Groww’s Q3 Snapshot, Pee Safe Bags $32 Mn & More

Groww’s Bottom Line Fades In Q3

Groww delivered a volatile yet resilient performance in the third quarter of the ongoing financial year. The listed investment tech major’s profit took a hit due to certain exceptional provisions, while revenue accelerated through smart diversification and disciplined expansion.

Here’s a quick look at Groww’s Q3 FY26 results:

• Profits declined 28% YoY to INR 546.9 Cr 
• Operating revenue surged 25% YoY to INR 1,216.1 Cr 
• Total income stood at INR 1,261.1 Cr
• Adjusted EBITDA climbed 24% YoY to INR 741.8 Cr
• Marketing expenses rose 23% YoY to INR 124.6 Cr, and operational expenses jumped 17% YoY to INR 152.1 Cr

The Profit Distortion: Groww’s headline profits slipped YoY due to the reversal of a long-term incentive, totalling INR 424.7 Cr due to its 2024 reverse flip to India. Core operations, however, remained strong as PAT growth outpaced revenue expansion. Meanwhile, the user base continued to grow and adjusted EBITDA rose steadily, signalling robust unit economics.

Diversification Bet Pays Off: For years, Groww’s primary engine was equity derivatives, but that dependency is rapidly fading. The company managed to nudge its massive user base toward its portfolio of wealth tech products, from commodity trading to loans against securities. These new bets, including MTF and Fisdom, saw revenue contribution improve by 10% in Q3.

The State Street Validation: On the same day, the listed unicorn also said that State Street Investment Management (SSIM) will acquire 23% in Groww AMC for INR 580 Cr. SSIM brings quantitative and passive strategy expertise to the table, while the infusion will strengthen the company’s balance sheet to pursue the “next phase” of growth and expansion.

While it remains to be seen how the global AMC firepower will fuel the listed unicorn’s next quarters, here’s how Groww fared in Q3. 

From The Editor’s Desk

💸 Pee Safe Bags $32 Mn

• The Jaipur-based femtech startup has raised INR 290 Cr in a mix of primary and secondary deals as part of its Series C round from OrbiMed to fuel omnichannel expansion and marketing.
• Founded in 2013, Pee Safe sells sanitary solutions, primarily for women. Its product portfolio also spans maternity care, men’s hygiene, wipes and anti-pollution masks.
• Pee Safe is eyeing a piece of India’s femtech surge, where cultural taboos meet millennial demand for chemical-free alternatives to traditional sanitary products. It operates in a market projected to cross the $3.8 Bn mark by 2032. 

📢 Amagi IPO Day 2

• The media-focussed SaaS major’s public issue inched closer to the 13% subscription mark on the second day, receiving bids for 35.11 Lakh shares against 2.72 Cr on offer. Retail portion was subscribed 49%, followed by NIIs with 8% uptake.
• Amagi’s IPO comprises a fresh issue of INR 816 Cr and an OFS of 2.69 Cr shares. At the upper end of its INR 343-361 price band, the INR 1,788 Cr IPO pegs the company at INR 7,966 Cr.
• Founded in 2008, Amagi’s SaaS tools enable broadcasters to manage and distribute TV channels across streaming platforms without physical infrastructure. The startup clocked a net profit of INR 6.5 Cr in H1 FY26 on an operating revenue of INR 704.8 Cr.

🏛️ Unacademy’s Franchise Pivot 

• The troubled edtech startup plans to convert all company-operated centres into franchisees by April. Under this, local operators will handle operations while Unacademy will provide academic content and technology.
• The strategic pivot aims to refocus the edtech on capital-efficient operations, following unsuccessful merger discussions with upGrad, K-12 Techno Services and Allen.
• While the startup rode the pandemic boom, it couldn’t sustain its growth. High burn rates, exam-prep saturation, weak retention and failed acquisitions have squeezed margins and dried up capital. 

🤝 Mitra To Merge With Tierra Agrotech

• The FMCG startup has merged with BSE-listed Tierra Agrotech, with plans to list the consolidated entity at an INR 787 Cr valuation by September 2026.  
• The post-merger entity projects INR 400 Cr in consolidated revenue by FY27-end after operational integration. The transaction is still subject to approvals from SEBI and NCLT.
• Founded in 2023, Mitra sells D2C essentials such as flour, pulses, rice and spices at 40,000 retail touchpoints across 38 cities. Hyderabad-based Tierra handles the complete seed lifecycle from cultivation to sales. 

🔋 Ola Electric’s B2B Hustle

• The EV juggernaut has opened its 4680 Bharat Cell (1.5 kWh battery pack) for sale to enterprises and startups to accelerate domestic battery adoption.
• This comes as Ola Electric is looking to diversify beyond electric two-wheelers amid slowing demand, reduced government subsidies, rising competition from legacy OEMs, and customer complaints about its after-sales service. 
• Ola Electric’s top line tanked 43% YoY to INR 690 Cr in Q2 FY26, while shares have plunged 47% over the past year amid declining sales and regulatory troubles.

Inc42 Markets

Inc42 Startup Spotlight

How BorderPlus Is Redefining Talent Mobility

Overseas jobs lure 3.9 Lakh Indian ECR (emigration check required) workers annually. But their journey is plagued by opaque processes, credential hurdles, visa delays and language gaps. BorderPlus is streamlining this path for healthcare professionals with its tech-led approach.

A Career Bridge: Founded in 2025, the Mumbai-based platform tackles cross-border employment friction head-on. Its model bundles finishing-school programmes, German language preparation, and documentation support to boost placement success and long-term employability.

A Strategic Foundation: In 2025, BorderPlus partnered with the National Skill Development Corporation for German language training and opened a Kochi centre backed by an INR 10 Cr scholarship fund. Initially targeting Germany’s regulated healthcare market, the platform has also expanded to the Middle East, with nurse onboarding slated later this year.

BorderPlus’ EU Ambition: Backed by $7 Mn in funding round from marquee names, the startup acquired German healthcare recruiter Onea Care last year, signalling its bid to scale up presence in the European Union. By building a permanent bridge between India’s workforce and overseas markets, the platform aims to redefine talent mobility. Can BorderPlus become the go-to platform for Indians seeking employment abroad?

Infographic Of The Day

The universe of listed new-age tech companies is expanding in India. Here’s a closer look…