Online financial services platform
Groww
has an important
scam alert
for its subscribers. In a post from its official account on X, formerly Twitter, the stock broking platform has warned users about an account that is trying to impersonate the company. The account with the username @groww_support_ on X is said to be trying to scam people by claiming to be a support functionary of Groww.
The Groww's post to warn users is also titled 'Scam Alert'.
The tweet clearly tells users that Groww has only one official account on X and that the same has a verified golden badge. Users have been cautioned against any other account claiming to be of Groww or linked to Groww.
The big 'Scam Alert'
Here's what the tweet says. ""Scam Alert: An account with the username @groww_support_ is impersonating us and trying to scam people. Please do not engage with this account. Our ONLY official X (formerly Twitter) account is @_groww with the verified golden badge. We’ve already taken action against the impersonator. Your safety is our top priority. Please stay cautious and report any suspicious activity to us. We’re here to help."
Groww turned profitable in October 2023. The company registered Rs 1,277 crore in revenue in fiscal year 2023, a 266 per cent surge. The
Zerodha
rival reported a net profit of Rs 448.7 crore in FY23 against Rs 239 crore in net loss in the previous fiscal year.
The stock broking platform’s operating revenue more than tripled to reach Rs 1,277.8 crore in comparison to Rs 351 crore in FY22. Earlier in October, Groww shot past the country’s leading discount brokerage company Zerodha in terms of the highest number of active investors.
No US stocks on Groww
Earlier this week, Groww asked some of its users to stop buying more US stocks through the platform by the end of February. "Please note that fresh funding of USD balance and buying of US Stocks will be discontinued from 27th of February," Groww reportedly said in an email sent to its users.
Groww is said to have stopped providing the option to invest in US stocks for new users almost a year ago. The platform has around 1,500 - 2,000 users who continue to hold US stocks through the platform.
"If you don't want to sell your US Stock holdings, we will be happy to support you in migrating to another platform or with withdrawals for an extended period," the firm told its users.
English (US) ·