Day after several users of stock trading platform Groww complained of technical issues, the company’s founder and chief executive officer Lalit Keshre issued an apology on social media.
A lot of users had shared their grievances on social media platforms, claiming they were facing difficulties while logging into the Groww app. Some customers also reported problems related to viewing balances and executing orders.
Taking to social media platform X, Keshre said,”On Jan 23rd, many customers could not open the Groww app in the morning for around an hour. Technical issues happen in our industry, and we have also faced them in the past; the last major one was on April 6, 2023. And each one of them still hurts and remains like a scar. However, this time, it hurt a lot more”.
“Like always, we have found the root cause, solved it, and will share it with you shortly. TL;DR, one of our services choked, and we weren’t able to restart the service on time. We are deeply sorry,” he added.
In the long X post, Keshre said the company could have communicated properly and been more proactive in communicating with the customers.
“We sincerely apologise for not doing this as well as you expected us. Going forward, we will be more proactive in sharing more details (positive and negative),” Keshre added.
“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. We are also building a new parallel system that can act as a fallback in such extreme circumstances,” the CEO continued.
Keshre also rejected reports of Groww stopping investments in US stocks, adding that customers who are investing in any mutual funds or exchange trade funds (ETF) in Indian rupees will continue to do so.
“Only customers who remit money (USD) to buy stocks on US exchanges directly will be unable to do so. And for them as well, we will ensure nobody has to go through any pain or extra cost in migrating if they want to. We have also decided to continue supporting existing holdings or selling, though we will stop new investments in USD. Groww will never leave any customers behind,” Keshre clarified.
Last October, Groww had overtaken Zerodha as the country’s largest stockbroker. It had 66.3 lakh active clients as compared to Zerodha’s 64.8 lakh, a report by Moneycontrol citing NSE data had said.