Elevator pitch

Managing investments can be overwhelming for new and experienced investors, with complex interfaces and hidden charges adding to the confusion. Groww solves this by offering a simple, intuitive, and easy-to-use platform designed for seamless investing. With zero account opening and AMC charges, Groww makes investing accessible to everyone, whether you're just starting out or a seasoned investor. Our clean, user-friendly UI/UX empowers you to invest confidently without any hassle or unnecessary costs.

Principles Groww Stands By

• Customers First- Every decision they make is centered around Groww's customer's needs and convenience
• Simple is Beautiful-Be it their app, website or services Groww strives to keep making things simpler
• Honesty & Integrity-Groww wants their customers to be completely aware of everything to do with their investments. Whatever they do is crystal clear.

Stats about Groww

Groww is the No.1 Stock Broker in India with an active client base of 1.09 Cr +

Groww has an Android Play Store rating of 4.4 and an iOS App Store rating of 4.2Groww is ranked no 7 in the top free finance apps on Playstore and No. 4 in Appstore.

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Funding Stage of Company-Series E

Products & Core Value Proposition

What Problems is Groww solving for?

Groww addresses several key problems for users in the investment space:

1. Complexity of Investing: Investing can be daunting, especially for beginners. Groww simplifies the process with an intuitive, user-friendly platform that makes it easy to invest in stocks, mutual funds, and other financial products.
2. Lack of Transparency: Many traditional investment platforms can be opaque, making it hard for users to understand where their money is going. Groww provides clear insights and detailed information on all investment options, ensuring transparency.
3. Accessibility: Investing often requires significant time and effort. Groww allows users to invest any time, anywhere, making the process more convenient and accessible.
4. Educational Resources: Many people lack the knowledge needed to make informed investment decisions. Groww offers comprehensive educational resources and tools to help users learn and grow their investment skills.

Product Features

• Groww app is divided into 4 main sections
• • Stocks
  • Mutual Funds
  • Bills & Recharges
  • Loans
• Stocks section is further divided into Explore, Holdings & Watchlist
• • In Explore section users can explore most bought stocks on Groww, Check product & tools like F&O, Stock Events, IPO, Gainers and loser stocks, Top Intraday stocks, Stocks in news and ETF’s by Groww
  • In Holdings section users can see all the stocks and ETF’s they have invested, current value, Total returns and 1 day returns
  • In My watchlist section users can add stocks and ETF’s to watch their performance and accordingly buy when it meets our criteria
• Mutual Funds section is further divided into Explore, Dashboard, SIP’s and Watchlist
• • In Explore section users can explore popular funds, ready made collections of High return, SIP with Rs 500, Tax saving, Large cap, Mid cap and Small cap mutual funds so users can easily pick and start investing basis their preferences , Funds by Groww, Import funds from other platforms, Invest in new fund offerings, Compare funds, calculate SIp returns and see all mutual fund available
  • In Dashboard section users can see all the mutual funds they hold with current, Invested, Total returns and 1D returns
  • SIP section shows all active mutual funds SIP’s, amount of each SIP and date of SIP
  • In the Watchlist section users can add M.F’s to watch their performance and accordingly buy when it meets their criteria
• Bills section is divided into Bills & recharges, Bank Transfer and UPI
• • In Bills & Recharges section users can do payments for 28 different services-Mobile recharge, Electricity, FasTag recharge, DTH, Gas cylinder booking etc
  • In Bank Transfer users can send money to any account
  • In UPI section users can pay anyone, self-transfer, check their balance, setup UPI autopay and check UPI transactions history
• In Loans section user can get pre-approved loan with zero paperwork and zero closure charges

Created below mindmap for an in-depth walkthrough of Groww features and sections

https://whimsical.com/groww-sec-hQTfKt6jb93C4vxN9DKM1

When I search for Groww on Google first result results in Groww

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When I search for Groww on Reddit, my first result is

When I click on the first result

The primary reason people use Groww is that Groww has the easiest-to-understand UI of any investing app, it doesn’t look like a stock market app and is designed to make you feel like users are doing shopping. This removed the entry barrier and there are no account opening and account maintenance charges

When searching on YouTube, the first result I got is Groww’s YouTube channel which has 2.33M subscribers and the subsequent 2 results are also of videos created by Groww. They are posting content multiple times a week on new IPOs, mutual funds and stock markets educating investors and helping them make informed decisions

When I search for Groww Quora the top results are all positive reviews of the app

Core Value Proposition

During my user research while speaking to users of Groww the core value proposition of Groww why people use Groww and continue to use are:

• Zero Account opening charges and Zero AMC Charges
• Easy to use, Simple UI/UX and no complexity[Newbie investors found it very easy to use]
• Easy to track portfolio performance and get an in-depth analysis
• Investing in IPO-Users found all required information and in-depth analysis which users liked
• The failure rate of Orders is less

Understanding Users

ICP's

ICP Framework

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ICP Prioritization Matrix

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Based on the ICP prioritisation matrix

