Representative image.
Credit: iStock.
New Delhi: Groww, a financial services platform, on Monday reported a net loss of Rs 805 crore for the financial year that ended on March 31, 2024 (FY24) primarily due to a one-time tax payment of Rs 1,340 crore for shifting its domicile to India.
Despite this, the Tiger Global-backed company maintained its operational profitability at Rs 535 crore for FY24 as compared to Rs 458 crore for FY23, marking an increase of 17 per cent. Its revenues surged to Rs 3,145 crore for the financial year that ended on March 31, 2024 (FY24) from Rs 1,435 crore in the preceding fiscal.
"The company paid about Rs 1,340 crore as a one-time tax on its domicile movement to India earlier this year. After paying tax, the company reported a net loss of Rs 805 crore," Groww said in a statement.
The Bengaluru-based company began in 2016 as a mutual funds investing platform and steadily expanded its offerings by introducing stocks in 2020. Last year, it ventured into consumer lending, payments, and asset management through subsidiary business. As of October 2024, Groww's active stock investor base stood at 1.2 crore.