Groww delivered impressive Q3FY26 results, showcasing strong growth across key financial and operational metrics. The fintech platform reported total income of ₹12,611 Mn, representing robust 26% year-on-year growth, while building a user base of 20.4 Mn total transacting users.

Strong Financial Performance with Revenue Diversification

The company's financial performance demonstrated significant momentum across multiple quarters. Total income showed consistent growth trajectory, rising from ₹10,044 Mn in Q3FY25 to ₹12,611 Mn in Q3FY26.

Revenue diversification continued as a key strategic focus, with new products gaining significant traction. Stocks and Equity Derivatives, while growing 24% and 7% YoY respectively, saw their combined contribution to total income decline from 81% to 72% as newer products expanded their share.

Platform Economics Show Operational Efficiency

The company's platform economics revealed improved operational metrics with revenue growing faster than most cost categories. Revenue increased from ₹9,745 Mn in Q3FY25 to ₹11,874 Mn in Q3FY26, while adjusted EBITDA margin improved to 63.7% from 61.4%.

Market Share Gains Across Key Products

Groww strengthened its market position across all major product categories, demonstrating competitive advantages in user acquisition and retention. The platform achieved notable market share expansions in stocks and equity derivatives.

User Growth and Platform Expansion

The platform reached 20.4 Mn total transacting users, representing 25% YoY growth and 7% QoQ growth. Active users stood at 16.0 Mn, while total customer assets expanded to ₹3.0 Tn with 39% YoY growth. Multi-product adoption continued improving, with 49.5% of customers using two or more products, up from 47.6% in Q3FY25.

Commodity Derivatives emerged as a significant growth driver after its Q2FY26 launch, with 255k active users and 4.6% of total broking orders. The product contributed 3.5% of total income in Q3FY26, demonstrating rapid scaling capabilities.

Strategic Developments and Acquisitions

The company completed the 100% acquisition of Fisdow (Finwizard Technologies Private Limited) on October 3, 2025, with operations now fully consolidated. Additionally, Groww announced a strategic partnership with State Street Investment Management, involving approximately ₹5,800 Mn investment for a 23% stake in Groww Asset Management Limited.

The credit business through Groww CreditServ showed steady growth with the loan book reaching ₹13,900 Mn, growing 7% QoQ. Loans Against Securities more than doubled during the quarter, now representing 9.7% of the total loan book compared to 4.6% in the previous quarter.

Billionbrains Garage Ventures Limited, the parent company of Groww , has entered into a major investment agreement with State Street Global Advisors, Inc. for its asset management subsidiary. The comprehensive deal, announced on January 14, 2026, involves both primary and secondary transactions worth up to ₹580.03 crores.

Investment Structure and Financial Details

The transaction comprises two key components structured through a Share Subscription and Share Purchase Agreement (SSPA) and Shareholders' Agreement (SHA). State Street Global Advisors will invest through both secondary purchase and primary subscription of shares in Groww Asset Management Limited (Groww AMC).

The deal structure ensures that while State Street gains a significant economic stake through the 23% dilution, its voting control remains limited to 4.99% of the aggregate voting power in Groww AMC.

Groww Asset Management Performance

Groww AMC, incorporated on April 10, 2008, serves as the investment manager for Groww Mutual Fund. The subsidiary has demonstrated strong growth trajectory over recent years, with its financial performance showing consistent improvement.

The subsidiary's revenue growth has been particularly notable, with turnover increasing from ₹3.22 crores in March 2023 to ₹11.52 crores in March 2024, and further to ₹16.94 crores in March 2025. This represents substantial year-over-year growth in the asset management business.

Strategic Partnership with State Street

State Street Corporation, one of the world's leading financial services providers to institutional investors, brings significant expertise to the partnership. The company manages USD 51.70 trillion in assets under custody and administration, with USD 5.40 trillion in assets under management as of September 30, 2025.

Beyond the financial investment, Groww AMC will enter into a strategic relationship agreement with State Street Global Advisors, which will become effective on a mutually agreed date. This partnership is expected to enhance Groww's asset management capabilities and market reach.

Regulatory Approvals and Timeline

The proposed transaction is subject to receipt of regulatory and other necessary approvals, along with fulfillment of obligations and conditions prescribed in the SSPA. The deal is expected to complete within six months from the January 14, 2026 agreement date, or such other date as mutually agreed between the parties.

Impact on Corporate Structure

Upon completion of the transaction, Groww AMC will cease to be a wholly-owned subsidiary of Billionbrains Garage Ventures Limited but will continue as a subsidiary. The company's contribution to the consolidated financials shows income of ₹17.09 crores (0.42% of total) and net worth of ₹177.13 crores (3.66% of total) as of March 31, 2025.

The transaction represents a significant milestone for Groww's asset management business, providing both capital for growth and strategic partnership with a global financial services leader. The deal structure maintains Groww's control while bringing in expertise and resources from State Street's extensive asset management platform.