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Dhan crosses 1 Mn users mark in Feb; Groww continues to lead stockbroking space

EntrackrEntrackr · 2d ago
Dhan crosses 1 Mn users mark in Feb; Groww continues to lead stockbroking space
Medial

Dhan crosses 1 Mn users mark in Feb; Groww continues to lead stockbroking space India’s retail broking industry added 3.5 lakh users in February, taking the total to 4.54 crore. Groww led additions, while Dhan crossed the 1 million user mark. India’s retail broking industry saw moderate growth in February as active users rose by over 3.5 lakh to 4.54 crore from 4.51 crore in January 2026. Groww continued to add the highest number of users, with 3.5 lakh new clients in January and 2.65 lakh in February. Significantly, Dhan crossed the 1 million users mark after adding 19,000 new users during the last month. Zerodha and Angel One each added over 10,000 clients during the month. According to NSE data, Groww saw another 2.13% month-on-month rise in its user base in February 2026, which took its total client base to around 1.27 crore (12.75 million) and pushed its market share to 28.03%. Zerodha again added 10,000 clients in February, after several months of decline last year. The firm had lost around 1 lakh users in November and another 72,000 in December. Its total user base now stands at 68.72 lakh, with a 15.11% market share. Angel One added over 10,000 new demat accounts in February after a loss of 13,000 users in January. Upstox slipped to 5th place in January after losing 41,000 users and continued its decline in February, losing over 27,000 accounts, with its market share falling to 4.42%. Among traditional players, ICICI Securities, SBI Securities, and Kotak Securities added around 30,000, 16,400, and 9,500 accounts, respectively. Paytm saw an increase of about 9,700 accounts, while HDFC Securities and Motilal Oswal reported a decline in client numbers. Emerging brokers Dhan and INDmoney reported growth in their user base, adding 19,000 and 6,000 users, respectively. Recently turned unicorn Dhan crossed the 10 lakh user mark, with a market share of 2.24%.

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Groww hits 13 Mn active users in December, Zerodha's growth slows

EntrackrEntrackr · 1y ago
Groww hits 13 Mn active users in December, Zerodha's growth slows
Medial

Groww hits 13 Mn active users in December, Zerodha's growth slows Groww achieved a significant milestone of 13.16 million active clients in December 2024, translating to a 26.59% market share, according to the latest data from the National Stock Exchange (NSE). The Indian stockbroking industry continues to witness intense competition, with Bengaluru-based fintech unicorn Groww solidifying its dominance. This represents a 2.18% month-on-month (MoM) growth, maintaining its leadership in the sector. Zerodha retained the second position with 8.12 million active users and a 16.41% market share, although its user base shrank marginally by 0.06% MoM. Angel One, ranked third, continues to gain traction, adding 123,018 new users (1.61%) in December for a total of 7.75 million active clients and a 15.67% market share. The combined market share of the top three brokers—Groww, Zerodha, and Angel One—now stands at a commanding 58.67%. Upstox maintained its fourth position with 2.89 million active users and a 5.83% market share followed by ICICIdirect (1.95 million), Kotak Securities (1.5 million), and HDFC Securities (1.42 million). SBI Securities held the ninth spot with 0.98 million, Dhan ranked tenth with 0.93 million active clients. Rising contenders INDmoney remained in the 11th spot with 0.79 million active clients with 8.13% month-on-month growth. Share.Market, PhonePe’s brokerage platform, recorded the highest monthly growth of 8.97%, reaching 0.32 million active users. Last month, INDmoney overtook Paytm Money and ShareKhan in terms of active clients and captured the eleventh spot. In contrast, several players, including Paytm Money (-1.27%), ShareKhan (-0.55%), and Mirae Asset (-1.42%), saw declines in their active user base. Notably, 5paisa experienced the steepest drop among the top brokers, losing 3.35% of its active clients in December. By December 2024, the Indian stockbroking industry is flourishing with both traditional and digital-first firms. Groww remains a leader in attracting users, while new competitors like Share.Market, INDmoney, and Dhan are creating a dynamic and competitive market.

