Groww reports Rs 805 crore net loss for FY24 amid domicile shift to India

Groww, a fiscal services platform, announced a nett nonaccomplishment of Rs 805 crore for the fiscal twelvemonth ending March 31, 2024 (FY24). This important nonaccomplishment was chiefly attributed to a one-time taxation outgo of Rs 1,340 crore related to the company's caller determination to displacement its domicile to India.

Despite the nett loss, Groww reported operational profitability of Rs 535 crore for FY24, reflecting a 17% summation from Rs 458 crore successful FY23. The company's gross skyrocketed to Rs 3,145 crore successful FY24, a important emergence from Rs 1,435 crore successful the erstwhile fiscal year.

In a statement, Groww detailed, "The institution paid astir Rs 1,340 crore arsenic a one-time taxation connected its domicile question to India earlier this year. After paying tax, the institution reported a nett nonaccomplishment of Rs 805 crore."

Founded successful 2016 arsenic a communal funds investing platform, Groww has diversified its services implicit the years. In 2020, the institution expanded into banal trading, and past year, it ventured into user lending, payments, and plus absorption done its subsidiaries.

As of October 2024, Groww boasts an progressive banal capitalist basal of 1.2 crore, solidifying its presumption successful the rapidly evolving fiscal landscape.