Launch · Financial Services

Dhan crosses one million users

By Startup Enthusiast · 11 March 2026

What they do

Dhan is a discount broking platform for retail investors to trade stocks and other assets

Dhan crossed 1 million users in February 2026 after adding 19,000 users that month, with a 2.24% market share

The milestone follows Dhan's unicorn status last year, as it grows amid a broader rise in India's active retail broking users

Dhan crossed 1 million users in February 2026, adding 19,000 users that month.
Dhan's market share in India's retail broking space stood at 2.24% in February 2026.
India's total retail broking active users rose to 4.54 crore in February 2026, up from 4.51 crore in January 2026.
Groww added 3.5 lakh clients in January 2026 and 2.65 lakh in February 2026, reaching about 1.27 crore users.
Zerodha added over 10,000 clients in February 2026, with a total user base of 68.72 lakh and a 15.11% market share.
Angel One added over 10,000 demat accounts in February 2026, after losing 13,000 users in January 2026.
Upstox lost 41,000 users in January 2026 and over 27,000 accounts in February 2026, with a 4.42% market share.
ICICI Securities added about 30,000 accounts in February 2026, while SBI Securities added 16,400 and Kotak Securities added 9,500.

Dhan turned unicorn last year, marking a significant valuation milestone.
The user growth comes as India's retail broking active user base expands month-on-month.
Dhan's growth contrasts with some competitors like Upstox, which lost users in early 2026.
The milestone reflects Dhan's increasing presence in a competitive broking market.

Dhan is a discount broking platform that allows retail investors to trade stocks and other financial instruments.
The company operates in India's retail broking sector, competing with larger players like Groww and Zerodha.
Dhan generates revenue likely through trading fees and related services, though specific details are not provided.
The platform targets individual investors seeking low-cost trading options.
Dhan's user base of 1 million indicates a growing customer footprint in the broking space.