Groww nears 13 Mn active users in November, INDmoney overtakes Paytm Money

EntrackrEntrackr · 1y ago
Groww nears 13 Mn active users in November, INDmoney overtakes Paytm Money
Medial

Bengaluru-based fintech unicorn Groww continues to dominate the Indian stockbroking space, expanding its lead over competitors by achieving a milestone of 12.88 million active clients in November 2024. This translates to a commanding 26.35% market share, according to the latest data from the National Stock Exchange (NSE). Groww added 2,82,577 new users in November alone. The Lalit Keshre-led company surpassed Zerodha in October last year and has maintained its leading position ever since. Zerodha retained its second position with 8.12 million active users, accounting for 16.62% of the market share. Angel One, ranked third, has 7.63 million active clients and a 15.61% market share, closely following Zerodha. Angel One's consistent growth suggests it could potentially challenge Zerodha’s position in the near future. Upstox, the fourth-largest broker, had 2.87 million active users in November with 5.88% of the market. ICICI Direct secured the fifth spot with 1.94 million users and a 3.97% market share. Key performers in the top 10 include Kotak Securities with 1.48 million active users (3.03% market share), HDFC Securities with 1.38 million active users (2.81% market share), Motilal Oswal with 1.02 million active users (2.08% market share), SBI Securities with 0.98 million active users (2.01% market share), and Dhan with 0.89 million active users (1.83% market share). Outpacing Paytm Money and Sharekhan, INDmoney captured the 11th spot, with 7,32,437 users (1.50% market share). Paytm Money and Sharekhan are next with 7,15,020 and 7,07,984 users, respectively. Mirae Asset, 5paisa, and IIFL Securities are also among the top 15. Notable players such as PhonePe’s Share.Market and FYERS, are contributing to the vibrant competition in the space. The combined market share of the top three brokers—Groww, Zerodha, and Angel One—stands at over 58.58%. Traditional players like ICICI Direct, Kotak Securities, and HDFC Securities continue to hold ground against discount brokers.

Groww expands lead over Zerodha with 12.59 Mn active users in October

EntrackrEntrackr · 1y ago
Groww expands lead over Zerodha with 12.59 Mn active users in October
Medial

Bengaluru-based stock broker Groww has surpassed the 1.25 crore (12.59 million) mark in active traders in October, driven by the addition of around 3.5 lakh users in a single month, according to data from the National Stock Exchange (NSE). Zerodha, Groww’s closest competitor, had approximately 80.6 lakh (8.06 million) active investors as of last month. Groww overtook Zerodha in October last year and has held the top position ever since. As per the NSE’s data, Groww has nearly doubled its user base over the past year, whereas Zerodha added just 15 lakh new users. Angel One, the third-largest stockbroker, has 75 lakh (7.53 million) active users and may surpass Zerodha in the coming months. Upstox ranked fourth, had 28.52 lakh (2.85 million) users as of last month. ICICI Direct is the fifth largest player in this space with 19.3 lakh active users (1.93 million). Dhan, launched by former Paytm Money executive Pravin Jadhav, had 8.49 lakh (0.84 million) users as of October. Dhan entered the top 10 list of stockbroking apps in India in August this year, replacing Paytm Money. INDmoney and PhonePe's Share.Market are the new entrants in the top 20 list with 6.7 lakh (0.67 million) and 2.69 lakh (0.26 million) respectively. In terms of scale, Zerodha had the highest revenue in FY24 at Rs 8,370 crore, followed by Angel One, which reported Rs 4,272 crore in revenue for the last fiscal year. Nithin Kamath’s Zerodha reported a profit of Rs 2,907 crore, while Angel One’s profits exceeded Rs 1,125 crore in FY24. Groww’s revenue from operations surged to Rs 3,145 crore in FY24. The Lalit Keshre-led company recorded a net loss of Rs 805 crore in FY24, primarily due to a one-time tax payment of Rs 1,340 crore for relocating its domicile to India. Despite this, the firm remained operationally profitable. Upstox, which posted over Rs 1,000 crore in revenue in FY23, has yet to file its annual report for FY24.

Pravin Jadhav-led Dhan storms into top 10 stock broking apps

EntrackrEntrackr · 1y ago
Pravin Jadhav-led Dhan storms into top 10 stock broking apps
Medial

