Groww vs Zerodha: revenue, valuation and funding compared
The short answer
Groww reported the highest revenue, ₹4,644.6 crore in FY26. Groww and Zerodha were profitable in the latest year reported.
Groww and Zerodha are India's two best-known retail stockbroking apps. Groww is run by its listed parent Billionbrains Garage Ventures and offers stocks, mutual funds and wealth products. Zerodha is a private discount broker serving retail investors with stocks, mutual funds, bonds and derivatives. People compare them because they compete for the same first-time and long-time investors, and because both now add products such as US stock investing.
The years line up here: the latest full year in both profiles is FY26, the year to March 2026. The two profiles report different things, though. Groww's figures are operating revenue and net profit as reported by Inc42, with the consolidated basis not stated. Zerodha's profile has a net profit figure for FY26 and FY25 but no revenue figure, because reports only said revenue was flat. Every number on this page comes from the two StopDown profiles, and where a figure is missing the page says so.
Side by side
| Groww | Zerodha | |
|---|---|---|
| Founded | — | — |
| Based in | Bengaluru | — |
| What it sells | Investing app for stocks and mutual funds, run by Billionbrains | Discount stockbroker for retail investors in India |
| Status | Listed | Private |
| Revenue, latest year | ₹4,644.6 crore FY26 | — |
| Revenue, year before | ₹3,901.7 crore FY25 | — |
| Growth | +19% (FY25 to FY26) | — |
| Net profit (loss), latest year | ₹2,083 crore FY26 | ₹4,283 crore FY26 |
| Last disclosed valuation | — | — |
| Total raised | — | — |
| Last round | — | — |
| Profile | Groww on StopDown | Zerodha on StopDown |
Scale
Zerodha has the larger customer base in the profiles, with over 1.8 crore customers reported. Groww had about 1.34 crore users and a 29% market share among stockbrokers by active clients in September 2026, and the profile calls it India's largest stockbroker on that measure. The two counts use different definitions, so they are not a like for like ranking.
On revenue, Groww reported operating revenue of ₹4,644.6 crore in FY26, up 19%. Zerodha's revenue figure is not in its profile, so the two cannot be compared on revenue here.
Money
Both are very profitable. Zerodha's net profit was ₹4,283 crore in FY26, up about 1.2% from ₹4,231 crore in FY25. Groww's net profit was ₹2,083 crore in FY26, up 14%. In FY24 Groww posted a loss of ₹805.5 crore, which the profile attributes to a one-off tax charge on moving its parent to India. In the latest quarter listed, Q2 FY27, Groww's profit rose 54% to ₹725 crore on revenue of ₹1,502 crore.
Neither profile carries a private funding round or a valuation. Groww listed in November 2025, and anchor investors put in ₹2,984.5 crore a day before its IPO opened. Zerodha is private. In January 2026 Groww sold a 23% stake in Groww AMC to a US investment management firm for ₹580 crore. This page makes no comment on share prices.
Where they are heading
Both are widening beyond Indian stocks. Groww began a gradual rollout of US stock investing in September 2026, and Zerodha launched US stock investing in October 2026 with access to about 2,000 stocks. Zerodha also got a SEBI merchant banking licence in September 2026 and put ₹55 crore into the new unit, and added fixed deposits on its Coin platform in April 2026. Groww's profile notes that Fisdom's co-founders are due to leave once the wealth business is integrated.
The numbers behind the table
Groww: revenue and profit by year
| Year | Revenue | Profit or loss | Note |
|---|---|---|---|
| FY26 | ₹4,644.6 crore | ₹2,083 crore | operating revenue and net profit as reported by Inc42; consolidated basis not stated |
| FY25 | ₹3,901.7 crore | ₹1,824.4 crore | RHP table: revenue from operations and profit for the year; consolidated basis not stated; press based on ET gives ₹4,056 crore and ₹1,819 crore, likely a total-income basis |
| FY24 | ₹2,609.3 crore | ₹805.5 crore loss | RHP table; loss from one-off tax charge on moving the parent to India; consolidated basis not stated |
Zerodha: revenue and profit by year
| Year | Revenue | Profit or loss | Note |
|---|---|---|---|
| FY26 | — | ₹4,283 crore | net profit as reported; revenue said to be flat but no figure given; basis not stated |
| FY25 | — | ₹4,231 crore | net profit as reported in the FY26 comparison |
Questions people ask
Which is bigger, Groww or Zerodha?
By profit, Zerodha: its net profit was ₹4,283 crore in FY26 against ₹2,083 crore for Groww. Groww's FY26 operating revenue was ₹4,644.6 crore, but Zerodha's revenue figure is not in its profile, so revenue cannot be compared.
Is Groww profitable?
Yes, in its latest full year. Groww reported a net profit of ₹2,083 crore in FY26 on operating revenue of ₹4,644.6 crore. Zerodha's net profit for FY26 was ₹4,283 crore.
Who founded Groww and Zerodha?
Groww's profile names Lalit Keshre as co-founder and chief executive; it does not list its other founders. Zerodha's co-founders are Nithin Kamath, who is chief executive, and Nikhil Kamath.
Which has raised more money?
Neither profile lists private funding rounds, so the page cannot rank them. Groww is listed, and its anchor investors put in ₹2,984.5 crore a day before the IPO opened in November 2025. Zerodha is private.
Every figure on this page comes from the companies' StopDown profiles, which list the filing or statement behind each number: Groww, Zerodha. Revenue is revenue from operations unless the note says otherwise; valuations are as disclosed at a round or by the company; nothing here is investment advice. How StopDown counts.