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Groww expands lead over Zerodha with 12.59 Mn active users in October

EntrackrEntrackr · 1y ago
Groww expands lead over Zerodha with 12.59 Mn active users in October
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.

Groww hits 13 Mn active users in December, Zerodha's growth slows

EntrackrEntrackr · 11m ago
Groww hits 13 Mn active users in December, Zerodha's growth slows
Medial

Groww hits 13 Mn active users in December, Zerodha's growth slows Groww achieved a significant milestone of 13.16 million active clients in December 2024, translating to a 26.59% market share, according to the latest data from the National Stock Exchange (NSE). The Indian stockbroking industry continues to witness intense competition, with Bengaluru-based fintech unicorn Groww solidifying its dominance. This represents a 2.18% month-on-month (MoM) growth, maintaining its leadership in the sector. Zerodha retained the second position with 8.12 million active users and a 16.41% market share, although its user base shrank marginally by 0.06% MoM. Angel One, ranked third, continues to gain traction, adding 123,018 new users (1.61%) in December for a total of 7.75 million active clients and a 15.67% market share. The combined market share of the top three brokers—Groww, Zerodha, and Angel One—now stands at a commanding 58.67%. Upstox maintained its fourth position with 2.89 million active users and a 5.83% market share followed by ICICIdirect (1.95 million), Kotak Securities (1.5 million), and HDFC Securities (1.42 million). SBI Securities held the ninth spot with 0.98 million, Dhan ranked tenth with 0.93 million active clients. Rising contenders INDmoney remained in the 11th spot with 0.79 million active clients with 8.13% month-on-month growth. Share.Market, PhonePe’s brokerage platform, recorded the highest monthly growth of 8.97%, reaching 0.32 million active users. Last month, INDmoney overtook Paytm Money and ShareKhan in terms of active clients and captured the eleventh spot. In contrast, several players, including Paytm Money (-1.27%), ShareKhan (-0.55%), and Mirae Asset (-1.42%), saw declines in their active user base. Notably, 5paisa experienced the steepest drop among the top brokers, losing 3.35% of its active clients in December. By December 2024, the Indian stockbroking industry is flourishing with both traditional and digital-first firms. Groww remains a leader in attracting users, while new competitors like Share.Market, INDmoney, and Dhan are creating a dynamic and competitive market.

Groww IPO values founders’ stake at $1.85 Bn; Y Combinator set for 29X return in OFS

EntrackrEntrackr · 1m ago
Groww IPO values founders’ stake at $1.85 Bn; Y Combinator set for 29X return in OFS
Medial

Groww IPO values founders’ stake at $1.85 Bn; Y Combinator set for 29X return in OFS Digital investment platform Groww filed its Red Herring Prospectus (RHP) on October 29, 2025, for its Rs 6,632.3 crore initial public offering (IPO). The issue will open for subscription on November 4 and close on November 7. According to the RHP, Groww’s IPO will comprise a fresh issue of shares worth Rs 1,060 crore and an offer for sale (OFS) of Rs 5,572.3 crore at the upper price band of Rs 100 per share, with early major investors participating in the OFS. The offering is expected to value the company at around Rs 61,736 crore (approximately $7 billion). Groww’s marquee investors are set to earn significant returns from the IPO. Peak XV Partners, the company’s largest shareholder with a 19.87% stake, will partially exit by selling around 3 crore shares worth Rs 305.5 crore, yielding a 5.2X return on its investment. Meanwhile, Ribbit Capital will be the largest selling investor, offloading shares worth Rs 1,181 crore, giving it a return multiple of 5.5X. Y Combinator, which holds a 13.42% stake in Groww, will be offloading 10.5 crore shares worth Rs 1,054.8 crore. Based on its average acquisition cost of Rs 3.45 per share, the firm is set to earn an impressive 29X return on its investment. Another key investor, Tiger Global, will also participate in the OFS, selling shares worth Rs 518.4 crore for a 4.55X return. Kauffman Fellows, one of Groww’s early backers, is set to earn the highest return of 196X on its investment, with an average cost of acquisition of just Rs 0.51 per share. Meanwhile, Alkeon Capital, Nirman Ventures, and Propel Venture Partners will also participate in the OFS, selling shares worth Rs 447 crore, Rs 179 crore, and Rs 162.7 crore, respectively. Groww’s co-founders are set to see a substantial increase in the value of their holdings following the IPO, with their collective stake valued at Rs 16,316 crore ($1.85 billion). CEO Lalit Keshre, who holds a 9.12% stake, will see his shareholding valued at Rs 5,591 crore (around $635 million). COO Harsh Jain’s stake is valued at Rs 4,116 crore ($467 million), while co-founders Neeraj Singh and Ishan Bansal hold stakes worth Rs 3,832 crore ($435 million) and Rs 2,777 crore ($315 million), respectively. Last month, Groww’s co-founders collectively pocketed over Rs 700 crore through incentives and secondary share sales. Groww continued to lead India’s stockbroking space with 11.9 million active users and a 26.28% market share as of September. However, its user base saw a 1.36% month-on-month decline from 12.07 million in August. The Bengaluru-based stock broking and wealth management firm’s operating revenue surged nearly 50% year-on-year to Rs 3,902 crore in FY25, while its profit soared to Rs 1,824 crore during the same period. In Q1 FY26, however, Groww’s revenue declined nearly 10% YoY to Rs 904.4 crore, with the company posting a profit of Rs 378.36 crore.

