Lalit Keshre @lkeshre Twitter profile

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Lalit Keshre

4 years

A lot of new investors are entering the stock markets. That’s good. But a lot will burn their fingers too. If you are a new investor, here are a few mental models I have learnt and re-learnt over the last 15+ years of investing. 1/n

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Lalit Keshre

@lkeshre

3 years

Groww gets one of the world’s best CEOs as an investor and advisor. Thrilled to have @satyanadella join us in our mission to make financial services accessible in India.

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Lalit Keshre

@lkeshre

3 years

Yes.

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Lalit Keshre

@lkeshre

9 months

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.

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Lalit Keshre

@lkeshre

4 years

I learnt product management the hard way. 15+ years. 10+ products across 4 startups. A few successful ones and many failures. And still learning. Here are a few mental models. 1/

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Lalit Keshre

@lkeshre

1 year

Groww Mutual Fund got approval for its first NFO - Groww Nifty Total Market Index Fund.

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Lalit Keshre

@lkeshre

2 years

We converted our road trip to train trip, thanks to Vande Bharat.

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Lalit Keshre

@lkeshre

4 years

More fuel to Groww 🙏

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Lalit Keshre

@lkeshre

1 year

Our broking arm became number one in terms of active customers. 3 things: Firstly and most importantly, we are grateful to all our customers who trusted a young company - our focus will always be to provide you the best experience. Secondly, we are grateful for the digital

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Lalit Keshre

@lkeshre

1 year

Discovering India: Through the eyes of Groww. Over the last few years, the Groww team visited 100+ cities across India. It taught us a lot about our country and our people. We put these stories in a book. Today we released the book on Amazon.

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Lalit Keshre

@lkeshre

5 months

As of March 2024, Groww has completed its domicile transition back to India. For our customers, we have always been an India-based organisation for all practical purposes since day 1. With this update, the Groww group and its subsidiaries are completely based in India. By the

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Lalit Keshre

@lkeshre

2 years

Why an extra ‘w’ in Groww? We wanted to name something that signifies financial services. Domains with Grow were very expensive so we put an extra w (Ishan’s idea). Later our customers, we (and google) started liking the way it is and we never bothered to change.

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Lalit Keshre

@lkeshre

3 months

50!

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Lalit Keshre

@lkeshre

7 months

Groww customers manage nearly $22B of wealth through MF and Stocks. However, we never thought so many customers would trade in derivatives. Around 15% of customers trade in F&O on Groww. Most customers across the industry lose money on F&O. To help customers mitigate the risk of

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Lalit Keshre

@lkeshre

2 years

Coming soon.

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Lalit Keshre

@lkeshre

3 years

A pair of shoes worth Rs 2 lakh isn’t exactly a necessity. By any measure, it won’t make rational sense to buy shoes that cost that much. There’s this over 150-year-old brand named John Lobb - their shoes usually start at this price. <🧵>

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Lalit Keshre

@lkeshre

4 years

Wealth is about accumulating for a better future Credit is a promise of a better future Insurance is downside protection of future "Financial services" is actually "future services."

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Lalit Keshre

@lkeshre

4 years

My cousin, who is just starting with first job, is already thinking about long term investing! He is now my favourite cousin.

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Lalit Keshre

@lkeshre

2 months

Our EV ETF went live today!

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Lalit Keshre

@lkeshre

10 months

2023 was great for India, and hence for Groww, which tracks India’s growth. We are grateful that millions of customers across India trust us. As we move to 2024, one of the most frequently asked questions is - will the growth continue? While it is impossible to predict, think

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Lalit Keshre

@lkeshre

2 years

🙏

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Lalit Keshre

@lkeshre

3 years

The bull market ends. The bear market starts. Then it ends. The bull market starts again. The cycle goes on. We never know the timings. But only in hindsight.

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Lalit Keshre

@lkeshre

2 years

Where are we today? @_groww

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Lalit Keshre

@lkeshre

3 years

"Making things simple" can probably create trillions of dollars of value. But it is very complicated.

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Lalit Keshre

@lkeshre

4 years

We get more fuel for our rocketship by partnering with YC Continuity, along with existing partners Sequoia, Ribbit and Propel. It is still a Day One towards our mission to make financial services simple and transparent for millions in India.

Groww, an investment app for millennials in India, raises $30M led by YC Continuity | TechCrunch

Even as more than 150 million people are using digital payment apps each month in India, only about 20 million of them invest in mutual funds and stocks.

techcrunch.com

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Lalit Keshre

@lkeshre

4 years

Hello Twitter, what should Groww do to enable more women to invest?

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Lalit Keshre

@lkeshre

2 years

Groww spotted on moon yesterday by a team member.

