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Stockbroking Platform Groww Set To Acquire Wealth-Tech Startup Fisdom

Stockbroking Platform Groww Set To Acquire Wealth-Tech Startup Fisdom
It will help the investment firm to expand its presence in the wealth management space
India's largest stockbroking platform, Groww, has signed an agreement to acquire wealth-tech startup Fisdom in an all-cash deal for $140-$160 million.
The acquisition will help the investment platform expand its presence in the wealth management space.
Founded in 2015 by Anand Dalmia and Subramanya SV, Fisdom offers wealth management solutions, including mutual funds, stocks, bonds, portfolio management services and tax filing solutions.
The Bengaluru-based startup, backed by PayU, Saama, and Quona Capital, serves over a million customers across the country through 15 offices.
It has established partnerships with 15 national and regional banks, including the Punjab National Bank and the Indian Bank. It assists the lenders in selling wealth management products to the customers.
Meanwhile, Fisdom's founders and the current team will continue to run the business.
Fisdom reported a revenue of Rs.84 crore in FY 2024, a 28 percent increase from 2023, while reducing its net losses by 19 percent to Rs.57.4 crore. In the March quarter of FY 2024, the company achieved Ebdita profitability.
On the other hand, Groww, launched in 2016, as a mutual fund investment platform, diversified into stocks, IPOs, and ETFs in 2020.
The company turned profitable in FY 2023, reporting revenue of Rs.1,277 crore and a profit of Rs.449 crore. In FY 2024, its revenue surged to Rs.3,145 crore with an operating profit of Rs.535 crore.
However, it faced a net loss of Rs.805 crore in FY 2024 due to a one-time tax payout to US authorities after the reverse flip of its parent entity to India.