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Groww Creditserv’s loan book grows to Rs 965 crore by June

Economic Times · 2m

- Groww Creditserv Technologies (GCS), the NBFC arm of Groww, witnessed a significant increase in its proprietary loan book, reaching around Rs 965 crore as of June 2024. - GCS, a wholly owned subsidiary of Billionbrains Garage Ventures, primarily focuses on providing personal loans and consumer durable loans for household essentials. - GCS started its full-scale operations in April 2023, initially offering unsecured loans, and later expanded its consumer durable lending business to Karnataka and Tamil Nadu. - In July 2024, GCS completed a pass-through certificate transaction, selling loan assets to investors and plans to issue non-convertible debentures (NCDs) to support its growth. - Groww's core broking business reported a net profit of Rs 297 crore in 2023-24, four times higher than the previous financial year, solidifying its position as the largest broking platform in India with over 10 million active investors. - Earlier this year, Groww relocated its domicile to India from the US, aligning with the growing trend among Indian startups to leverage India's maturing startup ecosystem.