groww: Tech glitches disrupted trading, working on improving systems: Groww CEO

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Groww CEO Lalit Keshre on Thursday said the company had resolved the technical issue that led to the crash of its stock broking platform during the morning’s trade on Tuesday, even as he apologised to the users for the losses they incurred because they could not log into the application.

“Technical issues happen in our industry, and we have also faced them in the past; the last major one was on April 6, 2023… like always, we have found the root cause, solved it, and will share it with you shortly,” Keshre wrote on X, formerly Twitter.

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Many Groww customers had complained on social media on Tuesday that they could not log into the app, and some declared they would move away from the platform.

Keshre sought to reassure users, as he wrote, “We understand that the stakes are higher now, with lakhs of serious traders on Groww, and even a few minutes of downtime can have an adverse impact on our customers. We continue investing heavily in building a robust system and have the largest engineering team dedicated to this.”

To ensure such incidents do not happen again, Groww is building a new parallel system that can act as a fallback in such extreme circumstances, he said.

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Recently, Groww’s closest rival Zerodha also suffered major technical problems, leading to outbursts on social media by its customers.

Zerodha CEO Nithin Kamath had taken to X on December 5, 2023, talking about two episodes of technical glitches in quick succession in the past two months, affecting 5-20% of their active customers.

On Tuesday, when Groww’s trading platform, India’s largest by volume, was hit by technical glitches, news broke out that the Peak XV Partners-backed startup had stopped its US stocks investing service.

Referring to the development, Keshre said on Thursday that only those customers who remit money in US dollars to buy stocks listed on American exchanges will not be able to do so anymore. All other services in Indian rupees will continue as usual, he said.

“We have also decided to continue supporting existing holdings or selling, though we will stop new investments in USD,” Keshre wrote on X.

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