Groww’s customer acquisition cost spikes 73% in H1 FY26

EntrackrEntrackr · 1m ago
Groww’s customer acquisition cost spikes 73% in H1 FY26
Medial

Groww reported a profitable yet uneven second quarter of FY26, posting higher earnings even as pressure mounted across revenue, user activity, customer acquisition costs, and cash reserves, according to its Q2 FY26 shareholders’ letter shared with the exchanges. The company recorded Rs 1,071 crore in total income for the quarter, with profit after tax of Rs 471 crore, a 12% year-on-year increase on paper. However, the growth isn’t as strong as it appears. In the year-ago period, Groww had booked a one-time long-term incentive provision of Rs 159.3 crore, which was reversed later. Adjusting for that reversal, the company’s PAT would have actually declined 12–13% YoY, matching the drop in operating revenue. Revenue from operations slipped 9% YoY to Rs 1,019 crore, largely due to reduced derivatives activity following SEBI’s true-to-label circular. User momentum remains under strain as well. Groww’s NSE active clients fell to 11.9 million, down from 13.2 million earlier this year. The trend reflects a broader industry correction, with the overall NSE active base declining from 50.2 million in January 2025 to 45.3 million by the end of Q2. Groww said the metric is a lagging indicator and highlighted early signs of a rebound in October, where its market share edged up to 26.6%, compared to 25.6% last year. Total transacting users grew 5% sequentially to 19 million, while total customer assets inched up 2% to Rs 2.7 trillion. The quarter also absorbed the financial impact of Groww’s acquisition of Fisdom, completed in October. The company paid Rs 961 crore for the deal, which reflects in its balance sheet. Fisdom, which generated Rs 166 crore in revenue last year, will begin contributing to Groww’s revenue from the upcoming quarter, adding an estimated 3–4% to operating income. On the cost front, the company’s cost to grow rose 23% YoY and 15% QoQ to Rs 125 crore, steered primarily by a 48% jump in performance marketing spends. While branding expenses fell, overall customer acquisition costs spiked sharply. Groww’s CAC for H1 FY26 climbed to Rs 1,374, significantly higher than Rs 796 in the same period last year. Despite reporting strong profits, Groww’s cash balance fell 6%, declining from Rs 3,819 crore to Rs 3,599 crore. The company attributed the fall to increased deployment into its MTF and LAS books, debt repayments, and the cash outflow related to the Fisdom acquisition. Groww also expanded its product suite further. Commodity derivatives, launched in phases in September, saw early engagement with 7,000–8,000 daily transacting users, although their contribution to revenue is still below 1%. The company also rolled out 915, a desktop-first terminal for advanced traders, and continued scaling its presence in fixed-income products, capturing 5–6% retail market share in Bond IPOs. Overall, Groww’s second quarter was defined by a paradoxical mix of rising profitability and weakening operating momentum. Revenue declined, user activity softened, customer acquisition became more expensive, and cash reserves shrank. With Fisdom’s consolidation kicking in next quarter and high-yield lending and trading products expanding, the coming months will test whether Groww can hold on to its high-margin profile amid a cooling retail investment cycle.

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