Groww expands stock broking lead in Dec 2025; Zerodha and Angel One lose clients

As India’s retail broking industry continues to face a slowdown, the total number of active users declined further to 4.48 crore in December 2025 from a peak of 4.96 crore in January 2025. Despite the broader decline, Groww continued to grow its user base, held a 27.06% market share, and posted marginal growth, while peers such as Zerodha, Angel One, and others reported a drop in active clients.

According to NSE data, Groww added around 39,500 active demat accounts during the month and took its total client base to about 1.21 crore (12.13 million).

As of 12:35 PM today, Groww’s share price is trading at around Rs 158.9 per share, with a market capitalization of Rs 98,068 crore or roughly $11 billion.

Among major brokers, Zerodha has been losing clients for several months. After shedding around 1 lakh users in November, it lost another 72,000 clients in December. Its total user base now stands at 68.5 lakh, giving it a 15.29% market share.

Angel One followed closely with a 15.08% share and 67.6 lakh clients, after losing more than 36,500 users in December. Upstox, ranked fourth, also saw a decline of over 74,000 accounts and now holds a 4.64% market share with 20.8 lakh clients.

Among traditional players, ICICI Securities and SBI Caps added around 19,500 and 25,300 accounts, respectively. Paytm also saw an increase of about 18,700 accounts, while most other brokers, including HDFC Securities, Kotak Securities, and Motilal Oswal, reported a decline in client numbers.

Emerging brokers showed mixed trends during the month. Recently turned unicorn Dhan held a steady user base of 9.8 lakh with a 2.2% market share and added a marginal 4,700 users, while INDmoney and PhonePe’s Share.Market reported month-on-month declines of 4.37% and 6.16%, respectively.