Today we celebrate Team Groww — now the largest stock brokerage platform in the country, built in just 5 short years.
Lalit, Harsh, Ishan, and Neeraj started Groww with one goal : make investing easy for Indians. They launched mutual funds in 2017. At Series B, Groww had $0.7M ARR; by Series C in 2020, $2M ARR — all from mutual funds alone.
Then came liftoff: from $2M ARR in 2020 to $450M in revenue with 45%+ net income margins in just five years. From 55K monthly users in 2019 → #1 brokerage in India today with 26% market share and 10M+ active users.
How? Culture, focus, and execution — all shaped by the founders.
Lalit Keshre is one of the best product minds in the world. He’s in hundreds of WhatsApp groups with tens of thousands of users. When asked about competition, he’d say, “I don’t look at them.” His only focus: remove friction so young Indians can invest confidently with the relevant information.
In the early days we often questioned TAM. Lalit replied: “Small TAMs are the result of products with high friction”. He was right — Groww expanded the market itself.
A few lessons I’ve learned from Lalit:
Stellar clarity of thought. When we led the Series C at YC , we sent him our valuation memo ($1–1.5B base, $3B upside). He replied with a short memo explaining why we were wrong on TAM — backed by data and A/B tests. Keep in mind that stocks hadn't even launched yet but he was right about the path it would take once launched.
Be disciplined. When every consumer company advertised during IPL (the equivalent of a Superbowl ad), Lalit refused — “He refused to spend as much money to acquire customers for an investing product where retention was of utmost importance.
That relentless clarity defines Groww’s culture.
Harsh Jain is Groww’s backbone — he built the regulatory and risk foundation that allowed the company to scale safely across mutual funds, stocks, F&O, credit, and insurance.
Neeraj Singh architected the platform and culture behind engineering. He hired young engineers from top colleges and taught them to think like owners. His bias for simplicity — fewer clicks, faster load, zero friction — made Groww one of the most reliable consumer apps in India, even on peak trading days.
Ishan Bansal has been the quiet engine of financial discipline. As CFO from day one, he ensured every product line was self-sustaining and every decision grounded in unit economics.
Many US LPs have asked me if Indian investments would ever make money. Ecosystems take time — but here’s Groww, returning capital many times over and returning at least two US funds fully and likely delivering one of the best IRRs of the decade (Launching Stocks in 2020 → IPO in 2025).
It’s been a privilege of a lifetime to be part of this journey along with Nick Shalek from Ribbit and Ashish Agrawal from PeakXV.
Team Groww - you deserve all the credit - not just for Groww, but for the next decade of Indian founders you would have inspired.