Hi. Thanks, Michelle.

Good evening, everyone, and welcome to the 3Q FY '26 earnings conference call for Billionbrains Garage Ventures Limited, best known to investors and users as Groww. We have the senior management with us today who will respond to your questions on the quarter's financial performance.

On behalf of Kotak Institutional Equities, I would like to thank the management for giving us the opportunity to host this call. Joining us on the call today from Groww are Lalit Keshre, Co-Founder and CEO; Harsh Jain, Co-Founder and COO; Neeraj Singh, Co-Founder and CTO; Ishan Bansal, Co-Founder and CFO; and Lalit Bhimani, Group Head Finance; and Kunal Raj Singh Chhabra, Head of Investor Relations.

As always, the remarks may include forward-looking statements which should not be interpreted as guarantees of future performance. With that, let me hand over the conference to Kunal.

Thank you, and over to you.

Thank you, Michelle and Nikhil. Good evening, everyone, and welcome to the call.

Our results and shareholders' letter have been published on the exchanges and as well as uploaded on the company's IR website. Before we begin, I would like to remind the attendees that some statements or comments made on the call by the management which reflect the outlook or are deemed as forward-looking may involve risks and are not subject to any review.

Such statements or comments are not guarantees of future performance, and the actual results may differ. With that, we can begin with the Q&A.

Michelle, please go ahead.

Hi everyone. This is Supratim from Jefferies.

Thanks for the opportunity. I have two questions.

Starting with the partnership or the stake sale to State Street on the AMC side. If you could give us some color around how you see this partnership playing out over the next five years, what's the roadmap for the AMC business and while it has scaled up fairly significantly post your acquisition, just wanted to understand how is this State Street partnership going to be an inflection point for this business and where do you see this break even and move over the next five years?

That would be helpful. Moving to my second question, which is on the wealth piece that you're developing.

Wanted to understand why is the Fisdom revenue, if I back it out, it seems like it's only 29 crores for this quarter, just wanted to understand the run rate last year was somewhere around 40 crores per quarter, has there been any change or is it being reported differently? If you could give some color on that.

Again there on the wealth piece, how are you seeing that build out over the next five years? How are you going to differentiate with offerings that are already there in the market?

That would be very helpful. Thank you.

I'll take that. Thanks for both the questions.

On the investment that we're making in the asset management business and especially the partnership with the State Street. See, we see that the asset management in general in India is a huge potential and a very, very high growth left in the next few decades.

State Street being one of the world's largest brings a lot of global practices that helps us build the business in India. It's very early stage in our asset management also.

We have launched almost 2, 2.5 years back and we've seen very good growth in terms of new customers coming in and the AUM has also grown steadily. There's a lot of capability that we need to build over time, and this partnership will help us build that quicker.

It'll help us build with a lot more credibility and also be able to have a lot of global access for the Indian investors and likewise for the foreign investors for our products. This is the thought process with which we want to go ahead with now.

The broad contours they will get to know more in future and we'll talk about them. Sure.

On the wealth side, again, October is when we consolidated the acquisition. There's a lot of work going on on the wealth side from a strategy point of view, how we are building both for the existing Groww customers and for a lot of affluent customers who want to come in for these services.

Very early stage for us to talk about what will be the differentiator and how will it play out. We are working on different parameters on that.

From a P&L point of view, I think this consolidation will continue. There's some time with still a lot of integrations are happening.

It's a very small both ways as compared to the overall P&L of Groww, we will start specifying the details and the transitions in the near quarters.

Got it. If I could just squeeze in one more on that wealth piece.

What is the kind of synergies on the cost side that you expect, Harsh, now that it's been integrated and you have seen the business for 2-3 months now?

See, a lot of synergies in the wealth business in general, but also depends on how the scale-up happen. Today, we see a lot of affluent customers on Groww are requiring those services which we are not offering.

Now, with this acquisition, we are able to plan how we will be offering it to them. Customer acquisition cost when it comes to Groww customers using these services becomes almost zero for us.

Having said that, it will not be 100% the same customers. There will also be growth coming in from the other channels.

