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Inside Groww’s Revenue Mix: What Comes After Broking

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Inside Groww’s Revenue Mix: What Comes After Broking

In less than a decade since its launch in 2017, Groww has gone from just a mutual funds app to a super app of sorts when it comes to investment and wealth management.

With 1.31 Cr active broking clients and consistently staying profitable, it has built one of India’s largest retail investment ecosystems.

Now a listed company with one of the largest consumer bases and a market capitalisation of about ₹1.24 Lakh Cr, or roughly $14 Bn, Groww is no longer the small platform that was taking on the discount broking giants of the world. It is now one of the targets and a benchmark for smaller startups in this space.

In FY26, its operating revenue rose 19% to ₹4,644.6 Cr, while net profit increased 14% to ₹2,083 Cr, despite tighter regulations and higher taxes on futures and options.

However, Groww’s growth has not yet translated into a financial lead over Zerodha, its closest competitor. While Groww’s active broking clients are nearly twice Zerodha’s 68.47 Lakh, the order was reversed in the latest comparable full-year financials.

An FY26 comparison shows the gap is closer but Zerodha is still ahead. Zerodha’s net profit grew 1.2% to ₹4,283 Cr in FY26, while revenue stayed at roughly the FY25 level of ₹8,847 Cr, as per what founder and CEO Nithin Kamath said.

3 times on both measures a year earlier. So the gap has narrowed between these two giants because Zerodha’s growth rate has slowed down.



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