Groww
Groww user alleges 'fraud', says app shows mutual fund investment but can't redeem, company denies; what are lessons for MF investors?
Groww faces 'fraud' allegation: A customer's complaint against Groww, has sparked concerns over investment safety via execution-only platforms (EOPs). The investor alleged via social media that investments made through Groww could not be withdrawn despite the app showing them as invested. Groww responded, asserting no deduction occurred and the mutual fund transaction did not take place. The incident underscores broader worries among investors about data reliability on fintech apps. ET Wealth delves into the details surrounding the incident. What could mutual fund investors learn from this incident?
Glitch at CDSL trips investors' exit plans
Stock market hits record highs but clients face trading issues due to CDSL system failure with TPIN authorization for selling shares.
Groww Mutual Fund files draft document with Sebi for Nifty EV & New Age Automotive FOF
Groww Mutual Fund has filed a draft document with Sebi for Nifty EV & New Age Automotive FOF. It will be an open-ended fund of fund scheme investing in units of Groww Nifty EV & New Age Automotive ETF or similar ETF tracking the Nifty EV & New Age Automotive Index.
Overall ADTO declines MoM as new demat accounts rise: Motilal Oswal
In May 2024, demat account additions surged by 36 lakh, but the overall average daily turnover (ADTO) in the financial markets declined by 3% to Rs 433 lakh crore. While F&O ADTO decreased by 3%, cash ADTO rose by 5.5%. Active users on NSE increased to 4.29 crore.
ICICI Direct trading platform hit by technical glitch
ICICI Direct, India's fifth largest broker, faced a technical glitch, affecting traders' access. Initially, a maintenance message appeared, delaying trading. The platform resumed around 10:20 am. Technical issues have plagued brokers like Groww and Zerodha recently.
Groww faces social media ire over allegations of false folio creation
A Groww user alleged fraud for money deducted without investment. Hanendra Pratap Singh on social media accused Groww of not investing in a mutual fund despite deduction, citing a false folio number. Singh later deleted the post but updated that Groww resolved the issue.
Zerodha, 4 other discount brokers widen lead in active clients vs traditional brokers in April
Top five discount brokers expanded their lead over traditional ones in active clients on NSE, reaching 63.9% share in the previous month, up from 60.1% in April 2023. NSE's active clients rose by 2.6% sequentially to 4.18 crore in April, as per Motilal Oswal.
Prosus writes off Byju's stake; Swiggy, PayU India report card
Dutch investment major Prosus said its investment in Byju’s is worth zero. This and more in today’s ETtech Top 5.
Groww offers user refund after allegations of fund deduction without investment emerge
A Groww user alleged that the platform deducted money without making an investment, prompting Groww to issue a refund and clarification. The company acknowledged an error in the user's dashboard and confirmed no transaction took place. They credited the claimed amount back to the user as a goodwill gesture and requested his bank statement for verification. Groww assured users of its commitment to resolving such issues promptly and transparently, emphasizing no money was deducted. An expert advised careful research before using newer investment platforms.
Groww Mutual Fund files draft documents for Nifty EV & New Age Automotive ETF
Groww Mutual Fund has filed draft documents with Sebi for Nifty EV & New Age Automotive ETF. Groww Nifty EV & New Age Automotive ETF will be an open-ended scheme replicating/tracking Nifty EV and New Age Automotive Index - Total Return Index.
How tech-first stock brokers are diversifying into lending
Stock broking startups are focusing on consumer loans as they look to diversify their business area. Large stock brokers like Groww and Angel One are disbursing strong numbers for personal and consumer loans. Groww is facilitating disbursement of around Rs 250 crore of personal loans every month, while Angel One is handing out around Rs 50 crore monthly.
Demat account additions flat at 31 lakh in April. Overall tally rises to 15.40 crore
The number of Demat accounts increased by 31 lakh in April to 15.40 crore accounts with month-on-month (MoM) growth remaining flat and in line with the average monthly additions of 31 lakh in FY2024, according to a press note released by Motilal Oswal Financial Services (MOFSL).
NFO Watch: HDFC Manufacturing Fund, 8 others collect over Rs 10,000 crore in May
Around nine mutual fund NFOs were floated in the market in May, which together collected Rs 10,140 crore, according to the monthly data released by AMFI.
Why your MF purchases on June 4 did not go through the same day?
Investors rushed to invest lump sums in equity mutual fund schemes on June 4 after the stock market fell post the electoral verdict. They expressed disappointment on social media as they received the units at the NAV of the next day, missing out on taking advantage of the market rebound.
