Groww nears 13 Mn active users in November, INDmoney overtakes Paytm Money

Bengaluru-based fintech unicorn Groww continues to dominate the Indian stockbroking space, expanding its lead over competitors by achieving a milestone of 12.88 million active clients in November 2024. This translates to a commanding 26.35% market share, according to the latest data from the National Stock Exchange (NSE).

Groww added 2,82,577 new users in November alone. The Lalit Keshre-led company surpassed Zerodha in October last year and has maintained its leading position ever since. Zerodha retained its second position with 8.12 million active users, accounting for 16.62% of the market share.

Angel One, ranked third, has 7.63 million active clients and a 15.61% market share, closely following Zerodha. Angel One's consistent growth suggests it could potentially challenge Zerodha’s position in the near future.

Upstox, the fourth-largest broker, had 2.87 million active users in November with 5.88% of the market. ICICI Direct secured the fifth spot with 1.94 million users and a 3.97% market share.

Key performers in the top 10

• Kotak Securities: 1.48 million active users (3.03% market share).

• HDFC Securities: 1.38 million active users (2.81% market share).

• Motilal Oswal: 1.02 million active users (2.08% market share).

• SBI Securities: 0.98 million active users (2.01% market share).

• Dhan: 0.89 million active users (1.83% market share).

Outpacing Paytm Money and Sharekhan, INDmoney captured the 11th spot, with 7,32,437  users (1.50% market share). Paytm Money and Sharekhan are next with 7,15,020  and 7,07,984  users, respectively. Mirae Asset, 5paisa, and IIFL Securities are also among the top 15.

Notable players such as PhonePe’s Share.Market and FYERS, are contributing to the vibrant competition in the space.

The combined market share of the top three brokers—Groww, Zerodha, and Angel One—stands at over 58.58%. Traditional players like ICICI Direct, Kotak Securities, and HDFC Securities continue to hold ground against discount brokers.