From the above table, based on the adoption Rate, Appetite to Pay, and distribution potential, we can narrow it down to 3 ICPs -

• ICP 1 - First time investors
• • For this ICP, the market size is substantial and they just started earning and are going to make their first investment. Though initially their salaries are less they try to save as much as possible and invest via SIP’s and once they are used to and start loving the platform they are going to stick with Groww as switching to other platforms would be very difficult. So the lifetime value of customer is pretty high as they’re going to keep investing with Groww even when their salaries increase so as time progresses these customers investment ticket size would only increase and hence more revenue for Groww.
  • This ICP prefers Intuitive UI/UX, Simple and easy to use &Zero AMC and account opening charges for which Groww is a perfect choice
  • This ICP is early adopter and are tech-savvy so adoption rate is very High
• ICP 2 - Young Professionals
• • Again, similar to the first ICP, the market size and purchasing power are substantial, coupled with the fact that they make decent money and invest min 20-30% of their salary primarily the lifetime value of these customers is pretty high
  • This ICP prefers Easy to track portfolio performance, in depth analysis, Good UI/UX & Low charges for which Groww is a perfect choice
• ICP 3 - Experienced Investors
• • This is the most lucrative group amongst all ICPs as they have the highest capital to invest, invest on a very frequent basis as they actively trade and spend a lot of time on app researching and investing
  • This ICP prefers Low brokerage and trading charges, Low failure of orders & Detailed analysis info for IPO’s for which Groww is a perfect choice

Understand Market

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In-Depth Competitor Analysis

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Market Size

1. TAM (Total Addressable Market):

TAM is the total number of potential customers who could use Groww, multiplied by the average revenue per customer (ARPU).

• Step 1: Estimate the Total Potential Customers in India: We need to estimate the total number of people in India who are potential customers for Groww. Let's consider:
• • Population: 1.45 billion (India's total population)
  • Potential Users: We can focus on individuals of legal age who are eligible to invest, typically aged 18 to 65. This demographic is approximately 62.9% of the population.
  • • 1.45 billion×62.9%=912.05Million(91.12 Cr)
• Step 2: Define Potential Customer Segment Within the age group, we would target individuals who have internet access, are financially literate, and are interested in investing.
• • Internet Penetration: 52.4% of India's population has access to the internet, so:
  • • 912.05 million×52.4%=477.91 million
  • Financially Literate/Interested in Investing: A realistic estimation would be 30% of this population.
  • • 477.91 million×40%=191.16 million
• Step 3: Estimate ARPU (Average Revenue Per User)This would be based on Groww's latest data on the revenue generated per customer annually.
• • ARPU=Total Revenue/No Of UsersARPU=1277 Cr/1.092Cr=Rs 1169
• TAM Formula:
• • TAM=191.16 million×₹1169
  • TAM = ₹22,347 Crores (₹223.47 billion annually)

2. SAM (Serviceable Addressable Market):

SAM is the portion of the TAM that Groww can realistically serve, considering its target market segment.

• Step 1: Define the Target MarketNot all 191.16 million potential customers would be realistically serviceable by Groww. Suppose Groww's target market is individuals aged 21 to 40 who are digitally active and willing to invest.
• • Target Market: Assume Groww can target 40% of the TAM population.
  • SAM Population=191.16 million×40%=76.46 million
• Step 2: SAM Formula:
• • SAM=76.46 million×₹1169
  • SAM = ₹8938 Crores (₹89.38 billion annually)

3. SOM (Serviceable Obtainable Market):

SOM is the portion of SAM that Groww can realistically capture, considering competition.

• Step 1: Estimate Market ShareGiven that there are strong competitors like Zerodha, Upstox, and Angel One, Groww's market share could be smaller. Suppose Groww can capture 30% of SAM.
• SOM Formula:
• • SOM Population=76.46 million×30%=22.9 Million
  • SOM=22.9 million×₹1169
  • SOM = ₹2677 Crores (₹26.77 billion annually)

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​Designing Acquisition Channel

Since Groww is in the Mature scaling stage we need to double down on channels that are working well for Groww and scaling them. Based on my research I found that 2 channels working well for Groww are Content Loops and Referral programme so I will be doing a deep dive into these channels to scale customer acquisition volume

Content Loops-

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When I researched about existing content loops of Groww, I found they are posting content and educating the audience and reaching the audience primarily by below mediums

