Groww, a financial services platform, on Monday reported a net loss of Rs 805 crore for the financial year ended March 31, 2024 (FY24), mainly due to a one-time tax payment of Rs 1,340 crore for carrying forward his domicile to India. .
Despite this, the Tiger Global-backed company maintained its operating profitability at Rs 535 crore for FY24 as compared to Rs 458 crore for FY23, marking an increase of 17 per cent.
Its revenue rose to Rs 3,145 crore for the financial year ended March 31, 2024 (FY24) from Rs 1,435 crore in the previous fiscal year.
“The company paid around Rs 1,340 crore as one-time tax on its relocation to India earlier this year. After paying taxes, the company reported a net loss of Rs 805 crore,” Groww said in a statement. .
The Bengaluru-based company started in 2016 as a mutual fund investment platform and steadily expanded its offerings by introducing equities in 2020. Last year, it ventured into consumer lending, payments and asset management across businesses subsidiaries.
As of October 2024, Groww’s active stock investor base stood at 1.2 crore.
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.