Indian wealth technology leader Groww has reportedly secured an Online Bond Platform Provider (OBPP) license from the Securities and Exchange Board of India (SEBI). This regulatory approval marks a major step in the company’s push into listed fixed-income products, and formalizes its entry into the corporate bond distribution space. The move is a key part of Groww’s broader strategy to diversify its product offerings and solidify its position as a comprehensive investment platform for retail investors.
Expanding Access to Fixed-Income Investments
The new license empowers Groww to offer listed corporate bonds directly to its extensive user base through its online platform. This development is in line with SEBI’s OBPP framework, which was introduced to bring greater transparency, investor protection, and accessibility to the online bond market for retail investors.
By integrating corporate bonds into its ecosystem, Groww aims to cater to a growing demand for portfolio diversification and more stable investment alternatives. This strategic expansion allows the company to compete directly with specialized bond investment platforms such as Wint Wealth, Jiraaf, and Grip Invest, positioning it to capture a meaningful share of India’s burgeoning retail bond trading segment.
A Consistent Strategy of Diversification
This latest development is consistent with Groww’s evolution from a pure direct mutual fund platform into a full-service investment and wealth management provider. Over time, the company has added Indian equities, exchange-traded funds (ETFs), initial public offerings, and US stocks to its product suite. The addition of listed corporate bonds is a logical next step in its mission to become a one-stop solution for the investing needs of retail customers.
Groww’s ambition is further evidenced by its strategic acquisitions and persistent licensing efforts across the financial services spectrum. The firm acquired the mutual fund business of Indiabulls to establish its own asset management company and secured a non-banking finance company (NBFC) license to expand into lending. More recently, it has moved deeper into wealth management through the acquisition of Fisdom, underscoring its goal of building a complete, vertically integrated wealth platform.
Market Leadership and Financial Outlook
The company’s expansion into bonds is underpinned by its dominant position in India’s stockbroking industry. According to NSE data and market analyses, Groww now serves more than 12 million active clients and commands a market share of over 26 percent in active demat accounts, making it the country’s largest retail broker by client count. This large and engaged user base provides a strong foundation for the rollout and rapid adoption of its new fixed-income products.
Financially, Groww continues to deliver strong growth at scale. In the fiscal year ending March 2025, the company reported revenue of around $440 million and net profit of roughly $206 million, reflecting robust unit economics even as customer acquisition costs have risen. Its last major private funding round in 2021 valued the company at approximately $3 billion, and it has since successfully listed on the public markets, further strengthening its balance sheet and strategic flexibility.
In conclusion, Groww’s acquisition of the OBPP license is a pivotal milestone that materially enhances its value proposition for Indian investors. By democratizing access to listed corporate bonds, the company not only strengthens its competitive edge but also equips millions of users with more tools to build diversified and resilient portfolios. This move reinforces Groww’s status as a leading innovator in India’s fast-evolving fintech and wealth management landscape.
Source: TheEconomicTimes