Groww reaches 13 million users in December as Zerodha’s growth slows

The Indian stockbroking sector recorded robust expansion in December 2024, led by Groww crossing 13.16 million active users and capturing a 26.59% market share.

According to the latest National Stock Exchange (NSE) data, Groww’s user base rose by 2.18% month over month (MoM), solidifying its position at the top of the industry.

Zerodha retained the second spot with 8.12 million active clients and a 16.41% share, though it saw a slight drop of 0.06% in its user count.

Top brokers command majority share

Angel One followed closely with 7.75 million active clients and a 15.67% market share, growing by 1.61% in December. Collectively, the top three brokers—Groww, Zerodha, and Angel One—control nearly 59% of the market, reflecting the strong preference for discount brokers among Indian retail investors.

Upstox stood fourth with 2.89 million active users, while traditional brokerages ICICIdirect, Kotak Securities, and HDFC Securities all maintained their positions with customer bases ranging from 1.95 million to 1.42 million.

New entrants and rising [layers

Emerging competitors have also made a noticeable impact. INDmoney, for instance, recorded 8.13% MoM growth to reach 0.79 million users.

Share.Market, PhonePe’s brokerage platform, grew at the fastest pace of 8.97% in December, ending the month with 0.32 million active clients. 

Dhan, another digital-first player, registered 0.93 million active users. Meanwhile, some platforms saw a decline in their user base, including Paytm Money, ShareKhan, and Mirae Asset. The steepest drop among top brokers came from 5paisa, which lost 3.35% of its user base in December.

Overall market momentum

The NSE witnessed a significant surge throughout 2024, adding 1.52 crore new active investors. More than 65% of these originated from just three discount brokerages: Groww, Angel One, and Zerodha. Groww alone added 60.66 lakh new accounts, accounting for 40% of the total fresh additions, while Angel One and Zerodha contributed 17.5% and 10% respectively.

A bullish market environment, buoyed by strong returns in benchmark and midcap indices, has encouraged more Indians to take up investing and trading.