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Lalit Keshre

@lkeshre

2 years

2022 was about travel. Visited many cities across India, met 1000s of customers. Grateful for the warmth and love. Ending with this one. Guess this beautiful place.

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Lalit Keshre

@lkeshre

4 years

Groww Raises $83 Million to Democratize Investing in India - Groww

Groww has raised $83m in Series D round. Tiger Global Management led the round with the participation of existing investors.

groww.in

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Lalit Keshre

@lkeshre

3 years

Stories are one of the best ways to learn. We started adding stories to our Groww Digest sometime back. In this thread, I will collate some of these stories.

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Lalit Keshre

@lkeshre

4 years

Should one invest in IPOs?

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Lalit Keshre

@lkeshre

4 years

n/n So, continue learning, and that is the best thing about investing. It is helping me learn about business (without b-school). Learn from others, avoid tips. And, do read this book - Psychology of Money by @morganhousel - a lot of wisdom in one simple book. I am still learning.

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Lalit Keshre

@lkeshre

3 years

Today we meet customers in Indore. Every city we visit has something special and welcomes us with so much warmth. Indore is special because I grew up in a small city close to it. 16 cities done so far! Many more to go.

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Lalit Keshre

@lkeshre

3 years

Bhopal. City of lakes. Also a city with eagerness to learn. Humbled by the quality of interactions with customers. This is what we work for.

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Lalit Keshre

@lkeshre

2 years

We start our UP trip with a smile. @_groww

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Lalit Keshre

@lkeshre

2 years

One big advantage of visiting home in rural is being able to see the world in two very different ways. And appreciate all the things we take for granted in each. Internet speed, healthcare, education in one. Fresh air, clean sky, slowness in another.

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Lalit Keshre

@lkeshre

3 years

One of the reasons why people do not donate: what will my small contribution change? It WILL. Please donate and encourage others. A few good folks have listed veriefied institutions you can donate: Please donate! Now.

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Lalit Keshre

@lkeshre

4 years

2/n Investing in stocks is exciting. It also generates wealth. However, excitement and wealth-building rarely happen together. So the first question is: what are you in it for? For the readers of Daniel Kahneman - excitement is System 1 thinking and building wealth is system 2.

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Lalit Keshre

@lkeshre

1 year

100 @Mumbai !

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Lalit Keshre

@lkeshre

4 years

Product updates from Groww. Here is a quick summary of investing tools we launched in the last three months. 1/

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Lalit Keshre

@lkeshre

4 years

6/n One trick question to ask an advisor. Will the markets go up or down? Any answer other than “don't know” or “can't say” is a red flag. Nobody can predict the markets.

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Lalit Keshre

@lkeshre

4 years

Build something people want. Products can be thought of as solving for Intent by reducing friction. For every intent that users have, they are ready to bear a certain level of friction — not more than that. 3/

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Lalit Keshre

@lkeshre

7 months

Startups have started contributing to India’s growth, which will continue to get better. Groww @StartupMahakumbh

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Lalit Keshre

@lkeshre

3 years

Why do tech companies make losses? 1/n

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Lalit Keshre

@lkeshre

4 years

Account maintenance charges (AMC) are charged by brokers to maintain your Demat account. On 23 November, we removed this AMC on Groww — with the basic premise that it will lower the barrier to stock investing.

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Lalit Keshre

@lkeshre

4 years

Product management is a specific skill (in @naval 's words). It cannot be taught, but can only be learnt. 2/

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Lalit Keshre

@lkeshre

3 years

Hunting was considered cool in the past. Slavery was acceptable. Men had more privileges than women by law. Hard to believe. But a lot of practices that are acceptable today might not be so in the next 100 years. What do you think those are?

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Lalit Keshre

@lkeshre

8 months

Last month, we visited the beautiful state of Gujarat and met our customers. Fun trip + loving customers + great food. On every trip, we realize how vast and diverse India is.

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Lalit Keshre

@lkeshre

2 months

In 2020, we launched AIKG, which gave us an opportunity to visit 150+ cities across India. We got a lot of love from customers, and we feel that AIKG contributed significantly to our growth. Now, we are taking another step. While in AIKG, we went out and met customers; now, we

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Lalit Keshre

@lkeshre

2 years

Why do predictions go wrong?

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Lalit Keshre

@lkeshre

4 years

7/n Picking stocks yourself? This gets interesting. First, curb your excitement. If you are like me, excitement is what would have got you started. Separate it from building wealth. If needed, allocate some money for excitement (play money). Building wealth should be boring.

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Lalit Keshre

@lkeshre

5 months

150th AIKG. Special because the place is close to where we started Groww. Grateful to all the customers!

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Lalit Keshre

@lkeshre

4 years

Found this startup t-shirt, more than 9 years old. The startup did not work out, but still donning the t-shirt with pride.

