Groww Creditserv’s Loan Book Grows 31% QoQ To INR 965.44 Cr At The End Of June Quarter

Fintech unicorn Groww’s non-banking financial company (NBFC) Groww Creditserv Technologies’s total on-balance sheet loan book stood at INR 965.44 Cr as on June 30, 2024, growing 32% from INR 731.1 Cr as of March 31 this year.

As per rating agency ICRA, personal loans accounted for 98% of the total loan book, while consumer durable loans accounted for the rest of the amount.

Incorporated in January 2021, Groww Creditserv received an NBFC licence from the Reserve Bank of India (RBI) in late 2022. It provides personal and consumer durable loans to Groww Invest Tech Private Limited’s existing customers.

The NBFC is a wholly-owned subsidiary of Groww’s India entity, Billionbrains Garage Ventures Private Limited.

While it was initially held directly by the four cofounders of Groww – Lalit Keshre, Harsh Jain, Ishan Bansal, and Neeraj Singh, Billionbrains Garage Ventures acquired a stake in Groww Creditserv in multiple tranches during April 2023 to March 2024.

The ICRA report said that Groww Creditserv received a total of INR 378 Cr in total capital infusion till March 31, 2024. This entity’s net worth was INR 351 Cr around the same time.

The report said that Groww Creditserv posted a loss of INR 24.1 Cr in FY24 as against a loss of INR 2.8 Cr in FY23.

Founded in 2017, Groww is a wealthtech startup that enables users to invest in stocks, exchange-traded funds (ETFs), and IPOs, among other fintech services. It entered the unicorn club in 2021 by bagging $83 Mn in its Series D funding round led by Tiger Global. 

Billionbrains Garage Private Limited, the parent entity of Groww, posted a net profit of INR 448.7 Cr in FY23 as against a net loss of INR 239 Cr in the previous fiscal year. Its operating revenue more than tripled year-on-year to INR 1,277.8 Cr in FY23.