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

EntrackrEntrackr · 11m 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.

Groww IPO values founders’ stake at $1.85 Bn; Y Combinator set for 29X return in OFS

EntrackrEntrackr · 7d ago
Groww IPO values founders’ stake at $1.85 Bn; Y Combinator set for 29X return in OFS
Medial

Groww IPO values founders’ stake at $1.85 Bn; Y Combinator set for 29X return in OFS Digital investment platform Groww filed its Red Herring Prospectus (RHP) on October 29, 2025, for its Rs 6,632.3 crore initial public offering (IPO). The issue will open for subscription on November 4 and close on November 7. According to the RHP, Groww’s IPO will comprise a fresh issue of shares worth Rs 1,060 crore and an offer for sale (OFS) of Rs 5,572.3 crore at the upper price band of Rs 100 per share, with early major investors participating in the OFS. The offering is expected to value the company at around Rs 61,736 crore (approximately $7 billion). Groww’s marquee investors are set to earn significant returns from the IPO. Peak XV Partners, the company’s largest shareholder with a 19.87% stake, will partially exit by selling around 3 crore shares worth Rs 305.5 crore, yielding a 5.2X return on its investment. Meanwhile, Ribbit Capital will be the largest selling investor, offloading shares worth Rs 1,181 crore, giving it a return multiple of 5.5X. Y Combinator, which holds a 13.42% stake in Groww, will be offloading 10.5 crore shares worth Rs 1,054.8 crore. Based on its average acquisition cost of Rs 3.45 per share, the firm is set to earn an impressive 29X return on its investment. Another key investor, Tiger Global, will also participate in the OFS, selling shares worth Rs 518.4 crore for a 4.55X return. Kauffman Fellows, one of Groww’s early backers, is set to earn the highest return of 196X on its investment, with an average cost of acquisition of just Rs 0.51 per share. Meanwhile, Alkeon Capital, Nirman Ventures, and Propel Venture Partners will also participate in the OFS, selling shares worth Rs 447 crore, Rs 179 crore, and Rs 162.7 crore, respectively. Groww’s co-founders are set to see a substantial increase in the value of their holdings following the IPO, with their collective stake valued at Rs 16,316 crore ($1.85 billion). CEO Lalit Keshre, who holds a 9.12% stake, will see his shareholding valued at Rs 5,591 crore (around $635 million). COO Harsh Jain’s stake is valued at Rs 4,116 crore ($467 million), while co-founders Neeraj Singh and Ishan Bansal hold stakes worth Rs 3,832 crore ($435 million) and Rs 2,777 crore ($315 million), respectively. Last month, Groww’s co-founders collectively pocketed over Rs 700 crore through incentives and secondary share sales. Groww continued to lead India’s stockbroking space with 11.9 million active users and a 26.28% market share as of September. However, its user base saw a 1.36% month-on-month decline from 12.07 million in August. The Bengaluru-based stock broking and wealth management firm’s operating revenue surged nearly 50% year-on-year to Rs 3,902 crore in FY25, while its profit soared to Rs 1,824 crore during the same period. In Q1 FY26, however, Groww’s revenue declined nearly 10% YoY to Rs 904.4 crore, with the company posting a profit of Rs 378.36 crore.

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

EntrackrEntrackr · 4m 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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