@vapvarun User Groups is enabled in the Component tab but the User Groups accordion panel was missing in the URLs tab. However, I have been able to get it to appear.
Here is what I did:
1) Installed and network activated the bp-classic plugin. This changed the URL tab in BuddyPress settings to Pages. At that point, I could see an option for the User Groups component.
2) It turned out the Groups page in the Main Site was private. So, I changed it to public. After that, I was able to associate it with the User Groups component in the Pages tab.
3) Network deactivated the bp-classic plugin. The Pages tab in the BuddyPress settings changed back to URLs. Now, the User Groups accordion panel appears as expected.
