If Your Customers Don't Love It or Hate It, You've Already Lost

Groww began as a robo-advisor in 2016, but customers kept asking why certain products were available and others were not. The team responded by showing a wider range of products transparently and making onboarding and payments seamless. After launching that version in May 2017, Groww gained 600 customers in its first month, against an expectation of 100.

The founders talked with customers in WhatsApp groups, on Quora, and even at movie theaters. Kishor said customers may not spell out the product solution they need, so teams have to read between the lines. Within 10 to 15 days of launch, organic growth and customer retention gave Groww an early signal that the product was working.

Groww chose to operate in regulated areas, obtaining licenses rather than relying on gray or unregulated parts of the market. The company accepted uncertainty about monetization while focusing on low acquisition costs, retention, engagement, and customer love. It went four years without revenue before customer demand for stocks opened a way to monetize.

Kishor said Groww emphasizes design and expects its team to use the product themselves. He spends more than two hours a day using the app and about two hours talking with customers, especially power users. He looks for strong reactions to new features; indifference suggests customers do not care about them.

Kishor said focusing on competitors can pull a team away from understanding customers and changing technology. He has been experimenting with coding tools himself to see what they make possible. Looking ahead, Groww is working on wealth management as customers accumulate more assets, while also aiming to serve younger investors.