Onboarding project | Shriram Finance Limited

Introduction to Groww

Groww is one of India’s leading digital investment platforms that allows users to invest in mutual funds, stocks, exchange-traded funds (ETFs) and more — all through a simple and intuitive mobile app and website. It was founded in 2016 with the vision of democratizing investing for millennials and first-time investors.

Core Value Proposition

Groww simplifies investing by making it:

Easy to understand with intuitive UI and educational content
Accessible to all with paperless onboarding and zero account opening fees
Empowering by allowing users to make their own financial decisions with the help of smart tools and real-time data

Define your ICPs

[Delete the one you don't need]

B2C Table ⤵️

Criteria	User 1	User 2	User 3	User 4	User 5
Name	College Investor	Aspiring Middle-Class Earner	Busy Professional	Homemaker Saver	Young Salaried Investor
Age	18–23	24–30	30–38	28–40	25–30
Demographics	Tier 1/Tier 2 students, hostelers	Tier 2 salaried individuals	Tier 1 urban cities, metro crowd	Tier 2, Tier 3, household users	Tier 1/2, working professionals
Need	Learn and experiment with investing	Start SIPs, save tax, build corpus	Maximize returns, save time	Safe savings and monthly planning	Invest salary savings systematically
Pain Point	Low capital, lack of financial literacy	Complex onboarding, low trust	Time constraints, analysis overload	App complexity, fear of online scams	Too many options, unsure where to start
Solution	Simplified learning tools, goal-based investing	Simple UI, vernacular onboarding	Auto-invest features, AI nudges	Safe, secure, easy walkthroughs	Goal-based onboarding, SIP suggestions
Behavior	Curious, experimental	Cautious but regular	Impatient, task-oriented	Risk-averse, repeatable habits	Enthusiastic, data-driven
Perceived Value of Brand	Youth-friendly, cool, trending	Trust-building, practical	Smart, credible, fast	Reliable, family-safe	Aspirational, smart choice
Marketing Pitch	"Start small, learn big"	"Grow your money the smart way"	"Your time is money—invest wisely"	"Secure your future, one step at a time"	"Let your salary work for you"
Goals	Learn investing, gain confidence	Start SIPs, save tax, learn basics	Set-and-forget investing	Regular, safe savings, small returns	Grow savings, beat inflation
Frequency of use case	Low	High	Moderate	High	High
Average Spend on the product	₹500–1,000/month	₹2,000–5,000/month	₹5,000–10,000/month	₹500–2,000/month	₹3,000–6,000/month
Value Accessibility to product	Very High	High	High	Moderate	High
Value Experience of the product	Moderate	High	Very High	Low	High

ICP Prioritization

Criteria	ICP 1	ICP 2	ICP 3	ICP 4	ICP 5
Adoption Rate	High	Moderate	Low	Moderate	High
Appetite to Pay	Low	High	High	Low	High
Frequency of Use Case	Low	High	Low	High	High
Distribution Potential	High	High	Moderate	High	Moderate
TAM (Users)	1,000	1,400	1,100	1,500	1,200

Conclusion & Strategy Focus

Based on the prioritization table, ICP 2 (Aspiring Middle-Class Earner) and ICP 5 (Young Salaried Investor) show high value in use case frequency, payment appetite, and market size.

Why ICP 2 & 5?

ICP 2 is high-frequency, trust-oriented, and can be nudged toward long-term financial habits.
ICP 5 is early in their salary life cycle and open to digital financial solutions, ideal for onboarding to SIPs, mutual funds, and tax-saving instruments.

ICP 2: Aspiring Middle-Class User (e.g., Driver, Assistant, Entry-level Staff)

Demographics: Age 25–40, Tier 2/3 cities, mobile-first but low financial literacy
Psychographics: Wants safe savings, doesn’t trust market products yet, cautious and cost-sensitive

Goal Type	Ranking	JTBD	Validation Approach	Validation (Anecdotes & Insights)
Functional	Primary	To open an account and start saving small amounts (₹100–₹500/month) with zero confusion	1-on-1 interviews + prototype testing	“I want something simple to start saving. No big words. Just show me where to click and what I’ll get.”
Financial	Primary	To protect money while still earning more than a savings account	Voice-of-customer + WhatsApp groups	“I don’t want to lose my money, but if it grows even a little more than the bank, I’ll try it.”
Functional	Secondary	To onboard with zero dependency on documents beyond Aadhaar/PAN	Journey testing	“I don’t have my salary slip or rent proof. If it’s asking too much, I’ll just leave.”
Financial	Secondary	To set a clear monthly goal (e.g., save for Diwali or school fees)	Observational + contextual feedback	“Tell me how much to save each month if I want ₹10,000 in 10 months.”

