Groww retains top spot in brokerage race despite dip in users

Groww retains top spot in brokerage race despite dip in users

11 Jul 2025, 05:32 PM

Zerodha, led by the Kamath brothers -- Nithin Kamath and Nikhil Kamath, also held on to its second spot with a 15.58% market share and 7.58 million users.

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India’s stock market saw a marginal dip in active investors, with the total user base falling from January’s high of 49.67 million to 47.89 million by June.

However, there was a slight recovery in June, with a 2% month-on-month increase from 46.93 million in May, as per an NSE data.

Groww held on to its top spot, commanding 26.27% of the market despite a 1.67% dip in active users. Its user base dropped from 12.79 million in May to 12.58 million in June. Groww confidentially filed draft red herring prospectus (DRHP) with the markets regulator Securities and Exchange Board of India (SEBI) earlier in May.

Zerodha, led by the Kamath brothers -- Nithin Kamath and Nikhil Kamath, also held on to its second spot with a 15.58% market share and 7.58 million users. The platform experienced a 2.23% monthly decline from 7.75 million users.

Interestingly, listed player Angel One narrowed the gap with Zerodha, holding on to its third place with a 15.28% market share and 7.32 million active users.

In fourth and fifth place were Tiger Global backed-Upstox and ICICI Direct. Upstox, in which Ratan Tata had also invested, saw a 3.36% drop in users, down to 2.57 million (5.37% share). ICICI Direct, with a 4.07% share, maintained its user base at 1.95 million.

HDFC Securities grew 1.32% month-on-month to 1.58 million users and SBI Securities gained 1.65%, reaching 1.01 million users.

In contrast, Kotak Securities and Motilal Oswal recorded declines of 0.86% and 1.07%, respectively.

Dhan, which is backed by investors including ChrysCapital and Alpha Wave, retained its 10th place with 1 million users and a 2.08% market share.

Meanwhile, Paytm Money saw its active user base grow by 2.74% to 7.24 lakh while Sharekhan lost 2.46% of its base, dropping to 6.25 lakh users. Both still remained in the top 20 list.

At the lower end, PhonePe’s Share.Market continued to struggle, losing 3.52% of its users in June, dropping to 3.47 lakh.

Earlier this month, another listed fintech player MobiKwik said that it has received approval from the Securities and Exchange Board of India (SEBI) to enter the stock broking market.

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