Groww strengthens lead in stock broking space in November as Zerodha sees further decline

Amid a slowdown in India’s retail broking industry, overall active users remained flat in November at 4.5 crore (45 million). Groww continued to dominate with a 26.84% market share and recorded marginal user growth, while Zerodha, Angel One and others saw a decline in clients.

Recently listed wealth-tech platform Groww was one of the only major players to record growth in November 2025. According to NSE data, Groww added around 42,000 active demat accounts during the month, keeping its total client base at around 1.2 crore (12 million).

As of 12:13 PM today, Groww’s share price is trading at around Rs 143 per share, with a market capitalization of Rs 88,436 crore or roughly $10 billion.

Among major brokers, Zerodha saw the biggest drop in users last month, shedding nearly 1 lakh clients. Its total user base is now 69.24 lakh with a 15.38% market share. Angel One is close behind with a 15.09% share and 67.95 lakh clients after losing over 55,000 users in November. Upstox, at the fourth spot, also lost more than 65,000 accounts and now has a 4.78% market share with 21.52 lakh clients.

Among traditional players, ICICI Securities and SBI Caps added around 19,000 and 30,000 accounts, respectively. Paytm also gained about 22,000 new accounts, while most other brokers, including HDFC and Kotak Securities, saw declines.

Emerging brokers continued to show mixed trends. Recently turned unicorn Dhan maintained a steady user base of 9.8 lakh with a 2.18% market share, while INDmoney and PhonePe’s Share.Market saw month-on-month declines of 2.84% and 4.28%, respectively.

Between January and November 2025, active demat accounts across major brokers dropped from a peak of 4.96 crore (49.64 million) to 4.50 crore (45 million), reflecting a broader slowdown in market participation.