Groww Clocks Rs 805 Crore Net Loss In FY24, Revenue Up 119 Pc
Date
10/21/2024 5:00:15 AM
(MENAFN- IANS) Bengaluru, Oct 21 (IANS) online brokerage firm Groww on Monday reported a net loss of Rs 805 crore in FY24, after paying about Rs 1,340 crore as a one-time tax on its domicile movement to India earlier this year.
The company clocked Rs 3,145 crore in revenue for the fiscal ending March 31, 2024, a 119 per cent growth from FY23 at Rs 1,435 crore.
Groww said it maintained its operational profitability of Rs 535 crore for FY24 compared to Rs 458 crore for FY23.
The full-stack financial services platform continued its growth trajectory with 2.2 times increase in scale on a consolidated basis for last fiscal.
In comparison, its rivals Zerodha and Angel One reported revenues of Rs 8,370 crore and Rs 4,272 crore, respectively, in the last fiscal.
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 stock investor base stood at 1.2 crore.
The online brokerage said it has emerged as the preferred mutual funds investing platform for retail investors, with nearly one in four new SIPs in the country happening via 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) increase in its client count to 8 million, with a 20bp fall in market share to 16.6 per cent, Groww reported a 3.1 per cent increase in its client count to 12.3 million, with a 15bp rise in market share to 25.6 per cent.
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