Loans, wealth units to drive Groww's growth

Co looks beyond broking to bonds, commodities as new growth engines

- Sneha Shah & Priyamvada C.

Online stockbroking platform Groww is betting on wealth management and lending, alongside its core broking business, to serve as steady cash cows and support long-term growth amid rising competition in the broking industry.

Lalit Keshre, the co-founder and chief executive of Groww, said he's confident about the new growth areas the company has identified for the next five to 10 years, as it prepares for its ₹6,632 crore initial public offering (IPO), one of the most closely watched listings this year.

“From when we launched in 2016, so many mutual fund apps have come up—there are so many brokers out there. But what we have learned is that our growth is not constrained or not kind of blocked by what competition we have. I think growth is always blocked by not providing what customers want,” Keshre said in an interview with Mint.

“The broking side also looks promising. We are seeing good traction in our recently launched products including MTFs, commodities and bonds,” he said.

Groww plans to raise ₹1,060 crore through its upcoming IPO. While the firm is already well-capitalised, it intends to deploy the proceeds towards strengthening its cloud infrastructure, enhancing brand visibility, and expanding performance marketing initiatives.