It will evolve over time and probably sometime once we have done the integration completely and we are able to scale it, is when we can talk about the colors of how the different kind of costs will look in this business. Sure.

That's helpful. Thank you.

Sure.

Quarter, the revenue was increased. Earning per share also increased.

Expenses was also increase. Net profit is lower than last quarter.

Revenue increases, net profit reduces, but EPS higher. Is there any plan to distribute interim dividend or final dividend?

Sir, just to clarify this, the profit on quarter-to-quarter actually increased. On year-on-year basis, there is a decrease, actually.

That's what is primarily because of one-off, reversal of that happened in the last year. On a quarter-to-quarter basis, actually there is an increase.

Is there any plan to declare the interim dividend and all because you have not declared any dividend still date?

Sir, we have just got listed 3 months back, and we are still in a very high growth phase. We are still building new businesses where we have raised money in IPO also to invest in those businesses.

Once our growth is probably letting us give dividend also, we will start giving dividend. We are not expecting to give dividend in the near future.

Okay. Thanks from my side.

Thanks.

Hey, hi. Thanks for the opportunity.

Congratulations, team, for the great set of numbers. Mayank Agarwal from Trust Mutual Fund.

You started commodities back, I think, in September. Now it's 4% of our overall top line.

Can you just elaborate how is the number of users there and how's the market share we have achieved in commodities?

From a user perspective, I think it is already there in the shareholders' letter that we published. We have already more than 1 lakh customers on the commodity side.

From a If you look at from a revenue perspective, we are at a 4% of our base. Market share is still we are figuring out what is the right way of calculating the market share, because in equity segment, we get a premium turnover is available from exchanges, but in case of commodities, actually the premium turnover is not yet available.

Hence, our market share, we are not able to actually ascertain. On a notional basis, we will be still at a double-digit number at least.

Okay. I think it's available on daily basis, similarly to exchanges.

I think yesterday was 10,500 crores. Okay.

Got it. And [ठीक है?]

. I got the answers for commodity.

Secondly, on this AMC strategic investor, can you just, you want to increase number of passive products, or just it's because you want to make the global assets investable for the Indian user? Can you just give more clarity, where will be the focus of this strategic and what kind of board seats would they get?

What kind of employee would you be bringing in from them? Can you just elaborate some more, throw more color on that?

Sure. See, it's not as specific, a lot of these things are part of the strategy to scale.

I think, as an asset management company, the focus is going to be to scale the AUM and also the user base. In India, there's a lot of behavioral changes also happening amongst the retail investors.

Some of the passives are becoming important or there is an interest for the global also. These are the products that AMC will keep on building and scaling as and when the users demand.

With the partnership, it gives us an advantage to have those global practices and the knowledge base which we can share and we can build on the solutions for Indian context per se. That's the rationale out there.

What was your second question?

How many board seats would they get, the decision-making and voting rights, whatever? Should give some more clarity on that.

Yeah. Some of the details, I think we've uploaded along with the release.

The others, we'll keep on sharing because a lot of these things are also subject to the approvals from the regulators. We'll have to apply to SEBI with all these contours.

Once they approve, then the final discussion points will come out from there.

Any such kind of more strategic initiatives in the other business segment like wealth?

No. In general, any kind of M&A we look at is to be able to build capability which we don't have or which will take longer time for us.

Today, we don't have anything other than this that is going on.

Okay. Thanks.

Thanks a lot.

Yeah. Hi, everyone.

Can you hear? Am I loud enough?

Hi. Just firstly on the question on this AMC bit.

There are two parts, right? One is fresh money infusion, and the other is the stake sale by the parent entity.

Now, how do you plan to utilize the stake sale cash flows?

Yeah. See the business right now is in a growth stage, and it is needing cash.

Investments we've already made in the last 2 years. The cash that we generate will be requiring to scale the business itself.

That's the primary use case of that.

Is there any, because this is a pretty decent size of money, so, do you are looking at inorganic stuff as well again like we have done in the past?

It does give us an opportunity to do that, and if the right opportunity comes, we'll have enough cash within the asset management business to be able to scale inorganically also.

