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Groww plans entry into wealth management space under brand 'W'
12 Mar 2025, 07:54 PMThe new unit will cater to high-net-worth individuals by offering portfolio management services and alternative investment funds to its 15 million users.
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Groww is reportedly entering into wealth management and is expected to start offering these services through a separate arm under the brand 'W'.
The new unit will cater to high-net-worth individuals (HNIs) by offering portfolio management services (PMS) and alternative investment funds (AIF) to its 15 million users across its broking and mutual fund businesses, ET reported.
The news daily reported that the IPO-bound company may plan an acquisition to accelerate growth of the wealth management business. “These are high-value transactions, and people would want to understand more and have a physical presence to reach out to before investing. The omnichannel play is also to build W’s own branding,” ET cited sources as saying.
Groww began as a direct mutual fund investment platform, expanding into stock trading. It is currently the country's largest broking app with over 12 million active traders, ahead of Zerodha (8.1 million) and Angel One (7.6 million), as per the latest data from the National Stock Exchange. Groww also runs an asset management company besides providing credit through a non-banking financial company.
Stock-broking firm Groww, run by Billionbrains Garage Ventures, recently appointed investment bankers --JPMorgan Chase & Co. and Kotak Mahindra Bank Ltd for a potential initial public offering. The company is expected to proceed with an IPO this year, and may seek to raise $750 million or more at a valuation of $7-$8 billion.
Founded in 2016 by four Flipkart executives, Groww is one of the largest stock broking firm and has more than 50 million customers. It includes Microsoft chief executive officer Satya Nadella, Ribbit Capital, Tiger Global, Peak XV among its investors.
Recently, the Bengaluru-based company moved its domicile from the US back to India -- which also saw its fair market valuation being reduced to under $2 billion, down from its previous $3 billion.
It paid Rs 1,340 crore ($160 million) in taxes to the US government during the process of bringing back its parent entity to India, based on this new valuation, ET had then reported.
Groww's revenue from operations surged to Rs 3,145 crore in FY24, up from Rs 1,435 crore in FY23. The stockbroking platform reported a net loss of Rs 805 crore in FY24, largely due to a one-time tax payment of Rs 1,340 crore for relocating its domicile to India. Despite this, the company remained operationally profitable, with profits of Rs 535 crore in FY24 compared to Rs 458 crore in FY23.
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