival-groww-gets-cci-nod-to-acquire-indiabulls-mutual-fund-business-11631250687990.html |url-status=live }}</ref> In 2022, Groww invested in fintech [[Software as a service|SaaS]] start-up Hyperface.<ref>{{cite web|url=https://economictimes.indiatimes.com/tech/funding/juspay-cofounders-startup-hyperface-raises-9-million-in-funding-from-3one4-capital-others/articleshow/92855263.cms?from=mdr|title=Juspay cofounder’s startup Hyperface raises $9 million in funding from 3one4 Capital, others}}</ref> In 2023, Groww acquired minority stake In Fintech Start-up Digio.<ref>{{cite web|url=https://www.outlookbusiness.com/investors/groww-acquires-minority-stake-in-fintech-start-up-digio-news-7156|title=Groww Acquires Minority Stake In Fintech Start-up Digio}}</ref>


== See also ==
== See also ==

Revision as of 02:08, 12 October 2024

Groww
IndustryFinancial services
FoundedMay 2016; 8 years ago (May 2016)
FounderLalit Keshre, Harsh Jain, Neeraj Singh & Ishan Bansal
Headquarters
Bengaluru, Karnataka
,
India
Services
RevenueIncrease ₹2,900 crore (US$350 million) (FY24)[1]
Increase ₹298 crore (US$36 million) (FY24)[2]
SubsidiariesIndiabulls
Websitegroww.in

Groww Invest Tech Pvt. Ltd is an Indian stock broker and financial services company that is member of the National Stock Exchange of India (NSE), Bombay Stock Exchange (BSE), and the Multi Commodity Exchange (MCX).[3] It offers institutional and retail brokerage, currency and commodity trading, mutual funds, credit business, margin trading facility (MTF) business and bonds.[4][5][6] Groww is the largest broker in India with market share of 27 per cent and an active client base of 1.03 crore as of May 2024.[7][8][9]

Groww Invest Tech Private Limited (GIT) is the main operating entity of the Groww Group and is a wholly owned subsidiary of Billionbrains Garage Ventures Private Limited.

History

In May 2016, Lalit Keshre and his three friends from Flipkart— Harsh Jain, Neeraj Singh and Ishan Bansal— started Groww as a direct mutual fund distribution platform.[10][11][12]

Groww is backed by the investment firms such as Peak XV Partners, Tiger Global Management and Ribbit Capital.[13][14]

In April 2021, Groww became unicorn company.[15][16] Groww was formerly known as Nextbillion Technology Pvt. Ltd.[17] In 2022, Microsoft CEO Satya Nadella invested in Groww.[18]

Groww raced past Zerodha in terms of active investors at the end of September 2023. As per NSE data, Groww had 6.63 million active investors against Zerodha’s 6.48 million.[19][20]

Acquistions

In 2021, Groww acquired Indiabulls AMC, the mutual funds business of the group, for ₹175 crore.[21] In 2022, Groww invested in fintech SaaS start-up Hyperface.[22] In 2023, Groww acquired minority stake In Fintech Start-up Digio.[23]

See also

References

  1. ^ "Stock broking firm Groww's revenue more than doubles to Rs 2,900 crore in FY24, net profit at Rs 298 crore".
  2. ^ "Groww reports over 300% rise in net profit at Rs 297 crore in FY24: ICRA".
  3. ^ "India's Groww valued at $3 billion in $251 million funding". 25 October 2021. Retrieved 25 October 2021.
  4. ^ "Mutual Fund platform Groww to launch stock broking services".
  5. ^ "Exclusive: Groww eyes entry into India's growing cryptocurrency market".
  6. ^ "Groww faces backlash over investment error, credits amount to user in 'good faith'".
  7. ^ "Groww's active user base crosses 1 crore milestone in May".
  8. ^ "Groww banega crorepati: Active user base set to cross 1 crore in May".
  9. ^ "Demat accounts: Groww market share crosses 25%, Zerodha continues to lose".
  10. ^ "How four ex-Flipsters built Groww into a unicorn".
  11. ^ "Meet Lalit Keshre, son of a farmer whose company overtook Zerodha as India's largest stockbroker".
  12. ^ "Meet man who failed to crack IIT, co-founded Rs 25,000 crore company, he is from..."
  13. ^ "Tiger Global-backed Groww moves domicile from US to India".
  14. ^ "Groww moves domicile to India from the US".
  15. ^ "Groww gets unicorn tag after raising $83 mn from Tiger Global, others".
  16. ^ "Groww looks to expand offerings".
  17. ^ "Groww completes Rs 175cr Indiabulls Mutual Fund biz acquisition".
  18. ^ "Microsoft CEO Satya Nadella invests in Groww, will be its advisor".
  19. ^ Tiwari, Khushboo (2024-04-15). "Brokerage firm Groww seals top spot with nearly 23% market share". Business Standard. Archived from the original on 2024-04-16. Retrieved 2024-06-16.
  20. ^ "Report 1C: Report of Redressal of Complaints lodged by clients against Trading Members (TMs) during 2024-25: Last Updated on 31-MAY-2024". National Stock Exchange of India. 2024-05-31. Archived from the original on 2024-06-11. Retrieved 2024-06-16.
  21. ^ "Zerodha-rival Groww gets approval to acquire Indiabulls mutual fund business". mint. 10 September 2021. Archived from the original on 19 November 2021. Retrieved 19 November 2021.
  22. ^ "Juspay cofounder's startup Hyperface raises $9 million in funding from 3one4 Capital, others".
  23. ^ "Groww Acquires Minority Stake In Fintech Start-up Digio".

Media related to Groww at Wikimedia Commons

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