Okay. The other question was on the wealth management piece.

I know it's early days, but from a integration perspective, where we are? Have we kind of started reaching out to our affluent customer base?

We have launched app, right? Where is the integration?

How do you think that you can scale that up in the near term? Should we see any traction in the next quarter?

Where are we in terms of in that journey right now?

Still little early in the integration part because there's a full-fledged business, and we're integrating a lot of these pieces. While the app and some of the experiences are built, but they will take time to scale.

This will take some time for the integration. Wealth business, we'll keep on building on the Groww customers also, and as well as the existing erstwhile Fisdom business that it had.

Both of these businesses will continue scaling, and quarter on quarter, we should see the scale-up and the growth going on from them.

Okay. Got that.

Ishan, just last question, any impact of the new labor laws which is there or which is yet to come on the P&L in any form?

There is, I think, already roughly 2.5 to 3 crores of provisioning that we have already taken for that from a gratuity perspective. This is based on some assumptions.

Obviously, as more clarity comes, this number might kind of change in the future as well.

Got that. Thank you, and wish you all the best.

Hi, Ishan. I hope I am audible.

Yes, sir. Please proceed.

Okay. I had a few questions.

One is the fact that when we look at the order per day in the equity derivative and the stock segment both, obviously there has been sharp uptick in the sense that on derivative side, I think, on an active user base, order per day for us now is 5.4 million. At the same point of time, on stock also, it is more like 2.3 million orders per day.

That number is actually now back to the 3Q levels which we had. If you can help us throw some light that on the stock side, do you think that is there any specific factors which have been driving this growth on a per-day basis and how has the trend been?

The second point was that when I look at the realization on the stock side, I think we were continuously seeing an improvement. Some back calculations showed ₹18 per order on stock side, helped by the MTF.

If I look at 3Q numbers, that number has taken a dip to ₹16 per order on the stock side. If I take ₹20 per order on derivative, now if MTF book would have increased, the contribution would have increased, and our realization is also higher, then what am I missing in the realization figure?

Let me take the first one. If you look at in last quarter, I think this commodities, especially gold and silver, also helped in kind of bumping it up.

Then IPOs also happened. A lot of IPOs happened in the last quarter, which also helped in the order per day on the stock side.

Stock will have the commodity also? I thought that the number of stock orders, will it include the commodity?

No, no, this is talking about ETFs. ETFs are part of stocks revenue or stocks orders effectively, but it's also a part of cash segment.

The second piece that you talked about somewhere, I think, we'll look at it offline, but our estimation is that our yield actually has improved on the stock side also in this quarter.

On a blended basis, I agree that 19.6 has gone to 19.9. Just that if probably on the derivative orders I take it as a ₹20 per order, then the balancing figures showed a 16.2 number versus 18.

That can't be possible, right? If 19.9 and assume that 19.8 is 20, then that is also 20, right?

Some calculation error.

Let me just recheck. I think then probably.

Got it. That's it.

Thanks a lot, guys.

Thanks.

Thanks. I am Nidhesh from Investec.

My question is on customer acquisition cost. Last quarter, there was an increase in customer acquisition cost, this quarter there is a decline.

What is driving that? How do we calculate this CAC?

Is it on transacting users or it is on a gross customer basis? These are the two questions.

See, better way to look at CAC, because ours is a very seasonal spend. Our acquisition and marketing spends are seasonal across the year spread out, and we are little opportunist in when the time is right, then we spend more.

That has always worked for us to reduce and keep the CAC within the guardrails as a annual basis. The best way to look at CAC number is on an annual basis.

Last year, we had some branding spends, and this year we did not, you will see a difference in the CAC. At an annual basis, you will see that the overall spends are very consistent from what last year to this year we've spent from an absolute number point of view.

That's pretty much on the way we look at the acquisition CAC. Huh.

How do we calculate the CAC? What is the

CAC is, sir, overall spends that we do for marketing across the different functions, whether it's a brand or performance or content, that is the total cost, and the new customers that we acquired on our platform.

New transacting users?