Dhan, launched by former Paytm Money executive Pravin Jadhav, has entered the top 10 list of stockbroking apps in India. Launched in January 2021, Dhan has also knocked out Paytm Money from the top 10 list. With 1.2 crore active users in August, Groww is the market leader followed by Zerodha and AngelOne. Upstox and ICICI Direct are number 4th and 5th player with 26.62 lakh and 18.89 lakh active users, respectively. Groww took over Zerodha in October last year and since then, it has maintained the numero uno position. According to NSE data, Dhan had 740,000 (7.4 lakh) active users as of August, while Paytm Money had 730,000 (7.3 lakh) active users. AngelOne may surpass Zerodha in the coming months, as the listed firm had 710,000 (7.1 lakh) active users in August, compared to Zerodha 790,000 (7.9 lakh). One of the newest entrants PhonePe’s Share.Market is also gaining traction and currently stands at 21st spot with over 2 lakh active investors during the last month. That said, Dhan is reportedly in talks to raise a large round. Operating under Raise Financial Services, the company last raised $22 million in January 2022. BEENEXT, Mirae Asset, 3one4 Capital, and Rocketship.vc are its major investors. Dhan has also been profitable from the second fiscal year of its operations. While the company is yet to disclose FY24 numbers, it turned profitable in FY21 with over Rs 7 crore profit after tax (PAT).

Groww widens lead over Zerodha in active users; Dhan, INDmoney surge

EntrackrEntrackr · 1y ago
Groww widens lead over Zerodha in active users; Dhan, INDmoney surge
Medial

News All Stories Groww widens lead over Zerodha in active users; Dhan, INDmoney surge Despite its dominant position, Groww's month-on-month (MoM) growth slowed slightly as the platform added only 76,135 new users in January, reflecting a 0.58% increase from December. India’s stockbroking landscape continues to see major shifts as Groww maintains its lead with 13.23 million active users, according to the latest data from January 2025. The platform now holds a 26.66% market share among the stock broking apps. Despite its dominant position, Groww's month-on-month (MoM) growth slowed slightly as the platform added only 76,135 new users in January, reflecting a 0.58% increase from December. As per media reports, the Lalit Keshre-led company is targeting a public listing in 10-12 months, with a valuation goal between $6 billion to $8 billion. Meanwhile, Zerodha, once the market leader in India’s brokerage industry, saw a decline in its user base. The discount broker ended January with 8.08 million active clients, down from 8.12 million in December. This slowdown highlights increasing competition in the sector, with users migrating to newer platforms offering more features and incentives. Angel One, the third-largest broker, also maintained strong numbers, recording 7.77 million active clients with 15.65% market share. However, its M-o-M growth remained modest at 0.18%. Other major brokers, including Upstox and ICICIdirect, continue to hold their positions but with mixed performance. While Ratan Tata-backed Upstox reported 2.86 million active users, ICICIdirect reached 1.95 million clients with a 0.13% growth. Among traditional players, HDFC Securities showed a 2.82% MoM growth whereas Kotak Securities had a marginal increase of 0.08%. Emerging broker Dhan saw one of the highest growth rates. The firm expanded its user base by 3% to 960,668 active clients. Similarly, INDmoney posted a 3.50% MoM growth. While some legacy players such as Sharekhan, Paytm Money, and 5paisa registered a decline in users, newer entrants like Share.Market grew by 6.09%, signaling a shift in investor preferences. When it comes to revenue, Zerodha is the largest player among new-age stockbroking apps, with Rs 9,372 crore in revenue and Rs 5,496 crore in profits in FY24. Groww's revenue surged to Rs 3,145 crore in FY24, while Upstox reported Rs 1,311 crore in revenue with a Rs 190 crore profit. Groww incurred losses due to a one-time tax payment for shifting its domicile.

Dhan reports Rs 408 Cr PAT on Rs 877 Cr revenue in FY25

EntrackrEntrackr · 1m ago
Dhan reports Rs 408 Cr PAT on Rs 877 Cr revenue in FY25
Medial

