13 June 2025
BillionGarage Ventures, the parent company of wealth management platform Groww, reported a more than threefold jump in net profit to Rs 1,819 crore and a 31% increase in revenue to Rs 4,056 crore for fiscal 2025, as per financial documents seen by ET.
The Bengaluru-based company also closed a $200 million funding round at a $7 billion valuation, with Singapore’s sovereign wealth fund GIC and existing investor Iconiq Capital participating. ET had first reported on March 26 that a deal with GIC was in the works.
When contacted by ET, Groww declined to comment on the financials and fundraising.
Groww counts Peak XV Partners, Tiger Global and Ribbit Capital among its major investors.
In May, the firm filed confidential draft IPO papers with the Securities and Exchange Board of India for an initial public offering to raise between $700 million and $1 billion. Its valuation has more than doubled since 2021, when it last raised capital at around $3 billion.
For FY24, Groww had reported an operating profit of Rs 545 crore on revenue of Rs 3,145 crore. However, it posted a net loss of Rs 805 crore that year after paying a one-time tax of Rs 1,340 crore for reverse flipping its parent entity from the US to India.
The jump in profitability in FY25 comes at a time when the broader stockbroking sector is witnessing growth headwinds after Sebi tightened rules around derivatives trading. Rival Angel One reported a nearly 49% drop in net profit for the March quarter to Rs 174 crore, with revenue falling 22% to Rs 1,056 crore. Zerodha has yet to report its FY25 numbers.
Founded in 2016 as a direct mutual fund distributor, Groww has since become India’s largest stockbroker by active clients. As of February, it had an active trader base of 13 million, compared with Zerodha’s 8 million and Angel One’s 7.7 million, according to NSE data.
The firm has also expanded into digital lending, wealth management and allied services. Recently, it acquired PayU-backed fintech platform Fisdom for around $150 million, marking its entry into wealth advisory.
BillionGarage Ventures, the parent company of wealth management platform Groww, reported a more than threefold jump in net profit to Rs 1,819 crore and a 31% increase in revenue to Rs 4,056 crore for fiscal 2025, as per financial documents seen by ET.
The Bengaluru-based company also closed a $200 million funding round at a $7 billion valuation, with Singapore’s sovereign wealth fund GIC and existing investor Iconiq Capital participating. ET had first reported on March 26 that a deal with GIC was in the works.
When contacted by ET, Groww declined to comment on the financials and fundraising.
Groww counts Peak XV Partners, Tiger Global and Ribbit Capital among its major investors.
In May, the firm filed confidential draft IPO papers with the Securities and Exchange Board of India for an initial public offering to raise between $700 million and $1 billion. Its valuation has more than doubled since 2021, when it last raised capital at around $3 billion.
For FY24, Groww had reported an operating profit of Rs 545 crore on revenue of Rs 3,145 crore. However, it posted a net loss of Rs 805 crore that year after paying a one-time tax of Rs 1,340 crore for reverse flipping its parent entity from the US to India.
The jump in profitability in FY25 comes at a time when the broader stockbroking sector is witnessing growth headwinds after Sebi tightened rules around derivatives trading. Rival Angel One reported a nearly 49% drop in net profit for the March quarter to Rs 174 crore, with revenue falling 22% to Rs 1,056 crore. Zerodha has yet to report its FY25 numbers.
Founded in 2016 as a direct mutual fund distributor, Groww has since become India’s largest stockbroker by active clients. As of February, it had an active trader base of 13 million, compared with Zerodha’s 8 million and Angel One’s 7.7 million, according to NSE data.
The firm has also expanded into digital lending, wealth management and allied services. Recently, it acquired PayU-backed fintech platform Fisdom for around $150 million, marking its entry into wealth advisory.
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