Groww

What Groww does

Groww, founded in 2016 by former Flipkart executives Lalit Keshre, Harsh Jain, Ishan Bansal and Neeraj Singh and now publicly listed via parent Billionbrains Garage Ventures Ltd. (NSE: GROWW), operates India's largest stockbroker by active NSE clients with 12.9 million active traders and 21.6 million registered users. The company runs a single-country (India) full-stack wealth platform — broker-dealer activity is distributed exclusively through owned mobile (iOS/Android) and web channels, with zero Demat account opening and maintenance charges and commission-free direct mutual fund distribution as acquisition mechanics. Core technology is a web and mobile investment terminal featuring a TypeScript-based trading API, Groww Terminal for customizable chart/order/watchlist workflows, option-chain analytics, MTF (margin trading facility) at up to 4x leverage, and a screener leveraging technical indicators.

The revenue model is transaction-fee dominated: 0.1% brokerage per equity/MTF order, Rs 20 pledge/unpledge charges, MTF interest income at 14.95% p.a. (now reported at ~13% of Q4 FY26 revenue), mutual fund distribution commissions, and emerging AMC and PMS fees. FY26 disclosed operating revenue is Rs 4,644 crore (USD ~$555M) on Q4 standalone revenue of Rs 1,505 crore (+80.7% YoY) and full-year net profit of Rs 2,083 crore at operating margins that expanded to 62% in Q4. The platform has expanded vertically into a proprietary Groww Mutual Fund AMC (with State Street Global Advisors taking a 22.94% economic stake) and geographically via the June 2026 IFSCA Global Access Provider licence enabling US-equity investing from GIFT City in partnership with ViewTrade, Interactive Brokers and Alpaca Securities.

The go-to-market motion is product-led growth targeting first-time retail investors — primary segments are retail individual investors and young/salary professionals, with secondary segments in women investors and Tier-2/Tier-3 city users served through vernacular-leaning UX. Recent strategic actions (Fisdom acquisition at ~$150M in Oct 2025, GIFT City buildout, new ETFs, Series F $200M, Nov 2025 IPO of Rs 7,900 crore, and June 2026 FTSE large-cap inclusion) frame Groww as a public, multi-vertical Indian wealth platform competing primarily against Zerodha, Angel One and Upstox, with emerging competition from wealth-tech entrants.

Name

Groww

Legal name

Groww Invest Tech Pvt. Ltd.

Website

https://groww.in

Company type

Public

Founded year

2016

Operating status

Ipo

Headcount range

1,001–5,000 employees

Short description

Groww is India's largest stockbroker by active NSE clients, operating a full-stack digital wealth platform serving over 21.6 million registered retail investors with stock trading, direct mutual funds, F&O, commodities, MTF, and wealth management across mobile and web channels.

Ownership category

akta.pro rank

Product category

Retail Brokerage and Investment Platform

NAICS

Portfolio Management and Investment Advice (52394)

SIC

Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Financial Services / Fintech Growth Equity (FSANACAE)

Keywords

• Stock trading platform
• Mutual fund distribution
• Investment platform
• Wealth management
• Financial services

Headquarters

HQ city

Bengaluru

HQ country

India

HQ region

Asia

Offices1 record

Markets served

GTM type

B2C

Offering type

Software

Cost components

Technology or R&D, Personnel, Marketing or Sales, Operations, Infrastructure

Revenue model

1. Brokerage/Transaction Fees: Charges 0.1% brokerage per order on equity trades and MTF orders. This is the primary revenue stream from stock trading.
2. MTF Interest Income: Interest income from Margin Trading Facility at 0.041% per day (14.95% p.a.) charged on funded amount. New revenue stream contributing 13% of Q4 revenue.
3. Pledge/Unpledge Charges: ₹20 flat rate per order for pledge/unpledge transactions when using holdings as margin for trading
4. Mutual Fund Distribution: Revenue from distribution of mutual funds (though direct plans are zero-commission, other fund variants may generate revenue)

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels5 records

Core offering

Groww runs a mobile and web-based investment platform enabling Indian retail investors to open a free Demat and trading account and transact in stocks, ETFs, IPOs, futures and options, commodities, and commission-free direct mutual funds via SIPs and lump sums. It complements execution services with a Margin Trading Facility (up to 4x leverage at 14.95% p.a.), a Trade API for algorithmic trading, and is expanding into full-stack wealth management through the Groww Mutual Fund AMC and recent acquisitions such as Fisdom.

