Groww overtakes Zerodha as top brokerage with 6.63 million active investors, Upstox distant fourth
Groww overtakes Zerodha as top brokerage in India with 6.63 million active investors. Upstox ranks fourth and Angel One ranks third in active investors.
With more active investors than Zerodha, fintech startup Groww has overtaken the latter as the top brokerage in India. According to NSE data, as of the end of September 2023, Groww had 6.63 million active investors, whereas Zerodha had 6.48 million.
Groww was founded in 2016 and is operated by Billionbrains Garage Ventures Pvt Ltd, according to the information provided by the company. Groww platform offers multiple products such as mutual funds, stocks, loans, consumer payments, etc. The company recently ventured into asset management with Groww Mutual Fund (previously Indiabulls AMC).
During the same period, Upstox, a relatively newcomer to the market, came in fourth place with 2.19 million active investors, and Angel One ranked third with 4.86 million active investors.
Upstox, officially founded in 2010, is operated by RKSV Securities India Private Ltd, as mentioned in the company's website.
ICICI Securities, with 1.91 million clients, ranked fifth on the list.
Groww had 5.37 million customers at the end of FY23, while Zerodha, the had 6.39 million, according to moneycontrol's news report.
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Groww has experienced significant growth, rising from roughly 0.78 million users in FY21 to 3.85 million in FY22 and 5.78 million investors in FY23, as per moneycontrol's news report.
The number of demat accounts in the country was estimated to be 12.97 crore at the end of September. NSE data indicated that merely 3.34 crore Indians actively trade on the exchange at least once a year, reported moneycontrol.
India’s largest stock broking platform Zerodha saw slower growth in its bottom-line as well as its top-line in the financial year that ended March 2023 as compared to its tremendous growth in the previous two fiscals.
Despite slower growth than the past two fiscals, Zerodha saw its net profit surge by 39% in FY23 to ₹2900 crore from ₹2094 crore in the fiscal before. Its revenue, on the other hand, grew by 35.5% to ₹6875 crore in FY23 from ₹4694 crore in the financial year ended March 2022.
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