Bengaluru Bengaluru: Online brokerage firm Grow on Monday reported a net loss of Rs 805 crore in FY24, after paying nearly Rs 1,340 crore as one-time tax on its domicile movements in India earlier this year. The company reported revenue of Rs 3,145 crore for the financial year ending March 31, 2024, an increase of 119 per cent from Rs 1,435 crore in FY23. Groww said it maintained its operating profitability at Rs 535 crore for FY24, compared to Rs 458 crore for FY23. The full-stack financial services platform continued its growth trajectory with a 2.2x increase in scale on a consolidated basis for the last financial year.
In comparison, its rivals Zerodha and Angel One reported revenues of Rs 8,370 crore and Rs 4,272 crore, respectively, in the last financial year. Groww became the first stock broker in the country to cross 1 crore active investors earlier this calendar year. As of October, Groww's active share investor base stood at 12 million. The online brokerage said it has emerged as the preferred mutual fund investment platform for retail investors, with almost one in four new SIPs in the country happening through Groww.
Last year, Groww ventured into consumer lending, payments and asset management through subsidiary businesses. The top five discount brokers accounted for 64.5 per cent of total NSE active clients in September, compared to 61.9 per cent in the same month last year. While online brokerage Zerodha reported a 1.1 per cent (on-month) growth in its client count to 8 million with a 20bp decline in market share to 16.6 per cent, Groww saw its client count grow by 3.1 per cent. With an increase reported to 12.3 million,
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