New transacting users. We take once the user has done one transaction in one of the products, not the demat, it is one transacting user.

Sure, sure. Thank you.

That's it from my side.

Thanks, Nidhesh.

Hi, hope I'm audible. Dipanjan here from Citi.

A few questions from my side. First, if I look at the quarter-on-quarter shift in the broking transacting users versus active users overall on the platform, I think it has fared relatively better compared to the last maybe few quarters.

Just wanted to get some sense of the activation ratios of customers. Customers who would have probably gone a little soft over the past few quarters or months, what sort of activation levels, or reactivation levels, are you seeing amongst those existing customers?

That's the first question. Second, in terms of your product distribution and wealth journey, you'll probably launch a few more products or kind of integrate the products that Fisdom already has to offer.

What are your top two or three products that you would want to monetize, let's say, apart from the existing ones, over the next, let's say, 2 to 3 years? Any plans to monetize the mutual fund a captive customer base that you have?

Those were the two questions. Two datakeeping questions.

One, if you could provide the employee data as of December end. Second, this is a follow-up to one of the previous participants' question.

Are you including your broking revenue from Fisdom under your broking revenue head from a classification perspective?

Too many questions, Dipanjan. I think I remember the last ones.

I'll start with the last ones first. This broking revenue from Fisdom, as of now, is part of Fisdom only.

We haven't clubbed yet when we are showing the split. Once the integration is done, we'll be able to probably do that.

Second, on the employee, I think we have to get back. I think it's not top of our mind.

On the other thing, like you talked about the activation, I think one way to look at is the broking transacting user number that we publish. If you look at divided by the active users that we publish, you will see there is an uptrend with that.

Roughly this number was more closer to 60% earlier, now it flows like 67%, 68% now. That is primarily because last quarter we talked about like gold, silver was doing well, some of the customers got activated because of that.

Some of the customers got reactivated, like you said, right, because of the IPOs and stuff as well. Then there is an acquisition of users, which was significant in this quarter compared to the last quarter.

That also kind of contributed to that ratio to be slightly better compared to the earlier quarters.

I can give the employee data. Previous quarter, we had 1,450 approximate employees.

This quarter end, we are 1,350, we've reduced it by 100. This doesn't include the employees on the Fisdom, which is just October onwards is when the consolidation has happened.

Got it. If you could just spell out the product roadmap for the wealth journey and maybe one or two products that you would like to kind of monetize over the next 2 to 3 years, barring what exists?

Harsh? Under the wealth umbrella, there are a lot of products.

There is a mutual fund regular plan itself that they already have good AUM, which is a monetized mutual fund which is already existing. Then there are PMS, AIF, there are distribution of some private unlisted products, and also insurance.

The early days traction is a lot more on the mutual fund side and the AIF and PMS, but there are also other products that will keep on coming up as per the needs, and we'll continue scaling these product ranges based on the user and based on every investors have a different preference.

Got it, Harsh and Ishan. Thanks, and all the best.

Thank you.

Hi. Thanks for taking my question.

I'm Gaurav Singhal from WFA Mission.

Hi. Can you hear me?

Just a couple of questions. One is since there is a lot of focus on retail losses, has there been any change over the last 1 year in terms of retail losses on our platform that we have seen?

Because in a couple of talks given by SEBI Chairman, I think they did mention they'll look at how the previous measures have impacted retail losses and the ratio of derivative, cash, and then decide if anything else is needed. On our platform, have we seen any change in retail losses on derivative?

That's the first question. Second is, I was looking at EBITDA margin on a like-for-like basis, excluding Fisdom, that has expanded quite a bit.

I think it's like 63% plus now. Just statistically, when we have to think of OpEx growth, can you share how much of our costs is variable versus fixed?

Roughly how much should the fixed cost grow over a 2-3 year timeframe? Just to try to understand the margin progression better.

Thank you.

Got it. Let me take these questions.

I'll take the second one first. The EBITDA margin, if you look at it, is expanding because the revenue has grown significantly and our variable cost is roughly like 10 or the 10% is roughly the variable cost.

