Groww's Financial Journey: Navigating Losses and Growth

Groww, a financial services platform, reported a net loss of Rs 805 crore in FY24, primarily due to a one-time tax payment for relocating its domicile to India. Despite this, the company achieved operational profitability, with revenues surging to Rs 3,145 crore, reflecting strategic growth since its inception in 2016.

Groww, a rising financial services platform, revealed a significant net loss of Rs 805 crore for FY24. This setback was mainly due to a one-time tax of Rs 1,340 crore necessitated by its recent domicile shift to India.

Despite the financial loss, Groww maintained operational profitability at Rs 535 crore for the financial year, reflecting a 17% increase from FY23's Rs 458 crore. The company's revenue showed notable growth, reaching Rs 3,145 crore, up from Rs 1,435 crore in the previous fiscal, showcasing its expanding influence.

Initiated as a mutual funds investment platform in 2016, Groww has broadened its scope over the years, incorporating stocks, consumer lending, payments, and asset management. As of October 2024, its active stock investor base had grown to 1.2 crore.

(With inputs from agencies.)