Groww Plans to Expand its US Trading Platform
Groww opened its door for US stock trading on its web platform in November 2020. But the company is not able to bring the same feature to its much wider user base who trade on mobile phone users.
The COO and co-founder of Groww, Harsh Jain has mentioned that the company is facing a lot of challenges in bringing the US stock investment ecosystem to India. Two main problems faced by the company are, the process of adding capital to a wallet is long and the currency conversion rate charged by banks is severely different.
It takes up to 2-4 days to add the capital to a wallet and the process is not standardised for currency conversion and different banks charge with different charging rates.
Harsh Jain has confirmed that the company is in talks with banks and intermediaries in order to smoothen the processes. It is also planning to come up with a standard currency conversion rate, simpler funding process and more.
Groww was founded in 2016 by four former Flipkart employees Lalit Keshre, Harsh Jain, Ishan Bansal, and Neeraj Singh. It claims to have over 2 million users on its platform and 70% of its users are from Tier II and Tier III cities.