Groww does not think much about competition as it still has a long way to reach what it aims to achieve, said founder and chief executive Lalit Keshre. Speaking at the Moneycontrol Startup Conclave 2024, he added that the number of customers is a vanity metric.
The Bengaluru-based company surpassed long-time market leader Zerodha as the country’s largest stock broker last year and crossed 10 million users in May.
“People talk about competitors a lot, but at Groww we don't think about competitors much. If we look at the country, and what is the net worth that is invested in markets. It is small. When we started, there were only 20 million investors,” Keshre said.
There are more than 160 million demat accounts, but the number of active investors is around 50 million according to exchanges’ data.
“We don't think about it much. We started with a mission and we are not even like 1 percent of that. There is a lot to be done. The number of customers is kind of a vanity metric. However, it does show how much impact you have created,” Keshre said.
The country’s growth along with the increase in wealth will help the company in its growth path, Keshre said adding that there is a big runway for the company.
“Competition does not matter. I find it difficult to understand why people think about it. Even today, in multiple businesses, if you look at the penetration and where we are, there is a big runway for us. People are looking at better experiences and we are going to benefit from that,” he said.
Win-win for everyone
Keshre said that Groww has respect for everyone in the industry. “The market is huge and can be a win-win for everyone as the companies bring accessibility and transparency to customers all over the country,” he added.
Groww was alluding to the multiple factors such as internet penetration, Aadhaar, e-KYC, knowledge and education initiatives that helped investors from all over the country to invest in the equity markets.
“Whatever access was available for high net worth individuals, is now available to you and was a big barrier that broke. That is an opportunity. We were lucky to have that tailwind,” Keshre said.
He also maintained that if the company can ride through bad times, it will survive. He added that the company is not worried about regulation as the objective of such bodies is to protect investors, a core value it also shares.
Apart from luck, he also credited the role of education initiatives by the company in building the brand, According to him, the company started the education initiatives after the customers asked for it, much like all of its products and features.
“The content thing was based on customer feedback. We realised that if you plan to launch something and people are not even aware of it then that means nothing,” he said.
Watch the full edition of the Moneycontrol Startup Conclave 2024 here.
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