Groww posts massive jump in FY23 revenue, but expenses climb too
startup Groww reported a massive rise in total revenue to Rs 1,294 crore for financial year 2023, up 252% from Rs 367.4 crore in the previous year.
However, along with revenues, its expenses shot up too. In the last financial year, Groww reported total expenses of Rs 1,197 crore, up 235% from Rs 357 crore a year earlier. This resulted in its profit rising to Rs 73 crore from a meagre Rs 6.8 crore a year earlier.
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Offering CollegeCourseWebsiteNorthwestern UniversityKellogg Post Graduate Certificate in Product ManagementVisitIndian School of BusinessISB Digital TransformationVisitIndian School of BusinessISB Product ManagementVisitIndian School of BusinessISB Professional Certificate in Product ManagementVisitNews website The Arc was the first to report Groww’s financials.
According to credit rating agency ICRA, a rapid rise in Groww’s client base helped the startup increase its business volumes, and in turn push up revenue.
According to data shared by the NSE, Groww has around 63 lakh active clients as of end-August. ET wrote on September 25, that Groww could upend Zerodha in terms of active users in September. The official numbers will be released sometime next week.
Groww is also entering into the margin trading business. Margin trading allows customers to buy stock worth more than they can pay upfront. The broker loans the trader the money and charges interest on it.
“NBT is preparing to foray into the MTF business that will lead to higher borrowings, though the financial leverage is expected to remain comfortable,” ICRA said in the note issued on July 13.
Recently, HDFC Securities launched Sky to compete with Zerodha and Groww. Sky offers margin trading
