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Groww surpasses Zerodha in terms of active users


In a big milestone for the company, stockbroking platform Groww has surpassed market leader Zerodha in terms of active users. Groww has 6.63 million active users as compared to Zerodha’s 6.48 million at the end of September 2023, according to the latest data available on the National Stock Exchange.

Tiger Global and Peak XV Partners-backed Groww has been inching closer to Zerodha in the past couple of months. By August, Zerodha had 6.3 million active users followed by Groww with 6.2 million and Angel One with 4.6 million.

India’s active user base for retail stock investors stands at 32.56 million. Groww holds a substantial 20.35% of this active user base, whereas Zerodha commands 19.9% of the share. The two firms are followed by AngelOne, Upstox and ICICI Securities.


Business wise, Zerodha is far ahead of its peers including Groww and Upstox. The Nithin Kamath-led company reported 38.5% growth in its revenue to Rs 6,875 crore during FY23 from Rs 4964 crore in FY22. The firm’s profit also grew 38.5% to Rs 2,907 crore in the fiscal year ending March 2023.

Groww, on the other hand, recorded 11.7X jump in its revenue to Rs 351 crore in FY22. The firm’s losses grew 3X to Rs 239 crore in FY22. It is yet to file its FY23 numbers. Another Tiger Global-funded company Upstox’s revenue from operations grew 77.4% to Rs 765.6 crore in FY22. It was also in deep loss during FY22 which jumped  6X to Rs 444.57 crore.

Valuation wise too, Zerodha is the highest-valued startup in the stock broking space at $3.6 billion while Upstox and Groww are currently valued at $3.4 and $3 billion respectively.

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