Milestone · Financial Services

Groww widens lead in Indian retail broking

By Startup Enthusiast · 9 January 2026

What they do

Groww is an online platform for stock trading, mutual funds, and other investments

In December 2025, Groww held a 27.06% market share with 1.21 crore active clients

Rivals Zerodha, Angel One, and Upstox all lost users, while Groww added nearly 39,500 accounts

Groww expanded its lead in Indian retail stock broking in December 2025.
The total active users in Indian retail broking fell to 4.48 crore from a peak of 4.96 crore in January 2025.
Groww's market share rose to 27.06% in December 2025.
Groww added approximately 39,500 active demat accounts in December 2025.
Zerodha lost about 1 lakh users in November 2025 and another 72,000 clients in December 2025.
Groww's share price was about Rs 158.9 per share on 9 January 2026.
Groww's market capitalisation was Rs 98,068 crore (~$11 billion) on 9 January 2026.

The overall retail broking market shrank by nearly 48 lakh users from its January 2025 peak.
Zerodha lost about 1 lakh users in November 2025 and another 72,000 clients in December 2025.
Angel One lost over 36,500 users in December 2025, while Upstox lost more than 74,000 accounts.
Traditional brokers like ICICI Securities and SBI Caps added accounts, but not enough to offset losses at discount brokers.
Groww's growth contrasts with the decline of its main rivals, strengthening its position as the market leader.

Groww is an online platform for demat accounts, stock trading, and direct mutual fund investments in India.
It offers stock trading, ETFs, IPOs, intraday trading, margin trading facility (MTF), stock screener, futures and options (F&O), commodities, API trading, mutual funds, SIP, new fund offers (NFOs), bonds, gold, silver, international ETFs, and index ETFs.
Groww also provides credit products: loans against securities and personal loans.
The company claims to be trusted by 2 crore+ active investors and 130,834,586+ Indians.