Groww Marketing Spend Falls 14.5% to ₹105 Crore in Q2

Groww’s marketing spend fell 14.5% year-on-year to ₹105 crore in the July–September quarter of FY27, down from ₹123 crore a year earlier, according to the company’s shareholders’ letter reported by BestMediaInfo on 14 October 2026. Marketing cost dropped to 7% of revenue from 12.1%, while the investment platform still grew its user base.

The spend sits under the “Cost to Grow” line and excludes Groww Asset Management Company (AMC). Groww attributed the sequential fall of ₹42 crore, from about ₹147 crore in Q1 FY27, to the absence of Indian Premier League (IPL) spending in Q2. The company did not disclose a separate IPL figure.

How Much Did Groww Spend on Marketing in Q2 FY27?

Marketing and business promotion expenditure was ₹105 crore, against ₹123 crore in Q2 FY26. As a share of revenue it fell by more than five percentage points. Groww also said the entire ₹225 crore IPO allocation for brand building and performance marketing was spent cumulatively from its November 2025 listing through 30 September 2026.

Did Lower Marketing Spend Hurt User Growth?

Not on the reported numbers. Total transacting users rose 27% year-on-year to 2.4 crore, with 11 lakh added in the quarter. Customer assets rose 46% to ₹3.9 lakh crore. About 42 lakh users applied for equity IPOs, giving Groww a 22% share of total IPO allotments, and its mutual fund SIP market share rose from 13.1% to 14.8%.

Retail share of average daily stock turnover rose from 12.9% to 15.4%, and its share of equity derivatives premium turnover rose from 8.6% to 11%.

What Do the Financials Show?

Consolidated revenue from operations rose 47.4% to ₹1,501.53 crore from ₹1,018.74 crore. Profit attributable to shareholders rose 54% to ₹725.65 crore from ₹471.34 crore, while total consolidated expenses rose 29%. Groww AMC’s assets under management rose 145% to ₹7,179 crore, though the AMC still posted a loss of ₹8.3 crore.

Industry Reaction and Expert Commentary

No analyst or marketing-industry comment on the spending decline was found in the sources reviewed, and no separate share-price reaction tied to the marketing figures was identified.

What Happens Next?

With the IPO brand-building allocation fully used, watch how Groww funds marketing in the coming quarters, especially in quarters that include major sporting properties such as the IPL.

Frequently Asked Questions

How much did Groww spend on marketing in Q2 FY27?

Groww spent ₹105 crore on marketing and business promotion, down 14.5% from ₹123 crore a year earlier.

Why did Groww’s marketing spend fall?

The company attributed the sequential decline to no IPL spending in the quarter.

How many users does Groww have?

Groww reported 2.4 crore total transacting users, up 27% year-on-year.