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    Home»SIP»Groww adds over 47 lakh new SIPs in July-September quarter
    SIP

    Groww adds over 47 lakh new SIPs in July-September quarter

    October 11, 2024


    Groww, a mutual fund investing platform, reported growth in the July-September quarter of 2024. It added over 47 lakh new Systematic Investment Plans (SIPs).

    The platform accounted for 16 lakh new SIPs in September alone.

    This contributed to 66 lakh total new SIPs recorded by the Association of Mutual Funds in India (AMFI) for the month.

    This quarter marks a doubling of new SIPs compared to the same period in 2023, representing nearly 50% of the total industry SIPs from last year.

    The growth is largely attributed to younger investors, with over 50% of contributors under the age of 35. Additionally, female participation rose to approximately 24%, surpassing the national average of 17%.

    SIPs comprised 86% of Groww’s mutual fund investment volume, while lumpsum investments made up the remaining 14%. The average SIP value per customer increased to over ₹6,000.

    Harsh Jain, Co-founder and COO of Groww, noted that the rising participation of younger and female investors reflects a broader financialisation of savings in India. He highlighted the adoption of UPI autopay, which simplifies the payment process for investors.

    Interestingly, nearly 80% of transactions on the platform originated from non-metro cities, revealing a growing interest in SIPs among retail investors in smaller towns. The top five states contributing the most SIPs from B30 (beyond the top 30) cities were Maharashtra, Uttar Pradesh, West Bengal, Bihar, and Rajasthan.



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