After Mutual Funds, Groww Launches Direct Stock Trading
The app will let investors view all the information related to a listed company, such as its financial performance, shareholding patterns, peer companies etc., at one place.
App-based investment platform Groww has launched its stocks trading service for its users. Termed "stocks', the brokerage service is aimed at democratizing stock investing for the young generation of investors, said the fintech startup in a statement.
Bengaluru-based Groww had first tested the service with a select few users before launching the feature for everyone.
There was strong demand from our users who wanted to invest in stocks and ETFs, and so we started working on the platform almost 2 years ago. We began a phased roll-out by inviting our early investors at the start of the year. Over 1 Lakh investors have opened stocks accounts on invitation and have done more than 2 million transactions so far. The platform will open to all the users in the coming weeks," said Lalit Keshre, Co- founder and CEO, Groww .
To make an investment decision, investors will be able to view all the information related to a listed company, such as its financial performance, shareholding patterns, peer companies etc., on the app. Also, users can see all their holdings and track their performance in real time on a single dashboard.
"We started Groww to make financial services accessible and transparent for everyone. With the launch of stocks, we open up the most delightful stock investing experience to millions of new age investors in the country," said Keshre.
Investors can also learn about stock investing on the platform. Groww creates content via videos, blogs, in-app content etc to educate investors about various aspects of a company. With the release of stocks, Groww is continuing on its mission of making financial services work for everyone, the company said.
Co-founded in 2017 by Keshre, Harsh Jain, Neeraj Singh and Ishan Bansal, Groww started as a platform for buying direct mutual funds. Currebtly, with over 6 million registered users, it caters to investors across more than 800 cities. It is backed by some of the marquee investors, which includes Sequoia, Ribbit, YCombinator and Mukesh Bansal, among others.
In the coming weeks, the fintech startup plans to add more features to become a one stop destination for everything related to stock investing—intraday trading, F&O etc. Additionally, investors will also be able to invest in International stocks and ETFs.