Product overview

Groww is a comprehensive full-stack wealth management and investment platform architected as a platform-plus-modules ecosystem. The core platform consists of a unified trading and investment app offering Stocks (equity delivery, intraday, MTF with up to 4x leverage), Futures & Options trading with professional terminal tools, Commodities (MCX), and IPO services. Overlaying this is a Direct Mutual Fund investment platform (zero-commission) plus a proprietary Groww Mutual Fund AMC sub-brand offering index funds, ETFs (gold, silver, sector-specific), liquid/overnight funds, and tax-saving ELSS products. Additional modules include a Demat Account, PMS, Financial Calculators, and API trading for algorithmic traders. The platform recently expanded into international investing via GIFT City and full-stack wealth management through acquisitions of Fisdom and Indiabulls Mutual Fund. The architecture follows a freemium model with core trading monetized through MTF interest, F&O brokerage, and new wealth management services.

Differentiator

Problem solved

Functional benefit

Products and services

• Stock Trading Platform Online equity trading platform enabling users to invest in stocks, ETFs, and IPOs with fast order execution, real-time P&L tracking, and portfolio monitoring.
• Margin Trading Facility (MTF) Buy-now-pay-later margin trading facility offering up to 4x leverage (25% upfront payment), 14.95% p.a. interest (0.041% per day), 0.1% brokerage per order, and pledge functionality for additional margin.
• Futures & Options (F&O) Trading Derivatives trading platform for futures and options with terminal interface, charts, indicators, order tracking, P&L monitoring, and watchlists in a customisable layout.
• Commodity Trading Commodity derivatives trading platform for crude oil, gold, silver, natural gas, and other MCX-listed commodities.
• Direct Mutual Fund Investments Zero-commission direct mutual fund investment platform offering SIP and lump sum investments across all Indian asset management companies.
• Demat Account Free online Demat account opening with 100% paperless process, enabling securities holding and trading access.
• Groww Trade API Developer API enabling algorithmic and automated trading, allowing users to set up and execute trades programmatically through custom trading systems.
• Groww Mutual Fund AMC Proprietary mutual fund arm of Groww offering index funds, ETFs (gold, silver, sector-specific), liquid funds, and tax-saving ELSS products under the Groww Mutual Fund brand.
• GIFT City International Investing Services International stock investing service enabling Indian retail investors to access US and global equities via the Liberalised Remittance Scheme, routed through IFSCA-approved GIFT City infrastructure.
• Portfolio Management Services (PMS) Portfolio management services for high-net-worth investors seeking actively managed portfolios.
• Groww Arbitrage Fund Arbitrage mutual fund offering tax-efficient returns through equity arbitrage strategies.
• Groww ELSS Tax Saver Fund Equity-linked savings scheme providing tax deductions under Section 80C up to ₹1.5 lakh with a 3-year lock-in.
• Groww Gold ETF and Gold ETF Fund of Fund Gold exchange-traded fund and fund of funds providing exposure to gold prices.
• Groww Silver ETF Silver exchange-traded fund providing exposure to silver prices.
• Groww Liquid Fund Liquid fund for ultra-short-term investments with ₹15,091 crore AUM, offering better returns than short-term FDs with no exit load after 7 days.
• Groww Large Cap Fund Large-cap equity fund investing in top 100 Indian companies by market capitalization.
• Groww Multicap Fund Multicap equity fund with flexible allocation across large, mid, and small-cap stocks.
• Groww Nifty Smallcap 250 Momentum Quality 100 ETF Open-ended exchange-traded fund tracking the Nifty Smallcap 250 Momentum Quality 100 Index, providing factor-based passive exposure to India's small-cap segment combining momentum and quality factors.
• Groww Nifty Private Bank ETF Passive exchange-traded fund tracking the Nifty Private Bank Index TRI, providing exposure to India's private banking segment.
• Groww Nifty India Defence ETF Thematic ETF providing exposure to India's defence sector through the Nifty India Defence index.
• Groww Nifty Smallcap 250 Index Fund Index fund tracking the Nifty Smallcap 250 index for small-cap equity exposure.
• IPO Investment Services Online IPO subscription and tracking service enabling retail investors to apply for and track IPOs.
• Bonds Marketplace Bond investment platform for retail investors to earn fixed interest with regular payouts across listed debt instruments.
• ETF Investing ETF investing platform offering exposure to Gold, Silver, International, and Index ETFs, with a dedicated ETF screener.

