56 pc investors in Hyderabad prefers investing in mutual funds: Groww

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Hyderabad, May 2 (UNI) As many as 56 per cent of investors from Hyderabad on Groww’s platform prefer investing in mutual funds, 38 percent in stocks and participation in IPOs stood at only 2.32 per cent. Interestingly, 22.85 per cent of users are in the age group of 25-30 years on Groww’s platform, while 19.24 percent of users in Hyderabad are in the age group of 18-24 years, and 17.13 percent of users are between the ages of 31-40 years, according to Groww, India’s fastest growing investment platform, which concluded its on-ground event, Ab India Karega Invest in Hyderabad, here on Monday. The event witnessed strong participation from the retail investor community in the city. A financial education initiative, Ab India Karega Invest aims to simplify investments for citizens across the country in a simple, secure and accessible manner. Started in 2020, Ab India Karega Invest is Groww’s offline event that introduces people to the investment world, educates them about different investment options and resolves their queries through one to one interaction. Currently, Groww has over 20 million users on its platform. The platform has witnessed significant interest from young investors in both Hyderabad and Telangana. Currently, Groww has over 13 lakh users in Telangana, of which 56 percent are based in Hyderabad. In the state of Telangana, 47 percent of investors on Groww’s platform prefer investing in stocks while 45 percent opt for mutual funds. However, like in Hyderabad, IPOs witness limited participation, with only 5 percent of investors from the state showing preference for this asset class, Groww, which enables retail investors to access financial products and services through its web and mobile app on both iOS and Android, said in a release here. Harsh Jain, Co-founder & COO, Groww, said, Groww has witnessed an upsurge in retail investor participation from Hyderabad over the last few years and the city is home to many young working professionals in the IT-enabled sector, who have steadily demonstrated an appetite to invest. With ‘Ab India Karega Invest’ our endeavour is to support these investors with meaningful insights to further their investment journey and grow their wealth. UNI KNR SHK2004