Tiger Global-backed online investing platform Groww said Monday its revenue for the financial year ended March 2024 more than doubled but the company slipped into a net loss due to a one-time tax on shifting its domicile to India.
Groww, India's largest stock brokerage firm by the number of clients, said revenue jumped around 119% to Rs 3,145 crore from Rs 1435 in the year before.
The company slipped into a loss of Rs 805 crore in FY24, compared with a net profit of Rs 449 crore the year before, on account of a Rs 1,340 crore one-time tax on its domicile movement earlier this year.
However, the company’s operating profit improved to Rs 535 crore for FY24 from Rs 458 crore for FY23.
In comparison, Groww’s competitor Zerodha had reported a 22% rise in its revenue to Rs 8,370 crore in FY24 and a 62% increase in its profit for the financial year through March 2024 to Rs 4,700 crore.
Groww, operated by Billionbrains Garage Ventures Pvt. Ltd, was founded in 2016 by Lalit Keshre, Harsh Jain, Ishan Bansal and Neeraj Singh as a mutual fund investing platform. It expanded its offerings by introducing stocks in 2020.
It recently became the first stockbroker 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 crore.
Last year, Groww ventured into consumer lending, payments, and asset management through subsidiaries. Over the past two years, it has been aggressively expanding its lending and payments business.
It had received the Reserve Bank of India’s approval to operate the NBFC in December 2022. The NBFC firm was set up by the company’s co-founders. However, earlier this year, the company bought a controlling stake in the NBFC firm.
The company was last valued at $3 billion in October 2021 when it raised $251 million in its Series D funding round led by IconiQ Growth.
