" "

Groww moves domicile from US to Bengaluru, CEO says 'We're now completely based in India'

ISN Team
New Update
Groww moves domicile from US to Bengaluru

Zerodha's rival stock broking platform Groww has shifted its parent entity, Groww Inc, from Delaware, United States, to Bengaluru, India.

The development aligns with a growing trend of fintech startups returning to their home country amid favourable economic policies and expanding domestic market.

Lalit Keshre announces on X

CEO and Co-Founder Lalit Keshre announced the development during the company’s 8th anniversary celebration.


"As of March 2024, Groww has completed its domicile transition back to India. For our customers, we have always been an India-based organisation for all practical purposes since day 1. With this update, the Groww group and its subsidiaries are completely based in India," Keshre wrote.

"By the way, today marks the completion of 8 years of Groww. Still, a long way to go," Keshre added.

Reverse merger process  

The stock broking firm’s US holding company, Groww Inc., merged with its Indian entity, Billionbrains Garage Ventures, marking the completion of its reverse flip.

Although the tax implications for the merger remain undisclosed, Groww joins the ranks of fintech giants such as UPI payments giant PhonePe and fintech giant Razorpay in relocating their base to India.

Surpassing rivals and achieving profitability  

Groww surpassed its rival Zerodha in September 2023, with 6.63 million active investors compared to Zerodha’s 6.48 million.

The company also achieved profitability in FY23, posting a net profit of Rs 448.7 crore against a net loss of Rs 239 crore in FY22. Its operating revenue tripled to Rs 1,277.8 crore.

Favorable economic environment 

The Indian government has been encouraging startups to redomicile through initiatives like the International Financial Services Centre (IFSC) at GIFT City.

The favourable policy environment and robust growth in India’s startup ecosystem have prompted leading firms like Groww, PhonePe, and Razorpay to shift their headquarters back to India.

Notably, the Reserve Bank of India (RBI) also prefers fintech companies to operate domestically, further encouraging firms to reverse-flip.

Alongside fintechs like Pine Labs and Razorpay, startups across sectors like quick-commerce (Zepto) and edtech (Eruditus) are considering shifting their holding companies back to India.