Rest all is more on the fixed nature. That, too, the growth is primarily comes either through appraisals, which is people is the largest piece in that, and appraisals, and then second is inflation basically because on the marketing side that kind of increases that cost.

Both of these costs basically, you can say, will grow roughly 10% to 20%. If revenue grows faster, we'll be able to deliver higher EBITDA in the future as well.

Second, on the customer losses side. The way to look at is a user on Groww is actually buying multiple products.

It's a platform where actually customer is investing in mutual funds, stocks, or some of them are doing derivatives as well. When we look at the user as a whole, we see majority, or when I say majority, like 80%-90% of them actually make profits.

There are very few customers who make losses. Derivative-only customers are probably very similar as industry where probably similar ratios as what SEBI is also publishing in terms of losses.

That number is like less than 0.3% today, and that probably will even lower in the future because customer keeps on adding more and more products in their portfolio.

Thank you. Maybe one more question if I may.

I understand we have several new products that we want to monetize, our hands seem very full in the next 2 to 3 years. Maybe a little bit more medium term, there are a lot of these products that exist outside India which are not in India, like payment for order flow, crypto, prediction market, securities lending.

If you look at global brokerage companies, over medium terms of course, like next 2 to 3 years, I understand we have your hands full, but what can be done, what cannot be done over medium term when we compete like a global broker just over let's say 5 years?

I think all the products that you just talked about are not really legal or not in the regulated space as of now. Hence, we have taken a conscious call not to do all of these products with the exception of SLBM, which we think is currently in a very nascent stage.

Once SLBM becomes slightly more kind of baked in as a product, probably we'll start looking at SLBM as one of those options that you kind of highlighted. Rest, I think, will depend on when regulator kind of take a call on regulating them.

Post that only, we will probably launch it on Groww.

All right. All right.

Thank you for taking my questions.

Hey, hi. This is Abhijit from Kotak.

I hope I'm audible. My first question ties in with Gaurav's one of the questions on EBITDA.

Now, I'm thinking how to think about EBITDA margin progression, given that most of the incremental revenue growth seems to be coming from cross-selling products to the existing customers, right? Given that one of the largest cost is cost to grow, and that starts to slow down, right, on the expanded revenue base.

Is there an EBITDA margin beyond which you would want to be more aggressive in marketing or towards some other initiatives?

Again, we don't look at EBITDA as a metric that we want to drive. This is more of an output.

The way we look at is basically that if marketing is giving us enough LTV from the customer, then with a kind of a reasonable CAC, we will probably start spending more. If you look at in last like 12 to 18 months, market hasn't been that great, and hence the new acquisition in the industry level has actually slowed down.

This is not a good time to actually invest more, but this is a good time to actually probably do more optimizations and focus more on cross-sell or like you said. Idea is to kind of again launch more products, get more and more customers, and having those customers having multiple products on the platform so that over a period of time, you build a relationship with the customer and they become like captive to you.

The acquisition will always be happening, but it will depend more on the market, less on our EBITDA.

Got it. One more sort of a number question is that we don't get to see what's the demat additions at a broker level, but would you have any idea what would be our current market share in terms of gross demat additions?

We don't actually focus on the demat number because, according to us, that is a vanity metric. We feel looking at NTU number, and NSE publishes ATU numbers also, which are also a good way to kind of measure publicly available data that how the new users are actually getting added.

Got it. That's all I had.

Thank you so much.

hope I'm audible. Thanks for taking my question.

Just a couple of questions over here. One is on you have seen a very significant rise on the premium ADTO on the F&O segment per active user.

Could you give us some color on which cohort of customers, when were these acquired, who are contributing to such a massive rise in your premium ADTO per customer? The second question is on your 915 platform.

Could you give us some sense on what is the contribution to active users and order flow coming from this platform, and how much is the per transacting user order flow higher on this platform versus your mobile app?

Got it. I think the first one is easier.

Basically if you look at it what happened after the regulations, a lot of the customers who were doing smaller transactions actually stopped doing those transactions because number of expiries reduced, the ticket size also went up because the lot size went up. Hence, you look at what happened was only the customers who were doing larger transaction, larger turnover, or more number of transactions actually stayed on the platform.

