Bengaluru: Online brokerage firm Groww on Monday reported a net loss of Rs 805 crore in FY24, after paying around Rs 1,340 crore as one-time tax on its domicile move to India earlier this year.
The company posted revenue of Rs 3,145 crore for the fiscal year ended March 31, 2024, a growth of 119 percent over FY23 of Rs 1,435 crore. Groww said it maintained its operating profitability of Rs 535 crore for FY24 compared to Rs 458 crore for FY23.
The comprehensive financial services platform continued its growth trajectory with a 2.2x increase in scale on a consolidated basis for the last fiscal year. In comparison, rivals Zerodha and Angel One reported revenue of Rs 8,370 crore and Rs 4,272 crore, respectively, in the last fiscal year.
Groww became the first stockbroker in the country to cross 1 billion active investors earlier this calendar year. As of October, the active investor base in Groww shares stood at 1.2 crore.
The online brokerage said it has emerged as the preferred mutual fund investment platform for retail investors, with nearly one in every four new SIPs in the country being done through Groww.
Last year, Groww forayed into consumer lending, payments and asset management through subsidiary businesses.
The top five discount brokers accounted for 64.5 per cent of NSE’s total active customers in September, compared to 61.9 per cent in the same month last year.
While online brokerage Zerodha reported a 1.1 per cent (month-on-month) rise in its customer numbers to 8 million, with a 20 bps drop in its market share to 16.6 per cent, Groww reported an increase of 3.1 percent in its number of clients to 12.3 million. with a 15 basis point increase in market share to 25.6 percent.
Disclaimer:
The information contained in this post is for general information purposes only. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.
We respect the intellectual property rights of content creators. If you are the owner of any material featured on our website and have concerns about its use, please contact us. We are committed to addressing any copyright issues promptly and will remove any material within 2 days of receiving a request from the rightful owner.