Platform for full-stack financial servIndia.Groww became one of the most valuable fintech companies after raising $251 million in a round led by Tiger Global at a $3 billion valuation.
Next Billion Technologies (NBT) operates Groww’s share broking and investment platform, which reported revenues of Rs 40.41 crore and a profit of Rs 2.73 crore. But there’s more: NBT is a subsidiary of Billionbrains Garage Ventures (BGV), which is a subsidiary of Groww Inc USA, the ultimate holding company.
While financials for the US-based holding company are unavailable, we examined the results of Billionbrains Garage Ventures (BGV), the group’s holding entity in India.
BGV recorded consolidated operating revenue of Rs 52.7 crore during the fiscal ended in March 2021 for its Indian operations. The company collected Rs 34.3 crore via the provision of brokerage and allied services, accounting for 65.1% of annual revenue while income from tech platform making charges and other operating revenues (interest on deposits) brought in Rs 12.7 crore and Rs 5.71 crore respectively.
On the expense side, money spent on employee benefits was the single largest expense booked by Groww, accounting for nearly 40% of annual costs incurred during FY21. At Rs 61.891 crore, the staff costs stand at 117.3% of the revenue earned by the company during FY21.
Overall the Indian holding entity Billionbrains Garage Ventures spent Rs 155.66 crore during the fiscal ended in March 2021. On a unit level, it spent Rs 2.95 to earn a single rupee of revenue.
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