Tiger Global-backed financial services firm Groww has completed the process of moving the domicile of its holding company from US to India, joining the list of top fintech firms moving their bases back to home country amid favorable economic policies and expanding domestic market.
During the 8th-anniversary celebration of the firm, Founder and CEO Lalit Keshre took the opportunity to address the employees and made the announcement.
"As of March 2024, Groww has completed its domicile transition back to India. For our customers, we have always been an India-based organisation for all practical purposes since day 1. With this update, the Groww group and its subsidiaries are completely based in India," the CEO later shared on a social networking site.
It, however, remains unclear about the amount of tax liabilities that Groww incurred for a merger of its US holding company, Groww Inc, with the Indian entity, Billionbrains Garage Ventures.
Groww, which is among the leading full-stack financial services firm in India, surpassed its rival Zerodha last year in terms of number of active investors. As per National Stock Exchange (NSE) data, Groww had 6.63 million active investors at the end of September 2023 as against Zerodha's 6.48 million.
Groww or Billionbrains Garage Ventures Private Limited turned profitable in FY23 with a consolidated net profit of Rs 448.7 crore in FY23 as against a net loss of Rs 239 crore in FY22. Its operating revenue more than tripled year-on-year to Rs 1,277.8 crore in FY23.
The unicorn is backed by the likes of Tiger Global, Peak XV Partners, Ribbit Capital, and others.
The Indian government has been encouraging local startups to redomicile to India -the process also know as 'reverse flip'-and set up their base in the IFSC GIFT City l and tap into the international market opportunities.
Last year, fintech decacorn PhonePe shifted its domicile from Singapore to India while Razorpay is also in process to move its parent entity from the US to India.
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