Homebound startups restructure; offline push by D2C brands
Happy Wednesday! Homegrown startups are stepping on the pedal for their move back home. This and more in today's ETtech Morning Dispatch.
Flipback Tax: Razorpay restructures to cut levy; Groww pegs tax outgo at $70 million
US-registered Razorpay is quickening plans to shift its domicile to India. For the same, it has initiated a restructuring exercise through which half a dozen India units are being brought under one holding company.
New feature by CDSL to prevent demat related fraud: Know how this will make your accounts with Zerodha, Groww, FYERS and others safer
Demat account: If you have a CDSL demat account (used by stock brokers like Zerodha, Groww, Mirae, Upstox, etc) then you are now set to be protected against fraud after CDSL implements a new two factor authentication feature on the EASI and EASIEST portal. Read here to know more about this.
Buy-the-dip didn't work for mutual fund investors on election result day due to 'tech glitch'
Mutual fund investors faced disappointment as a technical glitch led to delayed NAV allotment amid a stock market crash. Many investors demanded compensation for losses incurred due to the glitch.
Stock brokers push lending; InsuranceDekho’s latest acquisition
Happy Tuesday! Tech-first broking companies are looking to diversify into the credit business to build a larger financial services play. This and more in today’s ETtech Morning Dispatch.
Groww moves domicile to India from the US
Increasing number of large startups across sectors looking to shift from US, Singapore
Angel One to undertake corporate restructuring, create holding company
Angel One, the country’s third largest stock broker, is set to undertake a major corporate restructuring exercise, according to two people in the know. Angel One is setting up a holding company under which all its different business entities will be held as subsidiaries.
Groww's reverse flip to India; investors bet on gaming studios
Happy Thursday! Fintech startup Groww has completed the process of domiciling itself to India from the US. This and more in today’s ETtech Morning Dispatch.
Indian fund managers embrace Warren Buffett's advice: The rise of index funds in India
Indian fund managers are embracing Warren Buffett's advice by turning to index funds, which offer simplicity, low cost, and stability. The rise of index funds in India has revolutionized the investment landscape globally and locally.
Groww and Worldline ePayments secure online payment aggregator licence from RBI
The PA licence will allow Bengaluru-based Groww to process online payments by itself. The licence was issued in the name of the company's subsidiary payment business Groww Pay.
Groww Mutual Fund receives SEBI approval to launch India’s first Nifty Non-Cyclical Consumer Index Fund
The NFO is expected to go live in the first week of May. The fund will be India’s first non-cyclical index fund, said the press release.
Flipkart maps out India redux; QED’s Nigel Morris interview
Happy Monday! Ecommerce major Flipkart is in discussions to shift its domicile from Singapore to India. This scoop and more in today’s ETtech Morning Dispatch.
Groww Mutual Fund launches Nifty Non-Cyclical Consumer Index Fund
The minimum SIP investment is Rs 100 and in multiples of Re 1 thereafter. The minimum lumpsum investment is Rs 500 and in multiples of Re 1 thereof.
FirstCry refiles IPO papers; Groww secures payment aggregator licence
FirstCry has refiled its draft IPO papers with market regulator Sebi with updated financials. More on this in today’s ETtech Top 5.
Groww launches new feature for users to exit loss-making F&O trades
Given F&O trading is a very risky business and mostly retail traders lose money in this game, Groww has built a feature that will help them exit the trade when they breach a certain loss threshold.
Groww app hit by technical glitch, demat account holders demand compensation
Groww, the No.1 stock broker in India, faced a technical glitch on its trading app but resolved it later. Users were unable to log in and demanded compensation. Zerodha, the previous market leader, has also faced technical glitches in the past. Groww has 76 million active clients, surpassing Zerodha's client base. The total number of demat accounts increased to 139 million last month.
Groww founder Lalit Keshre apologises for tech glitch, silent on compensation
Admitting that he should be more proactive in communicating with customers, Groww founder Lalit Keshre said even a few minutes of downtime can have an adverse impact on customers.
Small towns, retail investors central to fintech’s AMC plans
Fintech startups Groww, Zerodha, Navi are venturing into asset management, focusing on passive funds and non-metro retail investors. Challenges include pricing competition and market size discrepancies between Amazon users and stock market investors.
