Groww, the Tiger Global-backed fintech leader, has officially relocated its holding company’s domicile from the United States to India. This strategic shift aligns with a broader trend among Indian fintech firms to establish their headquarters in their home country.
The announcement came during the 8th-anniversary celebrations of the company, where Lalit Keshre, the Founder and CEO of Groww, addressed his team. Highlighting the company’s unwavering focus on serving the Indian market, Keshre stated, “As of March 2024, Groww has completed its domicile transition back to India. For our customers, we have always been an India-based organisation for all practical purposes since day 1. With this update, the Groww group and its subsidiaries are completely based in India.”
This domicile change involves the merger of Groww’s US-based entity, Groww Inc., with its Indian company, Billionbrains Garage Ventures. However, details regarding the tax implications of this merger have not been disclosed.
Groww has emerged as a front-runner in India’s full-stack financial services sector, overtaking its competitor Zerodha in terms of active investors. According to data from the National Stock Exchange (NSE), Groww boasted 6.63 million active investors by the end of September 2023, surpassing Zerodha’s 6.48 million.
Financially, Groww has shown impressive performance, turning a profit in the fiscal year 2023. The company reported a consolidated net profit of Rs 448.7 crore in FY23, a significant turnaround from a net loss of Rs 239 crore in FY22. Its operating revenue for the same period more than tripled to Rs 1,277.8 crore.
Backed by notable investors like Tiger Global, Peak XV Partners, and Ribbit Capital, Groww’s decision to move its domicile is supported by the Indian government’s push for local startups to redomicile. This initiative, known as the ‘reverse flip’, encourages companies to base themselves in the IFSC GIFT City, leveraging opportunities in both domestic and international markets.
