Groww Business Model Across Broking, Lending and Wealth
How the investing platform earns from trades, loans and float.
Key Takeaways
- FY26 revenue from operations was ₹4,644.6 crore, with net profit of ₹2,083 crore.
- Equity derivatives were 44.8% of total income in the July to September 2026 quarter.
- Its margin trading book stood at ₹4,351 crore at the end of September 2026.
- It reported 2.4 crore total transacting users at the end of Q2 FY27.
Table of Contents 14 sections
- Groww at a glance
- What Groww does
- How the Groww model works
- How Groww makes money from its products
- The Groww revenue model in numbers
- Groww in numbers
- Margin trading, funds and the Groww app business model
- Groww's Business Model Canvas
- Where Groww's money goes
- Groww's journey so far
- Who Groww competes with
- Q2 FY27 changes in equity derivatives and Groww AMC
- Conclusion on the Groww business model
- FAQs
The Groww business model is built on an investing platform that earns income from trading, margin funding, loans and float. Groww is run by Billionbrains Garage Ventures Limited, whose shares are listed on the NSE and BSE.
In FY26 the company reported revenue from operations of ₹4,644.6 crore and net profit of ₹2,083 crore. In the July to September 2026 quarter, called Q2 FY27, total income was ₹1,541 crore and net profit was ₹725 crore.
Groww at a glance

| Detail | Value |
|---|---|
| What it does | Investing platform for stocks, mutual funds, IPOs, derivatives, commodities and loans |
| Company | Billionbrains Garage Ventures Limited, registered office in Bengaluru |
| Co-founders | Lalit Keshre, Harsh Jain, Neeraj Singh and Ishan Bansal |
| FY26 revenue from operations | ₹4,644.6 crore |
| FY26 net profit | ₹2,083 crore |
| Q2 FY27 total income | ₹1,541 crore |
| Q2 FY27 net profit | ₹725 crore |
| Total transacting users | 2.4 crore at the end of Q2 FY27 |
| Total customer assets | ₹3.9 lakh crore at the end of Q2 FY27 |
| Listing | NSE and BSE, 12 November 2025 |
What Groww does
Groww lets people invest in stocks, mutual funds, IPOs and ETFs, and trade futures and options, on the Groww app. It also offers a margin trading facility, personal loans and loans against securities.
The company reports 2.4 crore total transacting users. It also runs the W app, a wealth platform for products such as mutual funds, insurance, alternative investment funds and portfolio management services, and Fisdom, a wealth platform it acquired in 2025. Groww also runs its own asset management company, Groww AMC, whose assets under management were ₹7,179 crore at the end of Q2 FY27.

How the Groww model works

How Groww makes money from its products
Groww reports its income by product. In Q2 FY27, equity derivatives made up 44.8% of total income of ₹1,541 crore. Margin trading facility made up 10.1%, commodity derivatives 6.2% and other operating income 4.8%. The company also reports stocks, float, personal loans and loans against securities, and other income as separate lines.

| Product | Share of total income |
|---|---|
| Equity derivatives | 44.8% |
| Margin trading facility | 10.1% |
| Commodity derivatives | 6.2% |
| Other operating income | 4.8% |
The Groww revenue model in numbers
Revenue from operations rose from ₹3,901.7 crore in FY25 to ₹4,644.6 crore in FY26, about 19%. Net profit rose from ₹1,824 crore to ₹2,083 crore, about 14%. These are consolidated figures.

Over the last five quarters, quarterly net profit was ₹471 crore in Q2 FY26, ₹547 crore in Q3 FY26, ₹686 crore in Q4 FY26, ₹735 crore in Q1 FY27 and ₹725 crore in Q2 FY27.

Groww in numbers
At the end of Q2 FY27, Groww reported total customer assets of ₹3.9 lakh crore and a margin trading book of ₹4,351 crore. It reported market shares of 14.8% in mutual fund SIP inflows, 11.0% in equity derivatives premium turnover among retail investors and 2.7% in margin trading.


Margin trading, funds and the Groww app business model
The margin trading book grew from ₹1,668 crore in Q2 FY26 to ₹4,351 crore in Q2 FY27, and Groww's share of margin trading rose from 1.6% to 2.7%. Groww AMC's assets under management rose 145% from ₹2,928 crore to ₹7,179 crore, and mutual fund SIP inflows on the platform rose from ₹11,254 crore to ₹14,347 crore. Commodity derivatives made up 6.2% of total income in Q2 FY27.

Groww's Business Model Canvas

Where Groww's money goes
Groww reports its spending in groups, including cost to serve and cost to grow. Cost to serve mainly covers transaction and technology costs, and cost to grow covers growth related spending such as marketing. In Q2 FY27 cost to grow came down, while cost to serve went up.
Groww's journey so far
| When | What happened |
|---|---|
| April 2021 | Raises $83 million in a Series D round led by Tiger Global and becomes a unicorn |
| 2023 | Completes buying Indiabulls Asset Management, now Groww AMC |
| 2025 | Completes the acquisition of wealth platform Fisdom |
| November 2025 | Lists on the NSE and BSE on 12 November 2025 after an IPO of about ₹6,632 crore at a price band of ₹95 to ₹100 |
| July to September 2026 | State Street invests ₹580 crore for a stake in Groww AMC |
| October 2026 | Reports Q2 FY27 net profit of ₹725 crore |

Who Groww competes with
Groww competes with other retail brokers such as Zerodha, Angel One and Upstox.

Q2 FY27 changes in equity derivatives and Groww AMC
Equity derivatives were 44.8% of total income in Q2 FY27, down from 56.9% a year earlier. From 3 August 2026, SEBI introduced the Closing Auction System for F&O eligible stocks, and equity derivatives revenue fell 14.3% from the previous quarter, which the company largely attributed to that system. Groww AMC reported a loss of ₹8.3 crore in the quarter, and the company said cost to serve rose.

Conclusion on the Groww business model
Groww is an investing platform that sells stocks, mutual funds, derivatives, IPOs, margin trading and loans through its apps. Its income comes from equity derivatives, stocks and commodity derivatives, income from margin trading, loans, float and other operating income, with Groww AMC and wealth products added alongside.
In FY26 it reported revenue from operations of ₹4,644.6 crore and net profit of ₹2,083 crore. In Q2 FY27 it reported total income of ₹1,541 crore, net profit of ₹725 crore and 2.4 crore total transacting users.