1. Youtube-Biggest Channel
2. 1. They have main Groww channel in which they post about Stock market, Mutual Funds, Trading, Market trends, podcasts, Upcoming IPO’s etc
   2. They have separate channels dedicated for Mutual funds and Trading in which they only post content pertaining to each topic
   3. Campus Core channel aimed to help india’s youth grow by teaching different skills, scholarships, from AI to relationships, podcasts etc
   4. They have regional channels catering to Telugu, Tamil, Malayalam, Marathi, Gujarati, Kannada & Bengali audiences
3. Social Media Platforms
4. 1. Groww is active and has good following on Instagram, LinkedIn, Twitter, Facebook and is posting content on regular basis to educate audience and through which Groww is able to acquire users
5. Groww Digest
6. 1. Groww has a section on website called Groww digest and also sent it as newsletter to customers where they post daily Nifty and Sensex updates, top gainers, top losers, market news, stock updates, Word of the day, 6 day course, featured question etc through which they educate users and acquire customers
7. Blog
8. 1. Groww has a blog in which they write about mostly commonly asked questions in finance, financial terms, best stocks, Mutual funds to pick etc

After going all the content loops and speaking to Groww users very minute percentage of users knew that Groww has a youtube channel in which they post financial content and educate users about financial knowledge and people are of the opniion that Groww doesn’t have any financial resources to learn. Even if users know Groww has a youtube channel there is a lot of content and users don’t what to watch and in which order to watch. So primary problem here is discoverability.

To solve for this Groww needs to have a separate section on website called Groww Learn which is easily visible as soon as customers open the Groww website and also Groww needs to actively communicate to users in their ads that users can now learn about financial knowledge all at one place using Groww learn through which Groww can drive website traffic and attract new customers.

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• Once the users clicks on Financial Education through Groww learn button on Home page, user would be directed to dedicated page for learning where they would find Modules, Live, Videos and Certified sub sections
• When they click on Modules they would be directed to a page which has structured Text based modules with short video illustrations on Stock market, Mutual funds, ETF’s, Bonds, F&O, Trading, how to pick stocks, Mutual Funds, how to do financial planning etc which Groww’s content team can create for educating users
• When they click on Live, they would be directed to a page where users would be able to see all upcoming weekly live classes which would be conducted by financial experts which Groww collaborates with and can register for them
• When they click on Videos, they would be directed to a page which has videos from their youtube channel structured properly under different modules of Stock market, Mutual funds, ETF’s, Bonds, F&O, Trading, how to pick stocks, Mutual Funds, how to do financial planning etc
• When they click on certified button, users would be directed to a page where they can write an MCQ based exam on all covered topics to get them certified that they have all topics and are good to apply them and invest in the right way and gain maximum returns

Through this experiment we will be able to drive website traffic, educate more users and help acquire more users

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Referral Program

After doing user research by speaking to users and secondary research users are referring users primarily through word of mouth like users who love investing through Groww are recommending it to their friends and family and making them sign up but when I look at the current Referral flow of Groww I found below listed problems which if solved for would help Groww scale customer acquisition problem

Currently, there are no incentives under the referral program for both the person who is referring and the user who is signing up on the platform so there is no motivation for both parties

There is no proper tracking mechanism-At what stages are the users to whom the referral link was shared and what's the current status

Redesigned Referral Program Rewards and Perks

• 200 Rs Groww money gets credited into the referrer’s account and the referee’s account when the referee successfully signs up and makes their first investment using the referrer’s link. Also the referrer gets 10% of the brokerage paid by their referee’s for 1 year
• On reaching 10 Referrals Milestone-Referrer get 3 months of Tickertape Pro membership
• On reaching 20 Referrals Milestone-Referrer get 12 months of Tickertape Pro membership
• On reaching 30 Referrals Milestone-Referrer get 1 year of The Ken Premium membership
• On reaching 50 referrals Milestone-Referrer get Air Pods Pro(2nd Gen)

These redesigned referral program rewards and perks motivate the referrer to bring as many users as possible on board and also motivate the referee to sign up which in turn increases acquisition for Groww

Requesting Referrals:

We will employ the below strategies to push users to refer to their friends and family

• In-app popup to refer users once they successfully complete their first investment
• In-app notifications at intervals of every 5 investments they make

Redesigned message while Referring

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• The current referral message which is sent to users doesn’t clearly callout the core value proposition and why users should use Groww and benefits they would get if they sign up and use Groww
• So modified the WhatsApp message so it sounds that users are bragging about Groww and it’s Core value proposition and telling people why they love Groww which is because of intuitive, easy to use, simple UI/UX and asking users to sign up for a free demat account which has zero AMC charges and giving them motivation by mentioning that they would Rs 200 once they sign up and do their first investment
• This change will let the person who is being referred all the core benefits of using Groww, the motivation why they need to signup and their rewards hence increasing the acquisitions for Groww

Tracking Referrals

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Created a referral tracking page so referrers know exactly what is happening with their referrals, if they signed up, clicked the link, did their first investment or if link gets expired then option to re send again. This way referrers have clear visibility on what’s happening with their referrals and if they got the benefits and accordingly they can take action.

At the top added referral progress bar which shows how referrals are done by user and motivating them to refer more by clearly showing them where they stand and the benefits at different stages

These changes will give clear visibility of what is happening with their referrals, what they stage they are, rewards earned so far and next stages and their benefits which would push the users to refer more and get more benefits and hence increasing acquisitions for Groww

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