Online stock broking platform Groww reported its financials for the financial year ended March 2024, with its revenue more than doubling from the year-ago period.

What Happened: Groww recorded a revenue of ₹3,145 crore for the year, growing 119% from ₹1,435 crore posted in the FY22-FY23 period, the company said in a statement.

The Bengaluru-based broker reported a net loss of ₹805 crore for the financial year, swinging from the ₹448.7 crore profit it clocked in the previous financial year. The profit figure took a hit mainly due to a one-time tax of about ₹1,340 crore it paid to move its domicile to India earlier this year.

However, the company posted an operational profit of ₹535 crore for FY24, compared with ₹458 crore for FY23.

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The company, which started as a mutual fund investment platform in 2016, gradually expanded its services by adding stocks in 2020. Last year, Groww entered the consumer lending, payments, and asset management sectors through its subsidiary businesses.

It became the first stock broker in the country to cross 1 crore active investors and customers in this calendar year. As of October, Groww boasts a user base of 1.2 crore active investors, the statement added.

In September, Groww’s competitor Zerodha said revenues for FY24 rose 21% to ₹8,320 crore. The firm's profitability also soared 62% to ₹4,700 crore. Nithin Kamath, Zerodha's CEO and co-founder said that the company's net worth is 40% of customer funds.

Despite the strong performance, Kamath says the company might be seeing a hit in its financials due to various regulatory changes from this year.

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