Billionbrains Garage Ventures, which runs the wealthtech platform Groww, reported an operating revenue of Rs 1,216 crore in the December quarter, up 24.8% from Rs 974 crore a year back.
However the company’s net profits went down 27% to Rs 547 crore from Rs 757 crore a year prior. In December 2024, the company had posted higher profits as some long term incentives for the company’s leadership were cancelled, clawed back into the company, and reported as gains.
Making sense of the numbers
In a statement to the stock exchanges, Groww said that its revenue jumped primarily due to the addition of new users and retention of old ones.
The company said that it grew its user base by 7.5% between the September and December quarters of the current fiscal year. However, NSE data showed that the number of active traders on Groww fell on a year-on-year basis to 1.2 crore as of December 2025, from 1.3 crore in December 2024.
Groww's revenue sources have diversified across its product offerings, from lending to wealth management, with 49.5% of its users accessing two or more products. Revenue from stock and equity derivatives dropped to 73% of its overall revenues from 81% in the September quarter. Earnings from commodity derivatives, margin trade funding, and its acquisition Fisdom also show up on the balance sheet.
How are expenses shaping up?
In its disclosures, the company has said that the new labour laws codified by the union government will have an incremental impact of Rs 5.3 crore on its employee costs.
Overall expenses went up slightly to Rs 515 crore sequentially compared to Rs 432 crore in the September quarter. Overall assets managed by Groww stood at Rs 3 lakh crore.
Fresh push to the AMC business
In a major announcement today, Groww said that American financial services major State Street has picked up 23% stake in the company through an investment of Rs 581 crore, which was a mix of primary and secondary sales.
This comes at a time when Jio and Blackrock have set up a joint venture in the asset management space, which will compete with Groww AMC.
State Street Investment Management, the asset management division of State Street Corporation, had an AUM (assets under management) of $5.5 trillion as of September 2025.
“Our asset management business is at an inflection point with an AUM of Rs 4,118.8 crore and 1.2 million unique investors as of December 2025. Choosing a global partner will allow Groww to access expertise regarding quantitative and passive (index) investment strategies while strengthening our balance sheet to enable us to pursue the next phase of growth,” the company said in its investor presentation.
Focus on lending
The credit business housed under Groww has grown its book to Rs 1,390 crore. The NBFC will focus on loans against securities, which has doubled, while the personal loan book has grown 2% quarter-on-quarter. Around 6% of its income is currently from the lending business, the company said.
However the company’s net profits went down 27% to Rs 547 crore from Rs 757 crore a year prior. In December 2024, the company had posted higher profits as some long term incentives for the company’s leadership were cancelled, clawed back into the company, and reported as gains.
Making sense of the numbers
In a statement to the stock exchanges, Groww said that its revenue jumped primarily due to the addition of new users and retention of old ones.
The company said that it grew its user base by 7.5% between the September and December quarters of the current fiscal year. However, NSE data showed that the number of active traders on Groww fell on a year-on-year basis to 1.2 crore as of December 2025, from 1.3 crore in December 2024.
Groww's revenue sources have diversified across its product offerings, from lending to wealth management, with 49.5% of its users accessing two or more products. Revenue from stock and equity derivatives dropped to 73% of its overall revenues from 81% in the September quarter. Earnings from commodity derivatives, margin trade funding, and its acquisition Fisdom also show up on the balance sheet.
How are expenses shaping up?
In its disclosures, the company has said that the new labour laws codified by the union government will have an incremental impact of Rs 5.3 crore on its employee costs.
Overall expenses went up slightly to Rs 515 crore sequentially compared to Rs 432 crore in the September quarter. Overall assets managed by Groww stood at Rs 3 lakh crore.
Fresh push to the AMC business
In a major announcement today, Groww said that American financial services major State Street has picked up 23% stake in the company through an investment of Rs 581 crore, which was a mix of primary and secondary sales.
This comes at a time when Jio and Blackrock have set up a joint venture in the asset management space, which will compete with Groww AMC.
State Street Investment Management, the asset management division of State Street Corporation, had an AUM (assets under management) of $5.5 trillion as of September 2025.
“Our asset management business is at an inflection point with an AUM of Rs 4,118.8 crore and 1.2 million unique investors as of December 2025. Choosing a global partner will allow Groww to access expertise regarding quantitative and passive (index) investment strategies while strengthening our balance sheet to enable us to pursue the next phase of growth,” the company said in its investor presentation.
Focus on lending
The credit business housed under Groww has grown its book to Rs 1,390 crore. The NBFC will focus on loans against securities, which has doubled, while the personal loan book has grown 2% quarter-on-quarter. Around 6% of its income is currently from the lending business, the company said.