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Groww steps up wealth play via MF and portfolio management solutions
Wealth tech startup Groww is pushing deeper into the wealth management segment, by building new products focused on both retail investors and high-net-worth clients, according to people familiar with the development. This comes after Groww acquired PayU-backed wealthtech startup Fisdom last year and integrated the business into its own.
“Groww has a sharp focus on wealth products and now the company is building a platform for PMS (Portfolio Management Solutions) and one platform for MFDs (mutual fund distributors),” said one of the persons, who spoke on condition of anonymity since the company is still building the products and they are yet to be formally launched.
PMS have a minimum investment size of Rs 50 lakh, whereas MFDs service clients who do not invest in the mutual fund market through do-it-yourself mobile applications.
The Bengaluru-based firm is focusing on scaling up a digital platform to support mutual fund distributors to service their clients, a sector which has recently attracted millions of dollars of venture capital funding.
Zerodha's venture fund Rainmatter-backed AssetPlus is looking to raise $18 million from Nexus Venture Partners, Wealthy recently closed a $14 million funding round led by Bertelsmann India Investments. Elevation Capital backed ZFunds with a $3 million infusion in December 2024.
Groww's platform could be competing with the ones run by AssetPlus, ZFunds and Wealthy, said people in the know. These startups are targeting customers who need assistance to build their mutual fund portfolios and such services are provided by MFDs, who assist their clients in investing in the right products and service their financial requirements.
Queries emailed to Groww went unanswered.
ET reported on September 17 that this sector is expanding as many personal wealth managers at banks and large investment firms are registering themselves as MFDs. The latest industry data shows that India has around 170,000 registered MFDs who are servicing clients looking to invest in mutual funds.
“This sector is important to take wealth management into the hinterlands and there is enough money in smaller cities and towns, for which digitally-enabled servicing can open up massive wealth pools,” said the founder of a wealth management startup operating in this segment. The founder added that Groww is yet to roll out the platform fully and only around 1,000 distributors are currently using it.
For Groww, which has built a strong brand recall and also has a large client base investing directly into mutual funds and the stock markets, this could be a major ancillary business opportunity.
The company is also leveraging its W platform to build a solution for PMS, a market which is primarily catered through physical servicing right now.
“Unlike the mutual fund sector, PMS is a high-touch space where relationship managers typically handhold investments and servicing is tailored to individual investors. Groww wants to build a digital platform for this sector,” said another person.
The platform will be such that PMS manufacturers, or the firms which build these PMS products, can sign up and set up distribution of their own, according to the person.
“This can work well given Groww has massive distribution heft and high-net-worth clients can use the platform to discover the best PMS products suitable for them,” he added.
These plans are part of Groww's strategic expansion in the wealth management segment. The company is keen to position itself as a large player in the segment and go beyond the traditional focus areas of stock trading and direct mutual fund distribution.
“All these products are critical for Groww to show a distributed revenue generation opportunity for the platform which reduces concentration risk and excessive reliance on revenue from speculative trading,” said a third person.
Groww's revenue share from equity derivatives fell to 53% in the third quarter of 2025-26 from 63% a year earlier, according to the company, while its revenue generation from lending, wealth management and commodity trading went up 2-4 percentage points in the same time period. The company reported total income of Rs 1,261 crore and a net profit of Rs 546 crore for the quarter.
Source: EconomicTimes
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