Groww to foray into Neobanking

Groww is emerging as a worthy challenger of Zerodha. It’s probably the quickest start-up to record over a 10X leap [from $250-300 million to $3 billion] in valuation within 14 months in India.

Besides stock trading, the organization likewise enables mutual funds and fixed deposits investments. Presently, the organization is outfitting to launched a neo-banking platform, as indicated by three individuals aware of the details of the plan.

“Groww believes that a neo-banking offering will make it a more all holistic platforms for clients. The organization needs to turn into a one-stop solution for banking and investment,” said one of the sources requesting anonymity as plans are yet to be made public.

As indicated by these sources, the move will enable more user stickiness at Groww.

“The expansion is starting with neobank and eventually the organization would likewise add lending,” said the second source who additionally wished to stay unnamed.

With the neo-banking, Groww will start competing Jitendra Gupta’s Jupiter and B Capital and Alpha Wave Incubation-backed Fi.