With the growth in agriculture and science, we started thinking about the long term. We started building for the future and accumulating for the future – we call it investing now.

But our core human behavior remains.

Social media websites exploit this behavior by endlessly feeding us information that provides instant gratification.

Sadly, this behavior also plays a significant role in hampering our performance in investing.

The long-term gets boring sometimes. Doing SIPs for years or holding stock for many years can take a toll on you if you are impatient.

But that is how wealth is built.

The fight between long-term thinking vs instant gratification exists in businesses also.

Management can think of the short term and keep performing well every quarter, but this could severely impact the long-term value building. On the other hand, just thinking about the long term and not working on short-term milestones can make companies slow.

So we need to balance both long-term thinking and short-term execution and keep working on converging them in the same direction.

Let me put the quarter’s updates from this perspective.

24x7 Support

Over the last many quarters, we have been building the base to launch this one thing that takes your experience with Groww to another level.

Groww’s customers can now access our customer support 24x7.

That is any day of the week, any time of the day. Unlike physical branches or stores open from 9 to 5, people can access the Groww app anytime.

Customer support should also be available to customers whenever they want.

We now also notify users in the app whenever our customer support team responds to their query. This ensures that you don't miss important messages from the support team.

Please let us know your feedback on this.

With 24x7 support and earlier features that we launched, including “Call me back”, chat support, contextual video answers and many more - I believe we as a company have invested more than anyone in customer support.

This is an example of long-term investing, with short-term milestones over many years. Our CSAT score, a measure of customer satisfaction with our support, has consistently grown.

Groww Mutual Fund

Another long-term initiative in the last quarter – we launched Groww Mutual Fund (growwmf.in).

Groww offers all mutual funds in India on Groww.in. But now we are also a mutual fund company with our own mutual funds.

It took our team more than two years to launch, and it will take another few years before we establish it as one of the largest mutual fund companies.

As I said, it is a long-term investment.

UPI & Bill Pay

When we started Groww, we aimed to make financial services transparent in India and make the experience extremely delightful, bringing customers to the center.

We have been working on the same purpose for the last seven years.

In the previous quarter, we added a payment option for customers. UPI, by NPCI, has been one of the greatest innovations coming out of India. UPI has made it easy for people to move money.

Groww being a financial services company, it made a lot of sense to improve customer experience by adding UPI on Groww.

We have added Scan and Pay, P2P transfers, and Bill Pay services on Groww.

You can now pay your electricity bill and recharge your FASTag or mobile prepaid pack using Groww Pay.

The early feedback has been great.

Customers have reported better experiences and a lot of feedback to improve further. We rely a lot on your feedback and are grateful to all of you who send us the feedback.

Stocks

In our stocks business, we continue to gain market share driven by better customer experience.

Here is a list of things we did in the last quarter.

Some of these might still be in the rollout phase, so some of you might see them on your apps in a few weeks.

We usually launch a feature over many weeks in a staggered manner to all customers. This process helps in solving any teething issues related to new launches.

Basket orders for F&O (one of the most demanded features) are now live. Head to the option chain, where you can create a basket according to your strategy and execute orders.
OCO order for F&O is live. One-cancels-other (OCO) orders are orders in which you can place both a stop-loss and a target on a position. If the stop-loss order is triggered, the target order will be automatically canceled, and vice versa. This feature helps traders avoid constantly monitoring their positions during market hours.
Order slicing is live.
Single click to convert from open limit orders to market orders.
Customer TPIN for validating your holdings. When you sell your stocks, this is required by the depository (CDSL in our case).
On Android devices, F&O traders can track positions and open orders on charts.
Terminal charts (TradingView) are upgraded to support multi-chart, more chart styles, and marking favorite indicators.
The depth tab on the Terminal has single-click access to live market depth and the day’s performance data.
Popular Global Indices like GIFT NIFTY and NASDAQ are available on all platforms.
The Nifty Midcap Select index is available for F&O trading via search.

Mutual Funds

Mutual funds is our oldest product; we continue strengthening our market leadership while innovating.

We launched Pay by Mandate - if you have a live mandate, paying for MF is just one tap for you. Only if you want; other payment options are always available.
External mutual funds tracking is now seamless with just a mobile number. The complicated process of scanning your Gmail with CAS statement is gone! Better accuracy and best for privacy.
More optimizations in payments – lesser failure rates and 50% faster than before.
New cart experience – please try it out, and you will feel the difference.
In portfolio insight, we have also added one graph with the invested amount. This will help you see the effect of compounding over the long term.

Other Good Stuff

Some good work on how you receive important updates from Groww

Personalized news and Groww Digest pieces have now started flowing into the in-app notification center.
Personalized stock portfolio updates to be sent daily highlighting the top gainers and losers for the day.

Many of you know about the Ab India Karega Invest program, under which we visit many cities across India.

We conducted our 100th event on Jul 2, 2023, in the historic building of BSE in Bombay.

The number of customers and the warmth we received were beyond our wildest imaginations.

We are immensely grateful to our customers for supporting us with all our initiatives.

Based on our experience of visiting all corners of India, we are writing a book to share our insights about our country.

The book is called - Discovery India, Through the Eyes of Groww.

I'll share a link to this book in my next email.

That’s all for now.

Every day we feel grateful for getting this opportunity to build something that we would want for ourselves.

And the good thing is that we can continue doing this for many more years.

Thank you!

Lalit Keshre
CEO & Co-founder, Groww