• Revenue growth: Revenue grew 47.4% year-on-year to ₹1,502 crore. Management attributed growth to new users entering capital markets, new products, and customers’ growing investment capacity as they mature.
• Product expansion: Groww has added commodities, bonds and MTF, and is launching global investing in beta for US stocks, giving its existing users more ways to invest and trade.
• Market-share runway: Groww’s equity derivatives share rose from 8.6% to 11%; its active-user share is around 29% to 30%. Management said users are relatively new to the platform, so their activity and market shares across products should converge over time, at different rates.
• CAS impact: CAS and volatility contributed to 20% to 30% variability in trading volumes across exchanges and contract types. Groww said the quarter-on-quarter impact on its platform was less pronounced because of other growth drivers, although derivatives’ contribution to revenue was quite low this quarter.