“Can India's largest retail broking app extend into a full financial supermarket — wealth, lending, payments, AMC — before broking commoditizes?”
Groww began in 2016 as a direct mutual fund distributor targeting India's first-time retail investors. It expanded into stock broking (2020), UPI payments via Groww Pay (2021), digital lending via Groww Creditserv (2023), and asset management with Groww AMC. After raising ~$748M in its November 2025 IPO, the company is now explicitly diversifying away from broking — which still drives ~73% of revenue — toward wealth management and lending (lending now ~6% of revenue, ~₹232 crore annually).
Groww discloses Yes Bank Limited (UPI Sponsor Bank) as its banking provider, with Yes Bank Limited as its sponsor bank, according to the Embedded Finance Index 2026.
Groww does not disclose a bank charter of its own; its banking services are provided through Yes Bank Limited.
Groww processes payments through Groww Pay (self-operated UPI TPAP). Disclosed money-movement rails: UPI.
Groww connects to bank accounts through NPCI UPI (India national rail).
The Embedded Finance Index 2026 maps 6 layers in Groww's stack: Payments / PSP (Groww Pay (self-operated UPI TPAP)); Money movement (UPI); Banking / BaaS (Yes Bank Limited (UPI Sponsor Bank)); Lending (Groww Credit, Loan Against Mutual Funds, MTF (Margin Trading Facility) at 14.95% and Credit Facilitation Services (CFS)); Open banking (NPCI UPI (India national rail)); Sponsor bank (Yes Bank Limited).
Groww was founded by Lalit Keshre, Harsh Jain, Neeraj Singh and Ishan Bansal and is founded in 2016, headquartered in Bengaluru, Karnataka, India.
Groww has raised unknown in total (latest round: IPO, November 2025; valuation: ~$9B (post-IPO market cap)).
Get a read on where your own stack stands against Groww and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.