Groww Diversifies Offerings With UPI Payments On Its Broking App

Fintech unicorn Groww has rolled out UPI payments feature on its broking app.

Using the UPI infrastructure, Groww is allowing its users to make payments to contacts as well as to merchants through scanning their QR codes. It is also allowing users to check bank balance through its UPI feature as other apps GooglePay, PhonePe also do.

Besides, it is also allowing users to make loan and credit card repayments, pay utility bills including electricity, water, DTH, mobile recharge, gas cylinder booking, among others. Further, Groww has onboarded a number of billers on the app through the Bharat Bill Payment System platform.

The UPI payment feature is available within the Groww app itself.

Groww has been diversifying its portfolio lately. It started offering instant personal loans on its platform after it received a licence to operate as a non-banking finance company (NBFC).

Back in May, Groww acquired the mutual fund business of Indiabulls Housing Finance for a consideration of INR 175.6 Cr.

Founded in 2017 by the ‘Flipkart cartel’ comprising Harsh Jain, Lalit Keshre, Neeraj Singh, and Ishan Bansal, Groww is a wealthtech startup that enables its users to invest in stocks, exchange-traded funds (ETFs), and IPOs.

The company saw its losses surge to INR 239 Cr in the financial year 2021-22 (FY22), compared to a profit of INR 167.6 Cr in the year-ago period. However, operating revenue jumped 11.8X YoY to INR 350.9 Cr in FY22, up from INR 29.5 Cr in FY21.

As the expenses and customer discounts are impacting the financial numbers of the startup, UPI can help it in acquiring new users, as well as diversify its revenue stream given the soaring popularity.

UPI recorded transactions worth INR 14.89 Lakh Cr in May, a 5.83% month-on-month (MoM) growth. The number of UPI transactions also recorded a 5.81% increase in the month ended May 31, 2023, rising to 941.5 Cr from 889.8 Cr in April and inching closer to the 10 Bn mark.