IPO-bound Groww launches commodities trading services on platform

Stock broker Groww on Thursday rolled out commodities trading on its platform, as it continues diversifying its wealth and capital markets offerings.

Groww customers with active trading accounts can trade in commodities such as crude oil, gold, silver and natural gas through the Metropolitan Stock Exchange from 9 am to 11:30 pm, according to information available on the stock broking platform’s website.

Traders in India have been increasingly showing interest in investing in commodities to diversify their portfolios and hedge against market volatility.

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, 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 with Sebi for an Initial Public Offering (IPO), 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).