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Business News›Tech›Tech & Internet›Groww to stop US stock trading services, app hit by technical glitches
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Groww to stop US stock trading services, app hit by technical glitches
ETtech
Synopsis
Stock broking platform Groww has stopped offering services for US stocks due to a tax collected at source. Around 2,000 users who joined in 2023 were still using Groww for these investments. They now have the option to migrate to other platforms or withdraw their investments. Groww is the largest stock trading platform in India and surpassed Zerodha in terms of active traders. In FY23, Groww reported revenue of Rs 1,294 crore and a net profit of Rs 73 crore.
AgenciesGroww, India’s largest stock broker by volume, has stopped investments in US stocks through its trading platform.
It recently informed its subscribers that they have the option to either migrate to other platforms or withdraw their investments.
While it had stopped onboarding new subscribers to the US stocks investment service more than a year ago, some existing users continued to invest through the platform, said a person in the know.
“There are around 2,000 users who were still using Groww for these investments, but now the platform will not offer these services anymore,” said the person, who did not wish to be identified.
Also read | New-age brokers ride on futures option to the bank
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The move could be attributed to the overall slowdown in this segment after the government announced a 20% tax collected at source on investments of more than Rs 7 lakh in foreign stocks or mutual funds, according to people aware of the matter.
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On Tuesday, Groww received multiple complaints on social media about a technical glitch in its app. Many users took to X (formerly Twitter) to complain that they were not able to sign into the app. However, the company responded by noon that the issue had been resolved.
The Tiger Global and Peak XV Partners-backed unicorn went past Zerodha in terms of active traders last year.
Also read | Fintechs add 1.3 million new mutual fund SIPs in November, almost half of overall industry
In September the platform reported 6.6 million active traders, compared to around 6.4 million for Zerodha. The company is also the largest player in terms of new systematic investment plans on mutual funds.
In FY23, Groww reported total revenue of Rs 1,294 crore and a net profit of around Rs 73 crore.
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