This we have seen across the bucket. If you do like I think NSE provides this data where they talk about customers actually doing a turnover of less than 10,000, 10,000 to 1 lakh, and so on.

In that, what we have seen is the top cohort, which is where customer is doing, let's say, more than 10 lakh to 1 crore or more than 1 crore. Actually 10 lakh is the number that we look at, more than 10 lakh customers actually has significantly increased in terms of absolute amount also, versus the customers who were actually doing less than 10 lakh of turnover actually reduced.

Obviously the absolute quantum below 10 lakh was more, the absolute number still looks lower, but the cohort which was doing larger transaction actually increased.

Ishan, just one follow-up over here. I meant on when were these cohort acquired?

There's 1.45 million active customers what proportion of them would be 2024 and beyond earlier?

They are both, actually. We don't have a number for it, but it is a good mix of, you can say, the new as well as the older customers.

Because we already had like almost 2 million customers who were active on F&O side. Today, we have 1.47.

Large part of that is actually existing customers. There is a roughly you can say probably 20% of them would have been acquired in the last year or so.

Okay. And 80% would be 2024 and earlier?

2024 and earlier, correct.

Got it. The second one on the 915 platform?

So, 915 is as of now in a very early stage, we have very limited set of users. There is a cross also.

A lot of people who use 915 also use Groww. It's very difficult for us to attribute at this scale what is the delta that is getting created, but I think with next quarter, we'll have more data and we'll come back to you on this.

Understood. Thanks a lot, Ishan.

Hi, I am audible?

Yeah. Congratulations, team, for the amazing sets of number.

I am Rahul Manot. I have one question regarding the AMC business.

We have recently, like today, we have mentioned that we have got the funding from State Street. My question is regarding this only, that how we plan to utilize this, and what is the long-term ambition?

Where the current the product mix is majorly broking and very minuscule for AMC. How does the management plan to utilize this, and what is the long-term ambition of the AMC business, how do we look towards it?

Yeah. Thanks, Rahul, for the question.

We had couple of questions we answered on the same transaction, but just briefly I'll repeat certain things. See, the asset management is a small business today for us, while we see the opportunity in India is pretty huge.

It will take a lot of investments to be able to build that and scale there. That's the part of the proceeds is going to be useful for that.

Also, if there is some inorganic opportunity that comes at the right time, we will be able to use some of the funds. From a ambition point of view, of course, we have an ambition to make this asset management business also really big and to be able to have a significant impact in the overall industry.

The partnership also gives us some global best practices, knowledge, access to different products and tools, and we will be able to utilize few of them to be able to build what we set our asset management for.

Got it. Got it.

One last question. Does management also plan to invest here, in terms of we have raised it from the State Street, but do we also plan to invest additionally in this business?

We have been investing from a parent company to the asset management. Now, the cash which is coming in is coming through primary and secondary.

We're also doing primary from our parent company in the asset management. Then the proposed transaction, once upon approval from the regulators, will have primary and secondary.

We'll leave enough capital in the AMC for it to grow and scale. In future, if required, then obviously the parent company will invest more.

Got it. Got it.

Thank you so much.

Thanks.

Hi, this is Gaurav from ICICI Prudential Mutual Fund. Just one question from my side.

We understand there is this 15% open interest limit that a single broker can hold in an exchange. If you can help us understand what is that limit for us on BSE and NSE, and how should we be thinking about the same?

This limit is actually same for everyone. We are not hitting this limit.

In the last quarter, we haven't hit this limit, and we see that there is a significant gap still. Because this limit is not applicable at an aggregate, this is applicable at a in-time basis at a contract level.

On NIFTY and on SENSEX, where large part of the volumes happens, we haven't yet hit that limit in the last quarter.

The limit is exchange-wise, right, and not specific contract or specific indices-wise, right?

No, it is at a contract level. Because open interest is for the contract, right?

Got it. How far would we be if you can help us understand?

I think we'll be probably half of it.

Okay. Thanks.

That's all from my side.

