(Reuters) -Billionbrains Garage Ventures, the parent of Indian online stockbroker Groww, reported a 12% rise in second-quarter profit on Friday, boosted by a jump in active users.
Groww, which was founded almost a decade ago and made its stock market debut earlier this month, posted a consolidated net profit of 4.71 billion rupees ($53.14 million), up from 4.20 billion rupees a year ago.
The company’s active users grew 20% to 14.8 million, it said.
Shares held gains after the results at 7.1%.
Groww competes with Angel One, Motilal Oswal Financial Services and Zerodha in India.
It is the country’s largest online investment platform by active users and offers trading in equities, mutual funds, and fixed-income products.
A surge in retail investor participation, driven by rising financial literacy in India, has enabled Indian exchanges to onboard approximately 10 million new registered investors every six to seven months since March 2021.
($1 = 88.6370 Indian rupees)
(Reporting by Komal Salecha in Bengaluru; Editing by Sherry Jacob-Phillips and Sonia Cheema)
