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Groww results: Net profits surge 308%, revenue at ₹2,900 crore in FY24, says report
Livemint
·
10m ago
Medial
- Groww Invest-Tech Private Limited, Groww's brokerage unit, reported a 308% increase in net profits to ₹298 crore for the financial year ending 2024. - The company's revenue from operations increased by 123.9% to ₹2,900 crore in the financial year 2024. - Groww holds 25% of the Indian market and has 1.2 crore active users as of August 2024. - In October 2023, Groww surpassed Zerodha to become the number one stock broking app in India. - Groww has entered the Margin Trading Facility (MTF) business and expects manageable financial leverage.
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Upstox delivers 10x return to Ratan Tata following buyback
Entrackr
·
10m ago
Medial
Wealth management platform Upstox has completed a buyback of 5% of Ratan Tata’s holdings, reflecting a 10X return on Tata’s original investment, while he retains 95% of his stake in the company. Ratan Tata’s 2016 investment in Upstox has delivered a 23,000% return in total, based on the company’s $3.5 billion valuation, as per the firm’s press release. Tata had bought around 1.33% stake in the company in 2016. According to TheKredible, Tiger Global holds 38% of Upstox, followed by the company’s founders, Ravi Kumar and Kavitha Subramanian. Upstox offers a range of financial instruments, including stocks, IPOs, futures and options (F&O), commodities, currencies, fixed deposits, peer-to-peer lending, government bonds, non-convertible debentures (NCDs), gold, and insurance. In May, the company entered the insurance distribution business. While Upstox has yet to file its FY24 annual report, the Mumbai-based company reported a 44% increase in operating revenue, surpassing Rs 1,000 crore in FY23, and announced achieving profitability. Upstox competes with major players like Zerodha, Groww, AngelOne, and PhonePe’s Share.Market. As of August, Groww leads the market, followed by Zerodha, AngelOne, Upstox, and ICICI Direct. Zerodha, Groww’s stockbroking unit and AngelOne reported Rs 8,370 crore and Rs 2,900 crore and Rs 4272 crore revenue in FY24 respectively. In Q1 FY25, Mumbai-based AngelOne reported Rs 1,405 crore in revenue and Rs 293 crore in profits. As of August, Groww was the market leader followed by Zerodha and AngelOne. Upstox and ICICI Direct are number 4th and 5th player, respectively.
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Tata Motors Results 2024 Updates: Net profit rises 222%, declares dividend
Livemint
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1y ago
Medial
Tata Motors reported a significant increase of 222% YoY in its net profit for the quarter ending March 2024, reaching ₹17,407.18 crore. The company experienced a notable surge of 13.3% in consolidated revenue, amounting to ₹1,19,986.31 crore. Tata Motors also declared a final dividend of ₹6 per share. The domestic passenger vehicle sales reached a record high of over 4.2 million units in FY24, with SUVs and emission-friendly powertrains driving the growth. The company recorded its highest-ever turnover and profits in FY24.
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Groww triples FY25 net profit to Rs 1,819 crore; closes $200 million funding round at $7 billion valuation
Economic Times
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1m ago
Medial
Groww, a wealth management platform, reported a threefold increase in net profit to Rs 1,819 crore for FY25, with revenue rising 31% to Rs 4,056 crore. The Bengaluru-based company closed a $200 million funding round at a $7 billion valuation. Despite paying a one-time tax in FY24 that resulted in a net loss, Groww continues to expand, recently acquiring Fisdom for $150 million, and plans an IPO to raise $700 million to $1 billion.