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Lalit Keshre

@lkeshre

4 years

14/n Common sense understanding was that as India gets rich, AC penetration should go up. Read research reports and annual reports, understood more. Built a circle of competence over a year (On the circle of competence - )

Mastering Success: Navigating Within Your Circle of Competence

Understanding where you have an edge and where you don't can help you prevent problems, spot opportunities others miss, and rapidly learn. We all have a circle of competence - an area in which we...

fs.blog

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Lalit Keshre

@lkeshre

4 years

Leverage. That's one of my favourite words. Leverage enables us to do more than what we can normally do. Archimedes famously stated, "Give me a lever long enough and a fulcrum on which to place it, and I shall move the world." Some learnings 🧵

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Lalit Keshre

@lkeshre

4 years

3/n If it is for excitement or even learning, limit yourself to smaller amounts. Say less than 5% of your net worth or even lesser. Be aware of the fact that it is for fun/learning. If it is for building wealth, there are two options: do it yourself or hire an advisor.

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Lalit Keshre

@lkeshre

4 years

Good PMs write. A lot. Writing doesn't just help in communicating with your team. It helps in clarifying your own thoughts. At an early stage, whiteboards are good enough. At a larger scale, writing becomes a superpower. 13/

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Lalit Keshre

@lkeshre

4 years

When investing, the first priority is to not lose money. From Groww Digest this week:

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Lalit Keshre

@lkeshre

2 years

Our largest event so far! Full of energy.

Groww

@_groww

2 years

We are ready Pune! Are you? #AbIndiaKaregaInvest

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Lalit Keshre

@lkeshre

4 years

That's all for now. We are hiring product folks (product, design, analytics, engineering). If you have read so far and resonated with this, and if you have built something in the past, do write to us on future @groww .in Tell us what you have built, we would love to talk.

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Lalit Keshre

@lkeshre

2 years

Passive funds are larger than active in the US. Why are passive funds yet to be popular in India?

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Lalit Keshre

@lkeshre

2 months

While we continue making investing simple, we have also been building tools for responsible trading among our customers. F&O has grown significantly in recent years, and there is a need for robust risk management tools. Earlier, we launched Anti-nudges, including Safe Exit.

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Lalit Keshre

@lkeshre

4 years

The best product managers start with a NO - that your users don't need what you are building. And then build conviction from insights and find a YES to finding things that users really want. 6/

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Lalit Keshre

@lkeshre

4 years

4/n On advisor: first things first. Your bank/broker/distributor/investment platform is not your advisor. If they are the same, check if there is a conflict of interest. (disclosure: Groww does not provide personal advice, not yet).

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Lalit Keshre

@lkeshre

4 years

We started sending Groww Digest more than 4 years back to simplify finance news & concepts. No advice. No promotions. Today we have more than 3.3M active monthly readers. This week we share an interesting story on Hindsight bias. Do share feedback

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Lalit Keshre

@lkeshre

4 years

Starting a SIP is like a Ulysses contract! 1/n

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Lalit Keshre

@lkeshre

4 years

How do you find what users want? One way is to be curious and observant of what is happening around you. What is changing in the world? A safer strategy is to bet on things that do not change. 5/

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Lalit Keshre

@lkeshre

4 years

20/n In investing, your biases kill you (). For every share that is traded - there is a buyer and a seller and both think they are smart. On that note, don’t forget to read Atul Gawande’s checklist manifesto. Checklists can reduce your error rates.

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Lalit Keshre

@lkeshre

4 years

Bad product managers keep engineers busy with building feature after feature. Good Product managers work hard to find out what users really want. 19/

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Lalit Keshre

@lkeshre

4 years

5/n Consider MFs if you can't hire a good stock advisor. Can also explore indexing if you don’t believe fund managers can generate alpha. Plug: Index funds and ETFs are available on Groww. They are available almost everywhere but very few will sell you (guess why?)

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Lalit Keshre

@lkeshre

4 years

They don't focus on cool ideas and things that are trending. They focus on things that help users get users' jobs done. They don't focus on things that they want to do, but on things that users want. 7/

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Lalit Keshre

@lkeshre

4 years

The best way to build a consumer product is to build one for yourself. You will have at least one user that way. 9/

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Lalit Keshre

@lkeshre

3 years

Beautiful words from A Book of Simple Living by Ruskin Bond.

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Lalit Keshre

@lkeshre

2 years

From July 1, because of MF non-pool circular, how you pay for Mutual funds has changed. Instead of Groww, money goes directly to AMCs through BSE’s clearing corporation, and settlements and refunds are managed by the clearing corporation.