Groww Mutual Fund launches Groww Nifty Smallcap 250 Index Fund
Groww Nifty Smallcap 250 Index Fund will be benchmarked against Nifty Smallcap 250 Index-TRI. The new fund offer will open for subscription on February 9 and close on February 23
Groww Banking & Financial Services Fund open for subscription: 5 things to know
Groww Mutual Fund has launched a new fund offer (NFO) which is now available for subscription. The scheme is 'Groww Banking & Financial Services Fund' which is an open-ended equity scheme investing in banking and financial services-related sectors. Here's all you need to know:
Groww Mutual Fund files draft document for Nifty Non-Cyclical Consumer Index Fund. Here are key things to know
Groww Mutual Fund has filed a draft document with Sebi for the Nifty Non-Cyclical Consumer Index Fund. Groww Nifty Non-Cyclical Consumer Index Fund will be an open‐ended scheme tracking Nifty Non-Cyclical Consumer Index–TRI
PM Narendra Modi to address entrepreneurs, investors at Startup Mahakumbh event tomorrow
During the second day of the three-day event, Groww cofounder and chief operating officer Harsh Jain said fintechs should collaborate with regulators, and work together to bring change, rather than bypassing or ignoring regulations.
Angel One client base surpasses 20-million mark; all eyes now on 1-billion milestone
Having started as a conventional broker, Angel One transformed itself into one of the leading fin-tech investment platform providers and competes with some of the leading discount broking firms in India. In terms of active clients, Angel One is the third in India after Groww and Zerodha Broking, according to reports.
Demat a/cs near 14 cr in Dec! How discount brokers fared on monthly basis
The total number of demat accounts increased to 139 million in December 2023. New account additions surged to 4.2 million on December 23 vs average monthly additions of 2.1 million in FY23. Here's a look at how top discount brokers fared last month:
These 7 mutual fund houses recorded double-digit growth in AUM in February
Total mutual fund AUM managed by 44 fund houses as of February 29, 2024, was recorded at Rs 55.91 lakh crore, witnessing growth of 3.50% on a month-on-month basis from Rs 54.02 lakh crore in January 2024. Here are 7 mutual fund houses that witnessed double-digit growth in AUM in February.
Groww extends lead over Zerodha, adds a million active traders in December quarter
Groww, backed by Peak XV and Tiger Global, has extended its lead in active clients. According to NSE data, Groww ended 2023 with 7.6 million active traders, while Zerodha had around 6.7 million. AngelOne, a Mumbai-based stock trading company, ranked third with 5.3 million active traders.
Startup Mahakumbh | Fintechs should work with regulators, not try to bypass them: Groww cofounder Harsh Jain
During Day 2 of Startup Mahakumbh, Groww's cofounder and chief operating officer Harsh Jain said one needs to have respect for the rules and regulations around.
Groww to stop US stock trading services, app hit by technical glitches
Stock broking platform Groww has stopped offering services for US stocks due to a tax collected at source. Around 2,000 users who joined in 2023 were still using Groww for these investments. They now have the option to migrate to other platforms or withdraw their investments. Groww is the largest stock trading platform in India and surpassed Zerodha in terms of active traders. In FY23, Groww reported revenue of Rs 1,294 crore and a net profit of Rs 73 crore.
9 NFOs open for subscription this week
Three sectoral funds, two ETFs and index funds, one large cap fundand focused fund will open for subscription this week.
Tech glitches disrupted trading, working on improving systems: Groww CEO
Many Groww customers had complained on social media on Tuesday that they could not log into the app, and some declared they would move away from the platform. To ensure such incidents do not happen again, Groww is building a new parallel system that can act as a fallback in such extreme circumstances, CEO Lalit Keshre said.
These 7 ELSS funds underperformed benchmarks in three consecutive years
We considered regular and growth options for the analysis. We analysed the yearly performance of ELSS schemes for a period of five years from 2019 to 2023 and considered the ELSS schemes that have underperformed their respective benchmarks for three consecutive years. These schemes are benchmarked against NIFTY 500 - TRI, S&P BSE 100 - TRI, and S&P BSE 500 - TRI.
Swiggy to axe 400 jobs; Groww vs Zerodha race heats up
The cuts, which will impact about 6% of its 5,500 to 6,000 staff, will most likely happen across teams like technology, call centre, and corporate roles. As per briefs given to senior leaders in the firm, the layoffs are expected to kick in over the next few weeks.
SoftBank sheds Paytm stake; NFT investors decry Rario shutdown
SVF Holdings (Cayman) Ltd, a SoftBank entity, sold 12.7 million equity shares of Paytm between December 19, 2023 and January 24, according to a stock exchange filing by SoftBank.
