GROWW

Charts Long-Term Vision as User Base and Profits Expand

’s CEO Lalit Keshre, in his first shareholder letter, emphasized that the company is still in the early stages of its journey despite completing nine years. With strong growth in customer assets, transacting users, and profitability, Groww is positioning itself as a full-spectrum investment platform with a long runway ahead. - Customer Assets and User Base Continue to Scale Groww’s total customer assets rose 33% YoY to ₹2.7 trillion, while its transacting user base grew 27% to 19 million. This reflects strong platform engagement and expanding reach across investor segments, reinforcing its position as a leading digital investment platform. - Profitability Improves Despite Revenue Dip Net profit rose to ₹471.3 crore from ₹420.1 crore YoY, even as total income declined to ₹1,070.8 crore from ₹1,160 crore. The rise in profitability highlights operational efficiency and better monetization, with revenue per broking order increasing from ₹18.0 to ₹19.8. - Product Expansion and Strategic Acquisition Groww launched over 10 new products aimed at serving diverse investor needs. The recent acquisition of Fisdom is expected to add 3–4% to operating revenue, expanding Groww’s footprint in wealth advisory and financial planning services. - Vision Anchored in Compounding and Trust Keshre’s letter emphasized the philosophy of compounding—not just in wealth, but in product innovation and user trust. The company aims to build enduring value by deepening customer relationships and expanding its product ecosystem. Listed under Billionaire’s Garage Venture Ltd., Groww’s stock closed at ₹157, valuing the company at ₹98,800 crore. Despite its scale, Keshre believes the company has “not even covered 1%” of its journey, signaling long-term ambition and continued innovation. Let me know if you’d like a peer comparison with Zerodha, Upstox, or Paytm Money.