“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).