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Groww expands stock broking lead in Dec 2025; Zerodha and Angel One lose clients

EntrackrEntrackr · 7d ago
Groww expands stock broking lead in Dec 2025; Zerodha and Angel One lose clients
Medial

Groww expands stock broking lead in Dec 2025; Zerodha and Angel One lose clients As India’s retail broking industry continues to face a slowdown, the total number of active users declined further to 4.48 crore in December 2025 from a peak of 4.96 crore in January 2025. Despite the broader decline, Groww continued to grow its user base, held a 27.06% market share, and posted marginal growth, while peers such as Zerodha, Angel One, and others reported a drop in active clients. According to NSE data, Groww added around 39,500 active demat accounts during the month and took its total client base to about 1.21 crore (12.13 million). Among major brokers, Zerodha has been losing clients for several months. After shedding around 1 lakh users in November, it lost another 72,000 clients in December. Its total user base now stands at 68.5 lakh, giving it a 15.29% market share. Angel One followed closely with a 15.08% share and 67.6 lakh clients, after losing more than 36,500 users in December. Upstox, ranked fourth, also saw a decline of over 74,000 accounts and now holds a 4.64% market share with 20.8 lakh clients. Among traditional players, ICICI Securities and SBI Caps added around 19,500 and 25,300 accounts, respectively. Paytm also saw an increase of about 18,700 accounts, while most other brokers, including HDFC Securities, Kotak Securities, and Motilal Oswal, reported a decline in client numbers. Emerging brokers showed mixed trends during the month. Recently turned unicorn Dhan held a steady user base of 9.8 lakh with a 2.2% market share and added a marginal 4,700 users, while INDmoney and PhonePe’s Share.Market reported month-on-month declines of 4.37% and 6.16%, respectively.

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

EntrackrEntrackr · 6m 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.

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