Angel One narrows gap with Zerodha as broking rivalry intensifies

The Indian stock market’s active user base, which had been declining for the past two months, saw a marginal rebound in August 2025, rising 0.5% to 46.19 million clients from 45.96 million in July.

Groww continues to lead the stock broking space with 12.07 million active clients and a 26.26% market share, despite a 2.26% month-on-month decline from 12.35 million in July.

Zerodha retained its second position in August with 7.26 million clients and a 15.8% market share, despite a 2.3% m-o-m decline. Angel One, with a 15.33% share after a 2.1% decline, stood marginally behind Zerodha.

Upstox reported another steep drop in its user base, down 3.9% m-o-m in August after a 3.77% fall in July. It now holds a 5.17% market share with 2.38 million clients.

Traditional brokers maintained their positions, with ICICIDirect at 1.97 million users (4.28% share), HDFC Securities at 1.54 million (3.35%), and Kotak Securities at 1.42 million (3.10%).

Emerging broker Dhan secured the 9th spot with a 2.15% market share and 1 million clients. INDmoney slipped 4.6% m-o-m to 7.7 lakh users, while Paytm Money grew for the second straight month, reaching 7.6 lakh clients with a 1.65% share.

Mirae Asset (3.8 lakh users) and PhonePe’s Share.Market (3.1 lakh) once again recorded the steepest declines, dropping 11% and 6.39% respectively.

In recent months, the Indian stock market has underperformed compared to global peers, weighed down by sustained FII (foreign institutional investor) outflows and the impact of recent US tariffs, adding to overall uncertainty.