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Groww expands lead over Zerodha with 12.59 Mn active users in October
Entrackr
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9m ago
Medial
Bengaluru-based stock broker Groww has surpassed the 1.25 crore (12.59 million) mark in active traders in October, driven by the addition of around 3.5 lakh users in a single month, according to data from the National Stock Exchange (NSE). Zerodha, Groww’s closest competitor, had approximately 80.6 lakh (8.06 million) active investors as of last month. Groww overtook Zerodha in October last year and has held the top position ever since. As per the NSE’s data, Groww has nearly doubled its user base over the past year, whereas Zerodha added just 15 lakh new users. Angel One, the third-largest stockbroker, has 75 lakh (7.53 million) active users and may surpass Zerodha in the coming months. Upstox ranked fourth, had 28.52 lakh (2.85 million) users as of last month. ICICI Direct is the fifth largest player in this space with 19.3 lakh active users (1.93 million). Dhan, launched by former Paytm Money executive Pravin Jadhav, had 8.49 lakh (0.84 million) users as of October. Dhan entered the top 10 list of stockbroking apps in India in August this year, replacing Paytm Money. INDmoney and PhonePe's Share.Market are the new entrants in the top 20 list with 6.7 lakh (0.67 million) and 2.69 lakh (0.26 million) respectively. In terms of scale, Zerodha had the highest revenue in FY24 at Rs 8,370 crore, followed by Angel One, which reported Rs 4,272 crore in revenue for the last fiscal year. Nithin Kamath’s Zerodha reported a profit of Rs 2,907 crore, while Angel One’s profits exceeded Rs 1,125 crore in FY24. Groww’s revenue from operations surged to Rs 3,145 crore in FY24. The Lalit Keshre-led company recorded a net loss of Rs 805 crore in FY24, primarily due to a one-time tax payment of Rs 1,340 crore for relocating its domicile to India. Despite this, the firm remained operationally profitable. Upstox, which posted over Rs 1,000 crore in revenue in FY23, has yet to file its annual report for FY24.
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Ixigo posts Rs 242 Cr revenue Q3 FY25; PBT jumps 54%
Entrackr
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6m ago
Medial
Ixigo released its financial results for the third quarter of the ongoing fiscal year (Q3 FY25) on Tuesday. The company reported a 41% growth in scale, while its year-on-year (YoY) profits declined by 49.3%. Ixigo’s revenue from operations surged 41.5% to Rs 242 crore in Q3 FY25 in contrast to Rs 171 crore in Q3 FY24, as per the firm’s consolidated financial results sourced from the National Stock Exchange. The company generated the majority (49.6%) of its operating revenue from train ticketing which increased to Rs 120 crore in Q3 FY25 from Rs 95 crore in Q3 FY24. Flight and bus booking services contributed 28% and 21.4% respectively. Besides operating revenue, the firm also earned Rs 5.2 crore via interest and gains from financial assets during the quarter, taking its total topline to Rs 247 crore in Q3 FY25. Ixigo’s gross transaction value (GTV) increased 48% year-on-year to Rs 4,036 crore during the third quarter of the ongoing fiscal year. Employee benefits expenses rose by 17% YoY to Rs 41 crore. Overall, the company's total costs grew 42.7% to Rs 224 crore in Q3 FY25 compared to Rs 157 crore in Q3 FY24. Ixigo's net profits dropped by 49.3% to Rs 15.5 crore in Q3 FY25 from Rs 30.6 crore in Q3 FY24, attributed to a deferred tax income of Rs 16.7 crore booked in Q3 FY24. On a PBT basis, profits showed a significant QoQ increase of 54% to Rs 21.4 crore in Q3 FY25 from Rs 13.9 crore in Q3 FY24. Ixigo is currently trading at Rs 127.7 with a total market capitalization of Rs 4,886 crore or $581 million.
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Groww pays $160 mn in tax for US to India domicile shift
The Arc Web
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9m ago
Medial
Investment platform Groww paid Rs 1,340 crore ($160 million) in taxes while shifting its domicile from USA to India in FY24, representing 5.33% of its $3 billion valuation. The company managed to reduce its tax liability by demonstrating lower valuations compared to similar companies. This contrasts with PhonePe, which paid $1 billion in taxes (18% of valuation) when moving from Singapore to India. Despite the one-time tax expense causing a net loss of Rs 805 crore, Groww's operating profits increased by 17% to Rs 535 crore, with total revenues up 119% to Rs 3,145 crore in FY24.
