Groww, a fintech unicorn, has crossed 13.16 million active clients as of December 2024, marking a significant milestone in the Indian stockbroking landscape. According to data released by the National Stock Exchange (NSE), this achievement translates to an impressive 26.59% market share. The company has achieved 2.18% month-on-month (MoM) growth, further consolidating its leadership position in the highly competitive market.
PC: The Economic Times
The Indian stockbroking industry is extremely competitive, which is a reason multiple players now are vying to take market share away from one another. What follows Groww is Zerodha, on second, with 8.12 million active users and a 16.41% market share. However, Zerodha experienced a minor shrinking of its user base by 0.06% MoM. This stagnant growth is now being questioned about Zerodha’s ability to continue growth in spite of the growing level of competition.
Angel One is at the third spot, which has positive momentum as it has added 123,018 new users, and its active client base has increased by 1.61%, making it 7.75 million and a 15.67% market share. The top three brokers’ combined market share is now at a very high 58.67%, which reflects a concentrated competitive environment.
Ranking at number four, Upstox holds an active user base of 2.89 million and has a market share of 5.83%. Others are ICICIdirect at 1.95 million, Kotak Securities with 1.5 million, and HDFC Securities with an active user base of 1.42 million. SBI Securities and Dhan occupy the remaining two spots with active clients at 0.98 million and 0.93 million respectively.
Emerging players also make their mark. INDmoney stays in the 11th position with an 0.79 million active clients and has an 8.13% MoM growth. Also, Share.Market, PhonePe’s brokerage platform has seen the highest MoM growth of 8.97% with 0.32 million active users. INDmoney has edged past Paytm Money and ShareKhan to claim the 11th place in active clients.
On the contrary, several heritage players witnessed declines in their respective active user base. Paytm Money suffered a loss of 1.27%; ShareKhan, 0.55%, and Mirae Asset, 1.42%. Amongst the top three brokers, the biggest decline is witnessed by 5paisa, which dropped by 3.35% in its active users base in December.
The Indian stockbroking industry continues to grow, with both traditional and digital-first firms. Groww’s user growth is an indicator of its success in bringing in new clients, but also shows a shift in investor preference toward digital platforms. As the market matures, new entrants like Share.Market, INDmoney, and Dhan are creating a dynamic environment that challenges the status quo.
As Groww continues to expand its user base and enhance its service offerings, it will continue to face the challenge of keeping its clients engaged and satisfied. On the other hand, Zerodha will have to re-strategize and get back on track to regain its momentum in this fast-changing environment.
In conclusion, the growth of Groww to 13 million active users shows how dominant it is in the Indian stockbroking market, while Zerodha’s slowing growth is a reminder of the challenges that even established players face in this competitive arena.