Hi, this is Madhur from BofA Securities. I just wanted to understand how are you thinking about MTF.

This quarter, it has grown quite well and is already contributing 6% to total revenue. For next 1-2 years, how do you think it can further grow?

How much contribution can come from this product?

The way I think historically it has grown is roughly 600 crores we are adding almost every quarter. I think this momentum is continuing from last three quarters, and I think we see that momentum to continue in the future as well.

This depends a lot on volatility specific to some of the stocks which are there in MTF-approved list. If any stocks move significantly upwards, this actually increases the kind of book for that particular stock.

If the similar market continues, I think we will probably be doing a similar number. If the market kind of even started growing faster, or more broader based, probably we might have a growth which is faster as well.

Because the growth in last one year is primarily in some pockets, not like broad-based that we have saw a couple of years ago. If broad-based kind of rally comes, probably it can grow even faster.

Good evening, sir. Hope I am audible.

Yeah. Sir, my first question is, what are the plans for business diversification going forward, and whether the current growth trajectory is sustainable?

Also, what level of impact is expected from increasing competition?

The way to look at the diversification piece is that all the new businesses are growing faster than the existing business, and hence the diversification will keep on happening till there is a faster growth for the new businesses. We see that our market share in all the new businesses is very nascent today, and as we gain market share, their contribution to revenue will also keeps on growing.

The second piece on the growth level is, I think, there is a two part of the growth. One is gaining market share, and the second is the growth of the market itself.

The third piece actually is us launching more products. I think we can control two of them in some ways.

Market is what will define how the overall growth happens. Like you said, I think market share is where we are talking about the competition, and we've been able to gain market share across all matrices in last quarter as well as since I think probably last few years.

We think it can continue in the future as well. There is a lot of competition already there, but there is no significant change that is happening in competition as such that will warrant any kind of reaction.

I think that answers your competition question also, hopefully.

Okay. As we see the competition in HFT and F&O segment is intensifying, how do you plan to differentiate your tech infrastructure to ensure zero latency and high reliability for pro traders?

Neeraj, you want to take this?

Shweta, I think you talked about HFT. We are not into HFT and all.

As of today, the speed that customers are expecting, we are meeting those expectations. Since none of our customers are into HFT or MFT space, I think that is not required.

Towards reliability side, I think that's a very good question because a large part of our bandwidth goes into making sure that we empower our customer in all situations, even if there's some tech glitch. For which, we have launched Groww Lite.

As the name suggests, it's a very lighter version of Groww. You can't do many other things, but you can see your positions and you can square them off.

If markets are going not in your favor, you are free to take actions from there. This empowers them even in those situations.

These are the things we did in this quarter.

Okay. Got it.

Thank you so much, sir. That's all from my side.

Yeah.

Hello, am I audible?

Yeah. I just wanted to know what are the broader plans on the wealth management space?

As you said, these are still early stages, but just a broader aspect how you plan to grow the business.

I'll take that. See, we discussed last time also.

There are a lot of customers on our own platform who have become affluent and they need these products. Our goal on that front is to give them access to both the products which are for the HNIs and also the service like a wealth management and advisory service.

This will continue once we start building the journey and scaling it up. On the existing business itself, we see a lot of growth potential which will build by giving very powerful technology and products which can be used by the wealth partners and also by the HNI customers to track and to kind of consume.

The advisory and the wealth products will be distributed through these two experiences.

Right. At what stage are we in now?

As in when do we expect this revenues to come in? From which year or from which quarter?

Yeah. Already the existing business that we acquired is revenue-generating.

There are a lot of customers which are existing on them. Once the integration is little ahead in terms of building the right experience for the Groww customers as well as building the right technology and the right products for the existing customers and existing channels of growth, we'll start seeing the growth faster than what it is organically.

There is still some time. Once it's meaningful in terms of overall contribution on the Groww's P&L, we'll start separating and sharing the details about it.

Okay. Thank you so much.

Thank you, Michelle. Appreciate everyone for joining the call today.

For any further questions or clarifications, please feel free to reach out to us. Thank you so much.