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PB Fintech crosses Rs 1,508 Cr revenue in Q4 FY25; profit triples
Entrackr
·
2m ago
Medial
PB Fintech, the parent company of online insurance aggregator and brokerage platform PolicyBazaar, has released its financial results for the fourth quarter of the ongoing fiscal year (Q4 FY25). The company reported a 38% growth in scale, while its year-on-year (YoY) profits increased by 2.85X during the same period. PolicyBazaar’s revenue from operations surged 38% to Rs 1,508 crore in Q4 FY25 in contrast to Rs 1,089 crore in Q4 FY24, as per the firm’s consolidated financial results sourced from the National Stock Exchange (NSE). For the full fiscal year (FY25), PolicyBazaar’s operating revenue increased 33% to Rs 4,977 crore in FY25 from Rs 3,738 crore in FY24. The Gurugram-based company generated the largest share (87%) of its operating revenue from insurance broker services, which rose to Rs 1,322 crore in Q4 FY25 from Rs 915 crore in Q4 FY24. For the full fiscal year, it accounted for 86% of the revenue at Rs 4,298 crore. Besides operating revenue, the firm also earned Rs 101 crore via interest and gains from financial assets during the quarter which took its total topline to Rs 1,609 crore in the quarter ending March 2025. Meanwhile, for the full fiscal year, total income crossed the Rs 5,000 crore mark at Rs 5,385 crore. PolicyBazaar has not provided a detailed breakdown of expenses in its quarterly financial statements. However, employee benefits expenses rose by 15% YoY to Rs 508 crore. Overall, the company's total costs grew 29% to Rs 1,437 crore in Q4 FY25 compared to Rs 1,114 crore in Q4 FY24. For the full financial year ending March 2025, the firm’s total expenses rose to Rs 5,039 crore as against Rs 3,739 crore in FY24. In the end, PolicyBazaar's net profits surged 2.85X to Rs 171 crore in Q4 FY25 from Rs 60 crore in Q4 FY24. On a fiscal basis, its net profit spiked 5.5X to Rs 353 crore in FY25 from Rs 64 crore in FY24. PolicyBazaar is currently trading at Rs 1,796 with a total market capitalization of Rs 82,500 crore.
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CarTrade's profits surge on low base, revenue grows marginally by 5%
Money Control
·
1y ago
Medial
CarTrade's profits surge due to a low base effect, while revenue sees a marginal 5% growth. The company's financial results show an increase in profitability driven by the comparison with a previous low base. However, the modest revenue growth indicates challenges in achieving substantial expansion. The surge in profit came even as CarTrade’s revenues increased marginally by about 5 percent to Rs 86.1 crore in the June quarter, up from Rs 82.7 crore in the same period last year.
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Consumer-lending fintechs steal show with surging numbers
Economic Times
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10m ago
Medial
- Fintech firms in the consumer lending sector reported strong profits and revenue growth in the last financial year. - Navi, Kreditbee, Moneyview, and Fibe all experienced significant growth in assets under management (AUM) and reported net profits. - Navi built AUM of Rs 10,190 crore in personal loans with a net profit of Rs 669 crore in FY24. - Fibe achieved AUM of Rs 4,064 crore and reported a net profit of Rs 105 crore in FY24 by focusing on larger loans with longer tenures. - Moneyview reported a flat net profit of Rs 171 crore in FY24 due to regulatory changes, while Kreditbee reported a net profit of Rs 285 crore. - The current fiscal year may show signs of slowdown due to increased regulatory scrutiny, but larger fintech startups are expected to remain in a better position. - Consolidation is expected in the digital lending sector as scaling fintech startups acquire market share and form partnerships.
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PayU-backed Mindgate profit soars 3.6X in FY24, posts Rs 257 Cr revenue
Entrackr
·
4m ago
Medial
Payments technology company Mindgate made headlines last week after Prosus’s PayU acquired a 43.5% stake in the firm. The strategic acquisition followed Mindgate’s impressive 34.6% year-on-year growth, with revenue surpassing Rs 250 crore in FY24 and net profits surging 3.6X. Mindgate’s revenue from operations grew to Rs 257 crore in FY24 from Rs 191 crore in FY23, its consolidated financial statements accessed from the Registrar of Companies (RoC) show. Mindgate is a digital payments company specializing in real-time payment processing and enterprise payment solutions for banks, financial institutions, and businesses. Income from subscription-based SaaS services accounted for 87.7% of the total operating revenue, which rose by 35% to Rs 201 crore in FY24. Revenue from transaction processing and annual maintenance services contributed Rs 40 crore and Rs 16 crore, respectively. The company also earned Rs 4 crore from interest on current investments, bringing its total revenue to Rs 261 crore in FY24 from Rs 195 crore in FY23. Similar to other SaaS tech firms, employee benefits made up 71% of Mindgate’s overall expenditure. This cost rose by 22.6% to Rs 163 crore in FY24. Additional expenses such as rent, subscription and membership fees, travel, advertising, and overheads pushed the total expenditure up by 24.5% to Rs 229 crore in FY24, compared to Rs 184 crore in FY23. Year-on-year growth, coupled with controlled costs, enabled Mindgate to post a 3.6X surge in profits to Rs 23.2 crore in FY24 from Rs 6.5 crore in FY23. At a unit level, the company spent Re 0.89 to earn a rupee in FY24, with improved ROCE and EBITDA margins of 17.03% and 13.6%, respectively. By the end of FY24, its total current assets stood at Rs 211 crore, including cash and bank balances of Rs 74 crore.
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