Fi (formerly Fi Money) vs Groww
Business model, scale, and a side-by-side Litmus framework score — which model wins, and for whom.
Groww built a profitable investing habit at scale; Fi built a delightful banking app whose economics never closed.
At a glance
| Metric | Fi (formerly Fi Money) | Groww |
|---|---|---|
| Revenue | ₹38 Cr operating revenue (FY23, last reported) | ₹4,644.6 Cr (FY26, +19% YoY) |
| Profit | -₹300 Cr (Net Loss FY23) | ₹2,083 Cr (FY26 net profit, +14.2% YoY) |
| Active users | 3.5M+ customers (now migrated to FedMobile) | 13.06M+ active clients (India's #1 retail broker) |
| Employees | <100 staff (already under 100 by mid-2025 per Inc42); workforce cut again in a Feb 2026 restructuring, exact % not disclosed by Fi | ~2,500 |
| Founded | 2019 | 2016 |
| HQ | Bangalore, India | Bangalore, India |
LLitmus Framework Score
Overall: Fi (formerly Fi Money) 87 · Groww 89
Customer Segment
95
95
Value Proposition
94
94
Marketing Channel
86
90
Engagement
91
88
Income Source
78
85
Asset Validation
85
90
Core Operations
93
85
Strategic Alliance
92
92
Expense Validation
72
88
Fi (formerly Fi Money) leads 2 modules, Groww leads 4. Overall edge: Groww.
Head to head
| Dimension | Fi (formerly Fi Money) | Groww |
|---|---|---|
| Model | Neobank + wealth cross-sell | Investing-first brokerage |
| Profitability | Deep losses, banking unwound | Profitable wealth platform |
| Primary habit | Daily banking (now ended) | Investing / SIPs |
| Users | 3.5M (migrated to FedMobile) | Tens of millions |
FAQ
Is Fi (formerly Fi Money) or Groww a better business?
Groww built a profitable investing habit at scale; Fi built a delightful banking app whose economics never closed. It depends on what you optimise for — see the module-by-module breakdown above.
What is the difference between Fi (formerly Fi Money) and Groww's business model?
Fi (formerly Fi Money) operates in Fintech (Know your money), while Groww is Fintech (Investing made easy). Their revenue, scale and Litmus scores are compared in detail above.
Which is more profitable, Fi (formerly Fi Money) or Groww?
Fi (formerly Fi Money): -₹300 Cr (Net Loss FY23). Groww: ₹2,083 Cr (FY26 net profit, +14.2% YoY).