Groww beats Zerodha, Angel One, PhonePe in new SIP registrations, adds over 2 million new SIPs in October

Lalit Keshre-led stockbroking giant Groww, which recently made a strong debut on the Indian stock market, captured about 47% of all new systematic investment plan (SIP) registrations in October 2025, Moneycontrol reported, citing CAMS data.

CAMS is the country’s largest mutual fund registrar and manages about 80% of all SIP registrations for major asset managers. 

The company added more than 2 million new SIPs during the month, far ahead of its competitors. Angel One, registered 570,000 new SIP accounts. PhonePe added 240,000, NJ IndiaInvest added 210,000 and Paytm added 160,000. In comparison, the Kamath brothers-led Zerodha added about 26,000 new SIPs.

Strong Growth in SIP Inflows

Groww’s SIP additions in October were 149% higher than the same month last year. Over the last six months, the company has secured about 43% of all new SIP registrations, according to company filings.

It's worth noting that Groww initially began in 2016 as a platform focused on direct mutual fund and SIP investing. As the platform expanded, it added offerings such as equities, derivatives, bonds and IPOs.

In its latest shareholder letter, the company said 36% of new customers joined through SIPs, up from 29% a year earlier. Mutual funds make up 53% of customer assets on the platform. Today, stockbroking generates nearly 80% of Groww’s revenue, according to September quarter disclosures.

While Groww leads in new registrations, traditional firms hold a larger share of assets. State Bank of India has the highest SIP assets under management at Rs 2.7 lakh crore, followed by NJ IndiaInvest with Rs 2.6 lakh crore. Groww manages Rs 1.26 lakh crore, while Zerodha controls Rs 1.29 lakh crore in SIP assets.

Financial performance

Last month, the Bengaluru-based company debuted at Rs 114 per share on the BSE, reflecting a 14% premium over the issue price of Rs 100. On the NSE, the stock opened at Rs 112, up 12% from the IPO price.

In FY25, Groww reported a net profit of Rs 1,824 crore, a turnaround from a loss of Rs 805 crore in FY24, as revenue rose 49% year-over-year to Rs 3,902 crore.

In the second quarter of FY26, the company's revenue from operations fell 9.5% year-over-year to Rs 1,018.7 crore, compared with Rs 1,125.4 crore a year earlier. It reported improved earnings, with net profit rising 12.2% year-over-year to Rs 471.3 crore from Rs 420.2 crore.