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Lalit Keshre

@lkeshre

3 years

The best para I found in "The Archer" by Paulo Coelho. "Elegance is achieved when everything superfluous has been discarded."

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Lalit Keshre

@lkeshre

4 years

Investing - The Last Liberal Art A delightful book summarizing various mental-models and how multi-disciplinary thinking can make us a better investor. Here are some highlights.

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Lalit Keshre

@lkeshre

4 years

8/n Before picking stocks, I am assuming you have done your asset allocation exercise - your age, risk etc and diversification across asset classes like equity, debt, gold. If not, do that first. We will go directly into stocks.

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Lalit Keshre

@lkeshre

4 years

Surveys don't work most of the time. They are biased in multiple ways. Also, they tell what users tell, and not what they think or feel or will actually do. 8/

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Lalit Keshre

@lkeshre

4 years

10/n You can make money in two ways - you think the company you invest in will groww or you think that the price that is offered in the market is cheap compared to what it's worth and someday the markets will re-evaluate it. Or both.

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Lalit Keshre

@lkeshre

4 years

11/n Please note, traders view markets very differently from investors, and I will cover that viewpoint separately. For now, just take it that the trading mindset is different. If you are looking at the price every hour or every day - you are most likely trading.

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Lalit Keshre

@lkeshre

2 years

F&O is risky. A lot of investors are getting lured because of excitement. But unless you are putting in a crazy amount of time and have money that you can afford to lose, you should stick to long-term investing.

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Lalit Keshre

@lkeshre

4 years

Mother, wife and daughter - all three on twitter. Now I will have to think thrice before tweeting anything.

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Lalit Keshre

@lkeshre

3 years

Charlie Munger has this famous quote: the first rule of fishing is fish where the fish are. No matter how good you’re at something, the results will still be dependent on the size of the opportunity.

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Lalit Keshre

@lkeshre

4 years

12/n Coming back to investing. Let’s look at the first point, finding the company that will grow. You cannot discover that company unless you really understand the sector - there comes your circle of competence. The deeper the understanding - the easier it gets.

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Lalit Keshre

@lkeshre

4 years

9/n Buying a stock is like buying a tiny share in the real company. Because these shares are traded on exchanges - prices fluctuate.

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Lalit Keshre

@lkeshre

2 years

Most retail investors should not do intraday or F&O trading. For those who do, this edition of @_groww Thrive is for you.

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Lalit Keshre

@lkeshre

4 years

Jim Rohn said - we are the average of the 5 people we spend the most time with. Well, this Saturday, we are bringing you 10 folks - some of the best minds of our times. For 7 hours.

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Lalit Keshre

@lkeshre

4 years

So are you reducing friction for known intent or have you found a secret or contrarian insight on what users want? Even better, is it a mix of both? 4/

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Lalit Keshre

@lkeshre

4 years

What are the top books you loved reading? Share. Here are mine.

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Lalit Keshre

@lkeshre

3 years

We see what we want to see. It is difficult to change our opinion when we already believe in something. Everything we see just validates our opinion further. This is called confirmation bias.

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Lalit Keshre

@lkeshre

3 years

Always invest where the possible growth is very to extremely high. <end>

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Lalit Keshre

@lkeshre

4 years

Some books are worth reading twice— few are worth 100 times. The Prophet by Kahlil Gibran is one of those.

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Lalit Keshre

@lkeshre

2 years

How much money is “enough” for you?

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Lalit Keshre

@lkeshre

4 years

Good PMs are optimistic but always doubtful. Bad PMs don't realize they are bad PMs. 15/

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Lalit Keshre

@lkeshre

4 years

16/n One red flag nullifies all good about the company. Yours truly learnt this the hard way by losing all the profits ever made by investing in two companies that went the fraud way.

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Lalit Keshre

@lkeshre

4 years

Recap of the year. We got into 2020 starry-eyed with big goals... A few hits, few misses. Here are 5 things I would remember from this year.

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Lalit Keshre

@lkeshre

4 years

18/n Usually, the less you understand, the more you should diversify. And if you are Jon Snow about stocks, just buy MFs or ETFs. OTOH, excess diversification can impact your returns. Imagine getting a 100 bagger with just 1% allocation vs 10% allocation from your portfolio.

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Lalit Keshre

@lkeshre

4 years

21/n In spite of doing all these things, you will still make mistakes. And it’s okay. It is good to make a record of mistakes. Limit the losses and move on. It’s okay to have smaller losses and a few big wins.

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Lalit Keshre

@lkeshre

2 years

Why do pessimists sound smarter?

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Lalit Keshre

@lkeshre

4 years

Product solutioning also involves building an ecosystem. Whatever it takes to get the user's "Job" get done. Operations, compliances, and many more things. Electric cars -> charging stations. Online shopping -> logistics 12/

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