Groww CEO Lalit Keshre apologizes deeply to customers after the trading app encountered technical difficulties

Lalit Keshre, the founder and CEO of Groww, apologized on social media a day after many customers of the stock trading website reported technical difficulties.

Numerous people have complained about Groww on social media, saying they were having trouble signing on. A few clients also mentioned having issues with ordering and checking balances.

Keshre posted on social networking site X and said, “On January 23rd, a number of users were unable to use the Groww app in the morning for around sixty minutes. Our industry has technical difficulties from time to time; the most recent significant one occurred on April 6, 2023. And they’re all still hurting and are like scars. But it stung a lot more this time.”

As usual, we’ve identified the underlying reason, fixed it, and will let you know soon. In summary, one of our services clogged and we were unable to promptly restart it. We sincerely apologize,” he said.

Keshre said in the lengthy X post that the business might have been more aggressive in its consumer communications and could have communicated more effectively.

We really apologize for not meeting your expectations in this regard. We will share more information—both good and negative—more aggressively going ahead, Keshre continued.

“We recognize that there are thousands of professional traders on Groww, raising the stakes, and that even a little outage might negatively affect our clients. We have the biggest technical staff committed to creating a reliable system, and we are still making significant investments in it. The CEO went on, “We are also developing a new backup system that can function as a safety net in such dire situations.

In addition, Keshre denied rumors that Groww had stopped buying US equities, saying that clients would still be able to purchase mutual funds and exchange-traded funds (ETFs) denominated in Indian rupees.

Customers will only be unable to purchase equities directly on US exchanges if they transmit money (USD) for such purposes. Furthermore, we’ll make sure that, should they want to migrate, no one has to endure any hardship or additional expenses. Additionally, we have made the decision to halt making new USD investments while maintaining our current holdings or selling them. Groww promises never to drop a client, said Keshre.

Groww surpassed Zerodha to become the nation’s biggest brokerage in October of last year. In contrast to Zerodha’s 64.8 lakh active customers, it had 66.3 lakh, according to a Moneycontrol article that cited NSE statistics.