India’s New Billionaires & Groww’s Big Move into Wealth Management

India now has 1,549 individuals with wealth exceeding ₹1,000 crore—a 17% jump YoY!

Mumbai just overtook Beijing as the Asian city with the most billionaires in 2024.

Delhi entered the global top 10 for billionaire count.

For every new billionaire, India is adding 300-500 new millionaires (depending on the source).

This explosion of wealth is reshaping the wealth management industry. But here’s the catch—many of these new millionaires come from smaller cities like Ludhiana, Faridabad, and beyond. They’ve traditionally parked their wealth in gold and real estate and lack exposure to equities, private equity, venture capital, and AIFs.

One big reason? India lacks high-quality, transparent wealth management options. There’s a massive trust deficit, with many existing players pushing investments that benefit them more than their clients.

Enter Groww’s New Move

That’s why Groww launching ‘W’—its new wealth management arm—is such a game-changer.

Unlike traditional players like Kotak, HSBC, Axis, Centrum, and Sanctum, Groww has a tech-first approach, deep data insights, and a clean reputation.

In just 6 years, Groww has captured 20-25% of new Demat accounts and SIPs. Their entry could force existing players to up their game, making wealth management more transparent, tech-driven, and accessible.

So, will Groww shake up the industry? What do you think? 💭 🤔