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

The Indian stockbroking industry continues to witness intense competition, with Bengaluru-based fintech unicorn Groww solidifying its dominance. 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).

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.