Byju’s losses at nearly $1 billion; Swiggy tests higher fee for users
The company is talking to investors to raise around $100 million through a rights issue, which may value the startup at anywhere between $500 million to $1 billion.
After Zerodha, Groww launches first index fund following Sebi approval
The scheme will predominantly invest in equity, while a small portion of funds will be invested in debt and debt market instruments.
Zerodha loses No.1 stock broker status to Groww
The latest data from NSE's active client base shows that the number of users on Groww rose to 66.3 lakh in September while Zerodha's client list was at 64.2 lakh.
Zerodha demat account holders hit with another technical glitch
"Due to an intermittent issue, some of our users are not able to see executed orders in the orderbook. However, the executed orders are updated on the positions page. The holdings and funds page is also not loading. We're working on fixing this and regret the inconvenience caused," Zerodha said in a note to clients.
Groww Mutual Fund launches Groww Nifty Total Market Index Fund
The scheme will be benchmarked against NIFTY Total Market Index - TRI. The scheme will be managed by Anupam Tiwari. The investment objective of the scheme is to achieve a return equivalent to the Nifty Total Market Index-TRI subject to tracking error.
Young India, women are missed opportunities. We have to start speaking their language: Radhika Gupta
Radhika Gupta says: "Young India is a little bit of a missed opportunity. And we have to start speaking the language of young India. I think women are a missed opportunity. Finance is still very technical. Most people's worry is how do I start? And we have to position mutual funds as simple problem solvers. Nobody wakes up thinking I want a flexi cap fund today. I want a large and mid cap fund. People do not know what these things mean."
Fintechs cornering SIP business as direct mutual funds gain ground
Data from last year, sourced from asset management companies, showed that on an average SIPs through platforms such as Groww, PhonePe and ET Money ranged between Rs 1,500 to Rs 2,500 against Rs 5,000 for traditional firms.
Fintechs add 1.3 million new mutual fund SIPs in November, almost half of overall industry
Fintech startups such as Groww, AngelOne and PhonePe drew in nearly half the new SIPs opened in November 2023, according to data from asset management companies shared exclusively with ET
Groww surpasses Zerodha, becomes number one broker in terms of active clients
Bengaluru-based Fintech startup Groww has shot past the country’s leading discount brokerage company Zerodha in terms of the highest number of active investors. Figures compiled by NSE show that Groww has 6.63 million active investors compared to Zerodha’s 6.48 million at the end of September this year.Groww surpasses Zerodha, becomes number one broker in terms of active clients
NPCI set to launch Asba-like facility for secondary market from January
This facility is similar to Asba (applications supported by blocked amount), used for blocking funds and undertaking multiple debits, popular among investors to purchase shares during the IPO process. It will now be available for secondary market trading as well.
Zerodha, Groww together control almost 40% market share of stock broking industry
The latest data from NSE shows that Groww, backed by the likes of Sequoia Capital and Tiger Global, is now the largest player in the industry if one takes into account the number of active clients on the stock exchange. At the end of September, Zerodha's market share remained the same month-on-month at 19.4% while those of Groww rose to 19.9%.
HDFC Securities launches discount brokerage platform Sky
"The app will provide access to a wide range of investment and trading offerings, including Indian stocks, ETFs, mutual funds, futures and options, currencies, commodities, IPOs, and global equities on a single Fintech platform," said the firm in a release. "What sets HDFC Sky apart is its cutting-edge technology," said Dhiraj Relli, managing director, HDFC Securities
Angel One to focus on inorganic growth; makes first acquisition through Dstreet Finance
The development comes as the brokerage firm is looking to double down on its ‘fintech superapp’ play, and introduce more services, such as insurance and lending, on its platform amid competition from rival broking firms Zerodha and Groww.
Groww secures Sebi nod for first fund, names chief executive for AMC business
The Peak XV and Ribbit Capital-backed fintech has appointed Varun Gupta as chief executive officer of the asset management business. Gupta, a postgraduate from IIT Madras, has been with Groww for almost five years, and was vice president in charge of strategy and operations at the company in his previous role.
Groww likely to pip Zerodha in active investor count this month
Groww added almost a quarter million new active users in August, one of the people said. In July this number was 330,000. Zerodha, on the other hand, added 33,000 and 88,000 active users in the previous two months.
New-age brokers ride on futures option to the bank
But the question remains with Sebi becoming careful about the sudden spurt in retail participation in this risky trading segment: how long will the party last?