Dhan reports Rs 408 Cr PAT on Rs 877 Cr revenue in FY25 Dhan posted a robust performance in FY25, with its revenue from operations surging more than 2.3X. At the same time, its profit jumped 2.6X and crossed Rs 400 crore in the last fiscal year. India’s stockbroking space continues to show strong momentum, with several platforms including Zerodha, Groww, Upstox, and Angel One reporting sustained profitability. Joining this league, stockbroking and investment platform Dhan posted a robust performance in FY25, with its revenue from operations surging more than 2.3X. At the same time, its profit jumped 2.6X and crossed Rs 400 crore in the last fiscal year. Dhan’s revenue from operations rose to Rs 877 crore year on year in the fiscal year ending March 2025 from Rs 371 crore in FY24, as per its standalone financial statements filed with the Registrar of Companies. Founded in 2021 by Pravin Jadhav, Dhan is a stockbroking and investment platform focused on active traders and young investors. It offers equity, ETF, and futures and options trading on NSE, BSE, and MCX, with integrations like smallcase and TradingView. Income from brokerage fees and commissions from equity, derivatives, and commodities trading accounted for 88% of the total operating revenue which surged 2.35X year-on-year in FY25 to Rs 769 crore. The company also reported Rs 108 crore in revenue from other operating activities, for which no detailed breakup was disclosed in its annual filings. In FY25, Dhan earned an additional Rs 10 crore from non-operating activities, including interest on fixed deposits, inter-corporate deposits, and current investments, taking its total income to Rs 887 crore. As of December 2025, Dhan had 9.8 lakh active clients with a market share of 2.2%, but it remains far behind industry leaders such as Groww and Zerodha, which had 1.21 crore and 68.5 lakh active users, respectively. Notably, Dhan’s reported its active client base at 4.69 lakh in FY24. For the stockbroking firm, commission paid to selling agents emerged as the largest cost component for the stockbroking platform, amounting to Rs 82.6 crore in FY25, nearly doubling year-on-year and forming about 24% of total expenses. Advertising was another major cost head, with Dhan spending Rs 73.6 crore during the year, nearly 2.7 times higher as compared to FY24. Employee benefit expenses followed closely, rising 66% year-on-year to Rs 73 crore in the last fiscal year. Software and technology charges for the stock broking firm also shot up over 85% to Rs 39.7 crore in the previous fiscal. Royalty cost, demat charges, legal & professional and other overheads pushed the company’s total expenses to Rs 341 crore in FY25, from Rs 175 crore in FY24. The 2.3X strong revenue growth helped Dhan to zoom its profits by 2.6X to Rs 408 crore in FY25 from Rs 159 crore in FY24. Its ROCE and EBITDA margins improved to 91.9% and 63.25%, respectively. On a unit economics basis, Dhan spent Rs 0.39 to earn a rupee of operating revenue. For context, Zerodha and Groww’s expense-to-operating-revenue ratios were recorded at Rs 0.37 and Rs 0.41, respectively during FY25. As of March 2025, the Mumbai-based firm reported cash and bank balance of Rs 1,498 crore while its current assets stood at Rs 1,911 crore. Dhan recently turned unicorn, reaching a $1.2 billion valuation after raising $120 million in a Series B round led by Hornbill Capital in October. The round also delivered strong exits for several angels and early backers, including Cred’s Kunal Shah, Miten Sampat, and members of the PhonePe founding network, with returns of nearly 45X in under four years.

Groww retains lead in stock broking amid falling user base in September

EntrackrEntrackr · 5m ago
Groww retains lead in stock broking amid falling user base in September
Medial

Groww retains lead in stock broking amid falling user base in September India’s active stock market users fell 1.92% in Sept to 45.31M after a brief rebound; IPO-bound Groww led with 11.91M users, down 1.36% MoM. The Indian stock market’s active user base, after rebounding in August 2025 with 0.5% growth to 46.19 million clients, fell once again in September 2025 by 1.92% to 45.31 million clients. IPO-bound Groww maintained its leadership in the stockbroking space with 11.91 million active users and a 25.78% market share, though its user base slipped 1.36% month-on-month from 12.07 million in August. Zerodha retained the second spot with a 15.34% market share and 7.09 million active clients, followed closely by Angel One with 6.89 million clients and a 14.91% share. Both brokers recorded month-on-month declines of 2.43% and 2.28%, respectively. Upstox witnessed another sharp month-on-month decline of 4.24%, taking its active client base down to 2.28 million and its market share to 4.93%. Among traditional stock brokers, ICICIDirect with 1.97 million users (4.28% share), HDFC Securities with 1.52 million (3.28%), and Kotak Securities with 1.41 million (3.05%) maintained their positions at fifth, sixth, and seventh place respectively. Recently turned unicorn Dhan, which raised $120 million at a $1.2 billion valuation, maintained its position at the ninth spot with a 2.12% market share and 9.8 lakh active clients despite a 0.97% month-on-month decline. Paytm Money, with 7.8 lakh users and a 1.68% market share, moved up to the 11th position after registering 2.28% month-on-month growth, while INDmoney slipped to 12th with 7.4 lakh users and a 1.60% share following a 3.86% decline. Mirae Asset saw the largest month-on-month jump of 12.35% reaching 3.3 lakh active users, while PhonePe’s Share.Market recorded a further decline of 5.29% to 2.9 lakh users.

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