Quick Take
- Groww is shifting long-term focus to wealth management, targeting affluent Indian investors and higher-value assets.
- Affluent users now hold 37% of Groww’s Rs 2.96 Lakh Cr customer assets in FY26.
- Revenue from affluent customers more than doubled to Rs 682 Cr, per Groww’s annual report.
In This Article
Groww Wealth Management is now the platform’s core long-term bet, with founder Lalit Keshre confirming a shift from transaction-led broking toward asset-based wealth management for affluent Indians.
In its first annual report since its November 2025 listing, Groww said affluent users, customers holding at least Rs 25 Lakh on the platform, now control 37% of its Rs 2.96 Lakh Cr ($31 Bn) customer assets for the year ended March 31, 2026. Revenue from this group more than doubled to Rs 682 Cr ($71 Mn). The Groww wealth management shift is the clearest signal yet of where the company plans to earn its next decade of income.
StartupFeed Insight
The real signal in Groww’s numbers is mix, not scale. Broking still drives most revenue, but affluent users, who need Portfolio Management Services (PMS) and Alternative Investment Funds (AIF), are becoming the margin story. Whoever converts India’s mass-affluent first will own the next decade of fee income, so Zerodha, Angel One, and bank-led platforms should watch this closely. StartupFeed expects Groww to publicly report a dedicated wealth or advisory revenue line by Q4 FY27, once its Fisdom integration and ‘W’ offering mature. The affluent asset share should cross 40% within the same window. By Avinash.
Groww Wealth Management Push: What The Annual Report Shows
Groww wealth management is the company’s plan to move beyond transaction fees and earn recurring income from managing customer assets. In its first annual report as a listed company, Groww said affluent users, defined as customers holding at least Rs 25 Lakh on the platform, roughly doubled to around 400,000 in FY26 from about 200,000 a year earlier.
This cohort now holds 37% of total customer assets, up from around 20% three years earlier, according to the annual report. Their revenue more than doubled to Rs 682 Cr ($71 Mn). You can read the disclosures on Groww’s investor relations page. The message is direct: the Groww wealth management push is where the company sees its future, and affluent Indians sit at its centre.
Deal Breakdown: Groww FY26 By The Numbers
Groww’s FY26 annual report frames the company as a full-stack investment platform now tilting toward the Groww wealth management build.
| Metric | Detail | Notes |
|---|---|---|
| Total Customer Assets | Rs 2.96 Lakh Cr ($31 Bn) | End of FY26, per annual report |
| Affluent Asset Share | 37% | Up from around 20% three years earlier |
| Affluent Revenue | Rs 682 Cr ($71 Mn) | More than doubled from Rs 230 Cr |
| Affluent Users | Around 400,000 | Roughly doubled from about 200,000 |
| Active Users | 16.7 million | End of FY26, per annual report |
| Q4 FY26 Net Profit | Rs 686 Cr ($72 Mn) | Up 122% year on year (company) |
All USD figures use a rate of Rs 95.5 to the dollar, the spot rate on July 31, 2026. The standout: affluent customers now sit behind more than a third of every rupee Groww holds.
About Groww
Groww is a Bengaluru-based investment platform founded in 2016 by Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal, all former Flipkart colleagues. It lets users invest in stocks, mutual funds, derivatives, exchange-traded funds, and IPOs, and now runs lending and wealth products. Its listed parent is Billionbrains Garage Ventures (NSE: GROWW). Backers have included Tiger Global, ICONIQ Growth, and Peak XV.
Is Groww Profitable?
Yes, Groww is profitable and has been for several years. For the March 2026 quarter (Q4 FY26), the company reported net profit of Rs 686 Cr ($72 Mn), up 122% year on year, on revenue of Rs 1,505 Cr ($158 Mn), according to company disclosures. Derivatives still drive roughly 55% of income, which is exactly why the Groww wealth management push matters.
Groww aims to “move from being just a transactional platform,” Lalit Keshre said in the company’s annual report.
Wealth products carry recurring, less cyclical fees. If Groww shifts affluent assets into PMS and AIF mandates, it can soften its reliance on Futures and Options (F&O) trading, a segment under steady SEBI (Securities and Exchange Board of India) pressure. Details on affluent growth appear in Groww’s shareholders’ letter.
How Does Groww Compare With Rivals?
Groww is India’s largest stockbroker by active clients, holding about 28.2% of the National Stock Exchange (NSE) active client base at the end of March 2026, roughly double its nearest rival.
| Broker | Standing | Wealth Strategy |
|---|---|---|
| Groww | Largest broker, 1.29 crore active clients (28.2% NSE share) | Affluent push via Fisdom, ‘W’ (HNI), ‘Prime’ |
| Zerodha | Long-time leader, now trailing on active clients | Coin for mutual funds, smaller affluent focus |
| Angel One | Among top brokers, expanding fee-based services | Mutual funds and advisory, growing wealth focus |
Scale, low customer acquisition cost, and new affluent products give Groww wealth management an early lead in the segment rivals are only now entering.
What’s Next
The Groww wealth management bet now rests on execution. The company has partnered with State Street on asset management and is integrating Fisdom, which brought roughly 350,000 clients and 180 relationship managers. Watch for a fully rolled-out ‘W’ offering for High Net-worth Individuals (HNIs) and clearer wealth revenue reporting through FY27. Jefferies expects wealth assets near Rs 75,000 Cr by FY30. Can Groww turn cheap broking users into paying wealth clients fast enough?
Frequently Asked Questions
Disclaimer: This article is for informational purposes only and does not constitute investment advice. StartupFeed and its authors are not SEBI-registered investment advisors. The analysis above is based on publicly available information and should not be the sole basis for any investment decision. Please consult a SEBI-registered financial advisor before making investment decisions.
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