MC EXCLUSIVE Groww grabs double-digit share in public issue of three bonds within few months of debut

Since introducing bond offerings on its platform in June, Groww has attracted 10–12 percent of retail investors in the issues it has distributed.

Investment platform Groww has secured a double-digit share in three public bond issues within just three months of launching the product, marking a swift expansion beyond its traditional strongholds of equities and mutual funds, according to industry sources.

Since introducing bond offerings on its platform in June, Groww has attracted 10–12 percent of retail investors in the issues it has distributed.

Market participants say this makes it one of the fastest platforms to achieve scale in the fixed-income category, traditionally dominated by banks and offline distributors.

According to sources, in the ICL Fincorp public bond issue with a retail reservation of 8.74 lakh units, Groww facilitated allotments of 1.09 lakh units, which is 12.57 percent share. Similarly, in the Muthootu Mini Financiers bond issue, Groww enabled allotments of 44,755 units out of the 4 lakh units reserved for retail investors, translating into an 11.19 percent share.

Further, in the Muthoot Mercantile bond issue, Groww enabled allotments of 68,392 units out of the 6.25 lakh units reserved for retail investors, translating into an 11.19 percent share.

The public issue of bonds of ICL Fincorp was open for subscription between July 31 and August 13, Muthoot Mercantile was open between July 16 and July 29, and Muthootu Mini Financiers was open between August 18 and September 1.

Currently, Groww platform has an active bond subscription open for Edelweiss Financial Services, which will end on October 16.

The surge in share for allotment to retail investors in bonds mirrors Groww’s playbook in other segments. The platform has already emerged as India’s largest broker by active clients. As of July 2025, it held over 27 percent share of monthly transacting users in the cash equities segment and about 26 percent in equity derivatives, according to industry trackers.

In the IPO market, Groww’s share of retail allocation has averaged about 25 percent across issues this year.

That said, mutual funds remain another key growth engine for the platform. Groww’s draft IPO prospectus shows that the platform contributed Rs 3.4 lakh crore to the industry’s Rs 28.9 lakh crore SIP inflows in FY25, giving it an 11.8 percent share. Its SIP inflow share has nearly doubled in two years, from around 6 percent in June 2023 to 13 percent in June 2025.

In June 2025 alone, Groww accounted for one in three new SIP registrations, 2 million of the 6 million industry-wide. The platform also had 17 million active SIPs (18.5 percent share) and 9 million unique mutual fund investors (16 percent share), making it among the largest distributors in the country.

Industry observers attribute Groww’s market share gains to its direct-to-consumer model, organic customer acquisition, and a user-friendly interface that simplifies investing. The company has steadily expanded its product suite, recently adding bonds, wealth management, commodities, and loans against shares.

Analysts believe the new launches could help Groww deepen its presence as Indian households diversify beyond equities and mutual funds into fixed income and alternative products.