ICP 5: Salaried Professional (e.g., Engineer, Analyst, Corporate Worker)

Demographics: Age 25–30, Tier 1/2 cities, steady income, digitally confident
Psychographics: Wants to optimize returns, save tax, automate wealth building, values UI/UX efficiency

Goal Type	Ranking	JTBD	Validation Approach	Validation (Anecdotes & Insights)
Functional	Primary	To get a fund suggestion based on salary/income and risk profile instantly	Funnel analytics + interviews	“Don’t make me choose from 50 options — just recommend based on what I earn and how aggressive I want to be.”
Financial	Primary	To automate investments via SIP and track portfolio in a dashboard	In-app behavior + usability testing	“I want to set up ₹5000 SIPs and forget it. I’ll check my dashboard on weekends or during salary week.”
Functional	Secondary	To complete KYC and onboarding in <5 mins (integrated via Digilocker, etc.)	Session replay + A/B testing	“Why do I need to upload everything manually? Can’t you just pull from Digilocker and auto-fill?”
Financial	Secondary	To plan for tax-saving ELSS or salary-linked goals during onboarding	Feature prototyping + email surveys	“If you told me in Jan what to do for 80C, I’d plan SIPs better. I hate last-minute LIC investments.”

Groww Onboarding Teardown.pdf

Upon talking to active users & following a pattern amongst them, these are the major hypothesis written.

Hypothesis:
Users who create a watchlist within 3 days of onboarding are more likely to become active investors within 14 days.

Reason:
Creating a watchlist shows investment intent and product engagement. It indicates the user is exploring investment options and planning for the future. This step also helps the app personalize recommendations, increasing stickiness.

Hypothesis:
Users who invest once in the first week demonstrate strong intent-action consistency and have higher 30-day retention rates.

Reason:
Consistent browsing followed by investment shows progressive trust building and value realization.

Hypothesis:
Users who explore at least 4 unique screens during their first session post-onboarding are more likely to complete their first investment within 10 days.

Reason:
Exploration indicates curiosity and product interest. The more areas a user touches (e.g., “Mutual Funds,” “Stocks,” “Learn,” “Portfolio”), the more they're learning the value Groww can deliver.

Hypothesis:
Users who personalize their account (e.g., by adding nominees, customizing investment goals) show higher retention over 30 days.

Reason:
Customization increases a sense of ownership and perceived value. It shows the user is setting up for the long-term.

Activation Metrics Framework

Metric	Why It's Important	Target Context for Groww App
D1, D7, D30 Retention	Measures how many users return to the app after 1, 7, and 30 days. Key to identifying stickiness of onboarding experience.	D1: Completed onboarding D7: Started SIP or browsed fund D30: Portfolio active or referral made
DAU / MAU (Stickiness)	Indicates how often users engage with the product monthly. A DAU/MAU > 0.2 usually suggests high engagement.	Daily app opens, investment dashboard views, or checking returns
Subscription Rate vs Retention	Tracks how many users complete goal-based SIPs vs how long they stay. Higher this delta, stronger your activation funnel.	% of users who set up SIP within 7 days, and how many are still active by D30
Average TAT (Time to Activation)	Measures average time taken from sign-up to first meaningful action (e.g. SIP started).	Benchmark: < 5 minutes from install to KYC complete; < 30 minutes to first SIP
User Cohorts	Understand how different user segments behave over time. Can help detect what’s working for ICP 2 vs ICP 5.	Cohort by: city, acquisition channel, profession (student vs salaried), app version
Acquisition Source	Helps identify the best-performing channels for users who activate and retain.	e.g., WhatsApp group vs referral vs Facebook ad vs app store vs offline sales
Product Reviews & CSAT	Track user sentiment to identify friction points in onboarding or first-use.	Review keywords: “easy to use,” “confusing,” “quick KYC,” “trustworthy,” etc.
Feature Adoption	Tracks which onboarding or investment features users actually use.	e.g., % who used KYC via Digilocker, % who clicked “Auto-Suggest SIP”
Drop-off Analysis (Funnel)	Identify where users leave during onboarding or first fund purchase.	Example funnel: App Install → Sign Up → KYC → Add Bank → Browse Funds → Invest → Setup SIP
Goal Completion Rate	How many users complete financial goals or set milestones during onboarding.	e.g., % who select a financial goal (like “Buy a Bike”) → invest accordingly
NPS (after activation)	Collect feedback from users 7–14 days post-activation to measure advocacy.	Ask: “How likely are you to recommend Groww to a friend?” and collect feedback
Session Duration & Depth	How long and how deep users engage in their initial sessions — indicates quality of onboarding experience.	e.g., Avg time spent on onboarding flow, number of screens visited, or tutorial watched
Support Tickets/FAQ views (early stage)	Indicates onboarding friction — high support volume signals issues in flow or clarity.	Look at spikes in questions around “KYC stuck,” “what is SIP,” or “how to withdraw money”