Active clients (Sept 2026)
Share of NSE active clients
Client CAGR, FY21–25
Valuation on listing day
A decade ago, investing in India meant visiting a broker’s office, signing piles of paper and decoding a terminal full of jargon. Today, millions of first-timers start a SIP on their phone in minutes. The company that did the most to make that normal is Groww. Here is the story, with the numbers behind it.
Your portfolio₹1,24,560▲ 2.4%BuySellSIP ₹5,000 ✓IPO applied 🎉Account opened ✓Mutual funds 📈
Illustration: the kind of simple, all-in-one app experience that won over first-time investors.
01. The journey in five milestones
02. The playbook: how it won
Start where beginners startGroww began with direct mutual funds and SIPs, the easiest way into investing. By the time it offered stock trading in 2020, it already had a base of users who trusted the app.
Make it feel simpleA clean interface, plain-language explanations and fast onboarding. Rivals built for active traders; Groww built for someone opening a first demat account.
Keep widening the appStocks, F&O, IPOs, ETFs and more under one roof. A user who came for a SIP could later trade without switching apps.
Go direct, stay leanNuvama points out that all of Groww’s clients come directly, whereas Angel One also acquires clients through sub-brokers and pays them commission. Nuvama also describes Groww as one of the lowest-fee players in the industry.
Ride the waveRetail participation exploded, and Groww captured far more than its share of the newcomers.
03. The overtaking of Zerodha
Zerodha pioneered discount broking and held the top spot for years. Then, in September 2023, Business Standard reported that Groww had 6.63 million active clients against Zerodha’s 6.48 million, ending Zerodha’s long run at the top. Groww’s share of the NSE’s active clients was about 19.9%, versus 19.4% for Zerodha. The gap has widened every year since.
Broker | Sept 2023 | Sept 2025 | Sept 2026 |
|---|---|---|---|
Groww | 6.63M (19.9%) | 11.9M (26.3%) | 13.4M (~29%) |
Zerodha | 6.48M (19.4%) | 7.09M (15.6%) | 6.79M (14.7%) |
Angel One | 4.86M | 6.89M (15.2%) | 6.76M (14.7%) |
Upstox | 2.19M | 2.28M (5.0%) | 1.85M |
Groww’s 2026 share is calculated from 1.34 crore of 4.61 crore total clients; rounded figures from different outlets.
04. Growth that outpaced everyone
Nuvama’s analysis found that Groww’s active client base grew at about 101.7% a year between FY21 and FY25, versus 27% for the industry and 48.3% for Angel One. It also found that Groww captured 51% of incremental NSE active clients in FY24 and 40% in FY25.
Compound annual growth in active clients, FY21–FY25
Groww
101.7%
Angel One
48.3%
Industry
27%
Source: Nuvama, via Business Standard.
05Where the market stands today
In September 2026, India’s active broking base was 4.61 crore. Groww led by a wide margin, while Zerodha and Angel One were separated by only about 36,000 clients, according to Inc42.
Share of NSE active clients, September 2026 (approx.)
Groww
~29%
Zerodha
14.7%
Angel One
14.7%
ICICI Sec.
~4.7%
Upstox
~4.0%
Dhan
~2.4%
Zerodha and Angel One shares as reported; others calculated from active-client counts of 4.61 crore total.
Rank | Broker | Active clients | Change vs Aug |
|---|---|---|---|
1 | Groww | 1.34 crore | +1,00,961 |
2 | Zerodha | 67.91 lakh | −5,313 |
3 | Angel One | 67.55 lakh | +36,956 |
4 | ICICI Securities | 21.60 lakh | +4,410 |
5 | Upstox | 18.54 lakh | −10,343 |
6 | Dhan | 11.21 lakh | +13,624 |
Source: NSE data via CXO Digital Pulse, Sept 2026.
06. Winning in a shrinking market
Growth has not been a one-way street. Active clients across the industry fell by 34.88 lakh to 4.57 crore in FY26, from 4.92 crore in FY25. Zerodha lost 9.95 lakh clients that year and Angel One lost 8.15 lakh. Groww, meanwhile, grew its share. When the market cooled, its lead got bigger, not smaller.
07. Going public
Groww listed in November 2025. Its shares jumped about 30% on debut, valuing it at roughly $8.9 billion. The company was also profitable, reporting a net profit of ₹1,824 crore on revenue of ₹3,902 crore in FY25.
That measures reach, not profit. Zerodha, for example, reported a net profit of ₹2,907 crore on revenue of ₹6,875 crore in FY23 on a far smaller client base, and remains famously profitable. Outlook Business makes the same point: active clients reflect reach, not profitability.
08. Strengths and risks
✅ What works
Beginner-friendly product · direct client acquisition · broad product range · a lead that grew even in a down year · profitability at scale
⚠️ What to watch
Heavy reliance on trading income, including F&O, which regulators have been cooling · Angel One’s recent client gains · converting users into lending, asset management and insurance customers
09.The takeaway
Groww did not win by out-trading the traders. It made investing feel easy for people who had never done it, then kept those users inside one app as their needs grew. The next test is whether it can turn the largest customer base in Indian broking into a broader financial-services business.