Zerodha traders hit by technical glitch as screen freezes
"Hi, we're sorry for the inconvenience. The issue was resolved quickly, and the prices are now updating fine now, please check," Zerodha said on social media platform X while responding to user complaints.
Infosys, HCLTech report Q2 profits; Groww becomes India’s largest stockbroker
Indian IT majors Infosys and HCLTech reported profits for the second quarter of FY24, despite numerous headwinds plaguing the sector. This and more in today’s ETtech Top 5.
Groww goes past Zerodha, becomes India's biggest stockbroker with 6.6 million active users
In terms of active clients, Groww is now at the top with 6.6 million users, followed by Zerodha, which has 6.4 million active users.
Groww posts massive jump in FY23 revenue, but expenses climb too
At Rs 1,294 crore, Groww’s total revenue shot up 252%, while profits increased to Rs 73 crore.
ET Startup Awards |Discussion: Lalit Keshre, P Prakash, Harshil Mathur, Aadit Palicha, Rashi Narang
ETtech editor Samidha Sharma moderating the panel discussion with Lalit Keshre, cofounder and CEO of Groww; Prashanth Prakash, partner at Accel; Harshil Mathur, co-founder and CEO of Razorpay; Aadit Palicha, cofounder and CEO of Zepto; and Rashi Narang, founder of Heads up for Tails.ET Startup Awards |Discussion: Lalit Keshre, P Prakash, Harshil Mathur, Aadit Palicha, Rashi Narang
Cred, Mobikwik and Groww's report card; Telcos, tech firms spar over revenue share from OTTs
Three major fintechs — Groww, Cred and Mobikwik — on Thursday reported a strong growth in their revenues as the startup ecosystem aims to achieve sustainable profitability.
Edelweiss Multi Cap Fund, three other NFOs open for subscription this week; should you invest?
The new fund offers of an index fund, a multi cap fund, a balanced hybrid fund, and small cap fund are slated to open this week. The NFO of the index scheme is open and the multi cap, balanced hybrid, and small cap fund will open for subscription later this week.
Demat account for minors: How to open with Zerodha, other brokers? Check documents required, other details
Teaching minors about stock markets, demat accounts, and investment strategies is crucial for financial discipline and smart money management.
Zerodha’s Nithin Kamath pegs stock broking firm’s valuation at $3.6 billion
On September 26, Zerodha announced total revenue of Rs 6,875 crore for the financial year ended March 31, and a profit after tax (PAT) of Rs 2,900 crore. Taking to LinkedIn on Thursday, Nithin Kamath, co-founder and chief executive of Zerodha, said he values the company at 10 to 15 times of its PAT.
Groww may pip Zerodha in active user count; ETSA 2023 winner Gameberry Labs on its bootstrap journey
Talk about a growth story! Online stock broking platform Groww is all set to pip market leader Zerodha in terms of active investors next month. While Zerodha took almost a decade to achieve leadership status, Groww did it in just three years, having started in 2020. This and more in today’s ETtech Morning Dispatch.
10 fund houses with smallest AUM or assets under management
Here are the 10 fund houses that manage the lowest AUM or assets under management.
26 aggressive hybrid schemes offer over 15% in three year horizon
We considered all the aggressive hybrid schemes that have been in the market for three years for the study. We considered regular and growth options.
ET Startup Awards 2023: Nominees for Startup of the Year
The ET Startup of the Year will be characterised by breakthrough innovation, top-class execution and fast-paced growth. The quality of the founding and management team was an important component in decision making.
Groww rolling out UPI payments via ‘Pay’ feature
The platform is using the unified payments interface (UPI) infrastructure and allows users to make peer-to-peer payments as well as payments to merchants through scanning their QR codes.
Groww completes Rs 175 crore acquisition of Indiabulls’ mutual fund business
This comes almost two years after Groww inked a definitive agreement in May 2021 to acquire the mutual fund business of IBHFL’s subsidiaries Indiabulls Asset Management Company Ltd (IAMCL) and Indiabulls Trustee Company Ltd (the trustee of IAMCL).
To charge or to keep free, direct mutual fund players fret over this core question
Sebi has allowed direct platforms to become EOPs and create a revenue channel for the services they offer, but startups are unsure how to lap up this opportunity.
Demat account charges: Zerodha, AngelOne, ICICI Direct, SBI Securities, HDFC Securities, Groww
There are various charges involved when it comes to maintaining a demat account and it varies with each brokerage.
