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Groww and Zerodha user base shrinks in February, PhonePe gains

EntrackrEntrackr · 5m ago
Groww and Zerodha user base shrinks in February, PhonePe gains
Medial

For the first time in the past year, the number of registered users on these platforms declined, slipping by 1.37% to 48.97 million in February, down from 49.64 million in January. Groww retained its top position in overall active users with a 26.57% market share, despite a 1.68% decline in its user base, which fell to 13.01 million in February from 13.23 million in January, according to NSE data. Meanwhile, Zerodha, the second-largest brokerage who holds 16.25% market share, also witnessed a 1.55% month-on-month decline, with its active client base dropping to 7.96 million in February from 8.08 million in January. Angel One, the third-largest broker, saw a 1.53% decline in its user base, ending February with 7.65 million active clients and a 15.62% market share. The decline in user numbers across platforms can be attributed to sluggish market conditions over the past few months. Other major brokers, including Upstox and ICICIdirect, retained their 4th and 5th positions, respectively, but also saw a drop in active users. Upstox, backed by Ratan Tata, reported 2.79 million active users with a 5.70% market share, down 2.42% month-on-month. Similarly, ICICIdirect's active user base declined by 0.57% to 1.94 million. Among traditional players, HDFC Securities bucked the trend, recording a 1.97% MoM growth, while Kotak Securities saw a 0.93% decline, ending February with 1.49 million users. Motilal Oswal and SBI Securities maintained their 8th and 9th positions, respectively, with 1.02 million and 0.98 million active users, holding market shares of 2.08% and 2.01%, respectively. On the other hand, PhonePe’s Share. Market saw one of the highest growth rates among emerging brokers, expanding its user base by 2.58% to 0.35 million active clients. Other rising platforms, Dhan and INDmoney, also increased their user bases by 0.70% and 1.12% MoM, respectively.

Groww maintains lead over Zerodha and Angel One amid user base decline in June

EntrackrEntrackr · 1m ago
Groww maintains lead over Zerodha and Angel One amid user base decline in June
Medial

Groww maintains lead over Zerodha and Angel One amid user base decline in June The Indian stock market’s active user base has declined from a peak of 49.67 million in January to 47.89 million in June. However, it grew 2% month-on-month in the previous month, from 46.93 million in May. Groww maintained its leading position in overall active users with a 26.27% market share, despite a 1.67% drop in its user base, which declined to 12.58 million in June from 12.79 million in May, according to NSE data. Meanwhile, rival Zerodha retained its second spot with a 15.58% market share and 7.58 million users. However, it saw a 2.23% month-on-month decline from 7.75 million users in the previous month. Angel One holds the third spot with a 15.28% market share and 7.32 million users, narrowing the gap with Zerodha. Other major brokers, Upstox and ICICIdirect, held on to the fourth and fifth positions, respectively. Ratan Tata-backed Upstox (5.37% market share) saw a 3.36% decline in its user base to 2.57 million, while ICICIdirect (4.07% market share) maintained a steady user base of 1.95 million. Among traditional brokers, HDFC Securities (1.58 million users) and SBI Securities (1.01 million) recorded month-on-month growth of 1.32% and 1.65%, respectively. In contrast, Kotak and Motilal Oswal saw declines of 0.86% and 1.07%, respectively. Emerging broker Dhan retained its 10th position with 1 million users and a market share of 2.08%. Paytm Money’s user base grew by 2.74% to 7.24 lakh, while Sharekhan’s client base declined by 2.46% to 6.25 lakh. Both remained among the top 20 stock brokers. On the other hand, PhonePe’s Share.Market appears to be losing ground, with its user base declining by 3.52% in June to 3.47 lakh users.

Groww continues to lead stock broking space in July; PhonePe’s Share.Market dips 6%

EntrackrEntrackr · 16d ago
Groww continues to lead stock broking space in July; PhonePe’s Share.Market dips 6%
Medial

Groww continues to lead stock broking space in July; PhonePe’s Share.Market dips 6% The Indian stock market’s active user base has declined for the second consecutive month, falling 4% in July 2025 to 45.96 million from 47.89 million in June. The active user base had peaked at 49.67 million in January this year. Groww retained its lead with a 26.87% market share and 12.35 million active clients, despite a 1.81% month-on-month decline from 12.58 million in June, according to NSE data. Zerodha held the second spot with a 16.17% market share and 7.43 million users. However, it also saw a 2% month-on-month drop from 7.58 million in June. Angel One closed the gap with Zerodha with a 15.66% market share and 7.2 million users, experiencing a 1.68% month-on-month drop. Ratan Tata-backed Upstox held the fourth position and witnessed a steep 3.77% drop in its user base this month. It has a 5.38% market share with 2.47 million clients. Among traditional brokers, ICICIDirect (1.96 million users), HDFC Securities (1.57 million), and Kotak Securities (1.44 million) remained steady with market shares of 4.26%, 3.43%, and 3.14%, respectively. Emerging broker Dhan moved up to the ninth position with a 2.17% market share and one million users. INDmoney ranked 11th with a 1.76% market share and 0.81 million clients. Paytm Money’s client base grew 3% month-on-month to 0.75 million, holding a 1.62% market share. In contrast, Sharekhan’s user base declined 2.70% to 0.61 million. Mirae Asset (0.42 million users) and PhonePe's Share.Market (0.33 million) saw the steepest declines in user base with a drop of 8% and 6% respectively.

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