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HomeStartup StoriesSuccess StoriesGroww Extends Lead Over Zerodha, Surpasses 12.59 Million Active Users in October

Groww Extends Lead Over Zerodha, Surpasses 12.59 Million Active Users in October

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Bengaluru-based brokerage platform Groww has hit a significant milestone, crossing 1.25 crore (12.59 million) active users as of October, spurred by the addition of roughly 3.5 lakh new traders in just one month, as per National Stock Exchange (NSE) data.

Groww continues to outpace Zerodha, its closest competitor, which currently has around 80.6 lakh (8.06 million) active users. Groww first outperformed Zerodha in October last year and has retained its leading position since.

According to NSE reports, Groww nearly doubled its user base over the past year, while Zerodha saw a relatively modest increase of 15 lakh new users.

Angel One, ranking third, holds 75 lakh (7.53 million) active users and is on track to potentially surpass Zerodha soon. Following in fourth place is Upstox, with 28.52 lakh (2.85 million) users, and ICICI Direct rounds out the top five with 19.3 lakh (1.93 million) active users. Dhan, launched by ex-Paytm Money executive Pravin Jadhav, has 8.49 lakh (0.84 million) active users as of October and broke into India’s top 10 stockbroking apps list in August, taking Paytm Money’s spot.

New entrants in the top 20 are INDmoney and PhonePe’s Share.Market, boasting 6.7 lakh (0.67 million) and 2.69 lakh (0.26 million) users, respectively.

Financially, Zerodha led the industry in FY24 with revenues reaching Rs 8,370 crore, followed by Angel One’s Rs 4,272 crore. Zerodha, under Nithin Kamath, reported profits of Rs 2,907 crore, while Angel One saw profits exceeding Rs 1,125 crore in FY24.

Groww recorded Rs 3,145 crore in revenue from operations in FY24. However, due to a one-time tax expense of Rs 1,340 crore related to relocating its domicile to India, the Lalit Keshre-led company reported a net loss of Rs 805 crore, despite operational profitability. Meanwhile, Upstox, with revenue over Rs 1,000 crore in FY23, has yet to release its FY24 report.

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