Groww Expands Services with commodities Trading Launch Ahead of IPO
Stockbroker Groww has begun offering commodities trading on its platform, allowing its active trading account holders to invest in crude oil, gold, silver, and natural gas through the Multi Commodity Exchange from 9 am to 11:30 pm. The move signals continued diversification of Groww’s wealth and capital markets offerings.
the launch comes as Indian investors increasingly seek to diversify portfolios and hedge against market volatility through commodities.Groww has recently introduced several new services, including corporate bonds, a Margin Trading Facility, the pro-trader platform 915, and wealth management offering W (following the acquisition of Fisdom).
Groww currently serves over 18 million active customers. Simultaneously, the company’s parent, Billionbrains Garage Ventures, has filed updated draft papers with the Securities and Exchange Board of India (Sebi) for an Initial Public Offering (IPO). The IPO is estimated at Rs 7,000 crore, comprising a fresh issue of equity shares worth Rs 1,060 crore and an Offer For Sale (OFS) of 574,190,754 equity shares by promoters and investor shareholders, as detailed in the updated Draft Red Herring Prospectus (DRHP).