India's digital revolution key reason for our existence: Groww CEO

New Delhi : Praising the digital initiatives of the government, Lalit Keshre, co-founder and CEO of online brokerage firm Groww, said that the digital revolution has brought about a big change in the country which is the key reason for their existence.

Speaking to IANS on the sidelines of the 'NDTV World India Summit 2024', Keshre praised the leadership of Prime Minister Narendra Modi and said that India is progressing rapidly under his vision.

In a panel discussion at the summit, Keshre said “I started investing my second year of college. I was very passionate about investing and found great people who are co-founders with us today.”

Talking further about the growth of equity investment in India, he said, “People like us have made it very easy and transparent. Earlier, investment was limited to a few cities, but now a lot of clients are coming from smaller cities. "

Regarding Groww's IPO, he said that it will definitely happen sometime in the future, but he does not know when it will happen.

Due to digitisation, the number of demat accounts in India increased to 17.5 crore in last month. Groww reported a 3.1 per cent increase in its customer count to 1.23 crore, with a 0.15 per cent rise in market share to 25.6 per cent.

In terms of market share, Groww is the largest broking firm in India. Currently, the top five discount brokers account for 64.5 per cent of total NSE (National Stock Exchange) active clients compared to 61.9 per cent in the same month of 2023.

According to the report, overall Average Daily Turnover (ADTO) grew 7.1 per cent (on-month) to Rs 538.6 lakh crore, with futures and options ADTO rising 7.2 per cent and cash ADTO declining 3.8 per cent.