Quantifiable outcome

• Zero account opening charges eliminates barrier to entry for new investors
• +1 more outcomes

Named customers1 record

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

AI capability3 records

Feature5 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• IFSCA/GIFT CitycoreStrategic or Co-development Partner · 16 June 2026Groww received Global Access Provider (GAP) licence from IFSCA to operate from GIFT City, enabling Indian retail investors to access international stock markets including US equities through the Liberalised Remittance Scheme.
• ViewTrade InternationalcoreTechnology or Integration · 16 June 2026US-based technology partner facilitating cross-border investing through Groww's GIFT City platform for routing trades to US markets.
• Interactive BrokerscoreTechnology or Integration · 16 June 2026Partner platform for routing international stock trades from Groww's GIFT City platform to execute US stock orders.
• Alpaca SecuritiescoreTechnology or Integration · 16 June 2026US-based brokerage partner enabling Groww to offer US stock trading services to Indian retail investors via GIFT City.
• FisdomcoreStrategic or Co-development Partner · 1 October 2025Acquired for approximately $150 million in October 2025. Groww invested Rs 104.5 crore through rights issue post-acquisition as part of strategy to develop from stockbroking platform into full-stack wealth management business.
• Indiabulls Asset Management Co.minorStrategic or Co-development Partner · 12 May 2021Acquired for ₹175 crore, focusing on expanding asset management business. Deal involved only the mutual fund division with AIF part retained by Indiabulls Housing Finance.
• Finwizard TechnologyminorStrategic or Co-development PartnerAcquired as part of Groww's expansion into wealth management, contributing to the full-stack platform strategy.

Scale indicators13 records

Recent moves8 records

Expansion highlights7 records

Direct peers

• Zerodha: India's pioneer discount stockbroker and Groww's most direct competitor. Both offer zero-commission direct mutual funds, low-cost equity/F&O trading, and target first-time retail investors. Zerodha was the prior #1 by active NSE clients before Groww overtook it.
• Paytm Money: Digital investment platform from Paytm offering stocks, mutual funds, ETFs, and IPOs. Direct competitor to Groww in the mobile-first, low-fee retail investing category, leveraging the broader Paytm Payments Bank consumer base.
• Upstox: Online discount stockbroker offering equities, F&O, mutual funds, and IPOs to Indian retail investors. Like Groww, Upstox targets a digital-first, mobile-first audience and also secured a GIFT City/IFSCA licence for international investing.
• Angel One: Full-service Indian stockbroker offering equities, derivatives, mutual funds, IPOs, and commodity trading through its digital platform. Angel One is among the top three Indian brokers by active clients and competes directly with Groww across retail segments.
• 5paisa: Discount broker offering stocks, F&O, mutual funds, and digital Demat accounts to Indian retail investors. Competes directly with Groww on low-cost, self-serve equity and F&O trading with a similar target customer profile.

Emerging players

• INDmoney: Indian wealth management and investment platform offering mutual funds, stocks, F&O, fixed deposits, and US equities. Comparable to Groww's full-stack wealth pivot, with a strong focus on personal-finance aggregation and advisory.
• Kuvera: Commission-free direct mutual fund and financial-planning platform. Overlaps with Groww's zero-commission mutual fund offering and similar target audience of goal-based, first-time retail investors in India.
• PhonePe Wealth: Investment and wealth management arm of PhonePe offering mutual funds, insurance, and digital gold. An emerging direct competitor in India, leveraging PhonePe's large UPI payments user base for low-cost customer acquisition.

Broad incumbents

• ICICI Direct: Bank-backed incumbent Indian broker offering equities, F&O, mutual funds, IPOs, and wealth services. Represents the traditional full-service model that Groww is disrupting, and competes in the same active-client rankings.
• PB Fintech (PolicyBazaar/Paisabazaar): Listed Indian fintech operating PolicyBazaar (insurance) and Paisabazaar (lending/credit). Comparable as a major listed Indian consumer fintech scaling into financial distribution, though focused on insurance/credit rather than trading.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat7 records

Key risks7 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UCw5TLrz3qADabwezTEcOmgQ
• Xx.com/_groww
• Facebookfacebook.com/growwapp
• LinkedInlinkedin.com/company/groww.in

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries4 records

Funding overview

Funding rounds9 records

Investors20 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments7 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Groww