Stock broking startups Groww, Upstox eye lending, payments to expand revenue base
Two major challenger brands in the broking ecosystem, Groww and Upstox, are doubling down on their credit business, according to people in the know. The ultimate idea is to retain the customers coming to the platform to invest.
Groww completes Rs 175cr Indiabulls Mutual Fund biz acquisition
The transaction had received approval from Competition Commission of India in September 2021. The closing date of the deal was May 3, the filing said.
Online stock brokers’ bull run hits a bump; number of active users slide
Amid market volatility and return to office, active user base shrinks for some major players
Brokerage stocks bleed despite markets hitting record highs! Can they rebound?
After seeing strong growth in gross client addition month after month in 2021, brokerage Angel One has seen a steady decline in 2022. So far in the current financial year, the brokerage has registered a month-on-month fall in four months. In both September and October, the additions fell 12% month-on-month.
NSE alerts investors against guaranteed returns investment plans
The cautionary statement comes after the NSE noticed that Sameer Gulabrao Thite associated with Samsan Unitrade was offering the service to handle trading accounts of investors by asking them to share their user identification (user ID) and password.
Tech companies set to drive up demand for flexible office space
Currently, the technology, BFSI, and R&D sectors have been witnessing healthy activity in the GCC space, with large occupiers either establishing or expanding their India centers, with tech-driven cities such as Bengaluru, Hyderabad, the National Capital Region, and Pune attracting a bulk of the GCCs entering India, it said.
When Bharat places a buy on India, D-Street can thank discount brokers
The Big Four in this business - Groww, Zerodha, Angel One, and Upstox - continue to displace traditional brokers with a 63% combined market share of active clients by the end of FY24, up 4 percentage points in a year, showed NSE data.
NSE warns against Telegram channel offering guaranteed returns in stock market
“It has been brought to the notice of the Exchange that an entity named “Real Trader” operating through a Telegram channel named “Groww Stock” and WhatsApp number “9009115861” is offering investment plans with guaranteed returns,” NSE said in a statement.
Demat accounts cross 15-crore mark for first time after 31 lakh additions in March
While CDSL maintained its market share in terms of total Demat accounts, it saw a month-on-month increase. NSDL saw a decrease of 390bps in market share and 570 bps in incremental Demat accounts YoY
Payments checkout startup Nimbbl raises $3.5 million in funding from Sequoia, Groww, others
Nimbbl raised additional funds earlier this year, led by both Sequoia Capital India and Groww. GFC participated in both the funding rounds.
Retail investors hit by global Cloudflare outage as services of Zerodha, other brokers affected
“Cloudflare (network transit, proxy, security provider) used by most of the internet businesses around the world, is having a global outage. If you are unable to use our websites or apps, please try switching to a different ISP as a different route may work,” Bangalore-based Zerodha had said in a tweet this morning.
43 lakh new demat accounts added in February, total count now stands at 14.80 crore
Central Depository Services (India) Limited continued its market dominance gaining market share in February 2024 in terms of the total number of demat accounts added. It has also seen an increase in market share on a month-on-month basis.
CCI approves Groww's acquisition of Indiabulls AMC
The digital platform had in May announced the acquisition of Indiabulls AMC for a total consideration of Rs 175 crore.
ICICI Securities Q1 Results: Net income falls 12% to Rs 273 crore
Institutional equities revenue during the quarter fell 17 per cent Rs 48.6 crore, primarily due to slowdown in market volumes and decline in capital market deals.Distribution business continues to scale well as revenue stood at Rs 152 crore, up 28 per cent compared to the year-ago period on the back of strong performance from mutual funds, insurance and other products.
Will millennials continue to invest? Groww CEO answers
Lots of investors are turning to investing. We are encouraging young investors to participate in markets, says Lalit Keshre, Co-founder & CEO, Groww.Will millennials continue to invest? Groww CEO answers
Zerodha hit by tech glitch, affected traders demand compensation
Traders on Zerodha, India's second largest broking platform, faced a technical glitch, leading to intermittent issues with order placement on the Kite app. Zerodha resolved the connectivity problem and expressed regret for the inconvenience caused. Affected traders sought compensation for their losses and expressed their grievances on social media. This incident follows a similar technical glitch experienced by users of Groww, the largest broker in India, last week.
Groww to acquire Indiabulls MF for Rs 175 crore
The announcement comes months after capital markets regulator Sebi had allowed digital platforms like fintechs to enter the mutual funds business and Groww becomes the first fintech to enter the asset management space.
