Groww launches commodity trading as it expands suite ahead of IPO
The company now allows users to trade key commodities including gold, silver, crude oil, and natural gas, directly through the Groww app or website.
Groww, one of India’s most popular investment platforms, has stepped into the commodity trading arena.
The company now allows users to trade key commodities, including gold, silver, crude oil, and natural gas, directly through the Groww app or website.
Commodity markets, often driven by macroeconomic and geopolitical factors, provide diversification benefits for investors. Assets like gold and crude oil tend to move differently from equities, often performing well in inflationary environments. Long trading hours, from 9:00 AM to 11:30 PM, also offer flexibility for working professionals.
Zerodha launched its commodities trading services in September 2015 through its subsidiary Zerodha Commodities Pvt. Ltd., after receiving membership with the Multi Commodity Exchange (MCX) and National Commodity & Derivatives Exchange (NCDEX).
In the past few months, IPO-bound Groww has launched multiple offerings in the capital markets space as part of its strategic diversification push.
The company launched corporate bonds, a Margin Trading Facility, 915 (a pro-traders-focused platform), and W, a wealth management offering (after acquiring Fisdom).
At present, Groww has over 18 million active customers.
Last month, Billionbrains Garage Ventures, the parent company of Groww, filed updated draft papers for an Initial Public Offering, with industry sources familiar with the development pegging the issue size at an estimated Rs 7,000 crore.
The proposed IPO comprises a fresh issue of equity shares worth Rs 1,060 crore along with an Offer For Sale (OFS) component of 574,190,754 equity shares by promoters and investor shareholders, according to the updated Draft Red Herring Prospectus (DRHP).
(With inputs from PTI)
Edited by Jyoti Narayan