Groww beat every odd to get here. What beats it next?

Groww beat every odd to get here. What beats it next?

From Two by Two (Private) by The Ken

May 14, 2026 · 1h 4m · Episode 89

About this episode

The episode discusses the rise of Groww, its journey from a startup to India's largest stockbroker, and the challenges it faces in a competitive market.

In 2017, four ex-Flipkart engineers made a bet that looked seemingly ridiculous at the time. They decided to build a company that let anyone buy mutual funds directly, with no commissions or hidden fees. And then on top of it, they built it as a clean app that made it easy and simple for anyone to start investing. Nobody thought it would work. Well, it worked. Nine years later, Groww is India's largest stockbroker by active clients, its most profitable consumer fintech, and the first major Y Combinator portfolio company in India to go public. ₹1,824 crore net profit in FY25. 83% organic customer acquisition. 81% of users outside the top six metros. A DAU/MAU ratio of 56% which is the kind of number you'd expect from a social media app. It even paid ₹1,340 crore in taxes to move its holding company back from Delaware to India, then listed on Indian public markets at an IPO subscribed 17 times over. Every decision looked risky at the time and obvious in retrospect. But Groww in 2026 is not Groww in 2017. The company that built trust by doing one thing exceptionally well is now building lending, wealth management, insurance, and its own AMC. The revenue line that powered its…

People in this episode

Host: Praveen

Guest: Anand Kalyanaraman

Topics covered

  • fintech
  • investment
  • stockbroking
  • business growth
  • startups
  • regulatory challenges

Keywords

  • Groww
  • Flipkart
  • fintech
  • stockbroker
  • Y Combinator
  • investment
  • IPO
  • customer acquisition
  • regulatory pressure

Mentioned in this episode

Organizations: Groww, Flipkart, Y Combinator, PhonePe, Dhan, Dream11, Jio Financial

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