Groww widens lead over Zerodha in Oct despite market slowdown

Amid a slowdown in India’s retail broking industry, wealth-tech platform Groww was the only major player to record growth in October 2025. According to NSE data, Groww added 1.38 lakh active demat accounts during the month, taking its total to 1.2 crore (12 million).

Other leading discount brokers saw a decline in active users. Zerodha and Angel One reported drops of 62,000 and 34,000 accounts, respectively, while Upstox lost about 59,000. While Groww is leading, the gap between Angel One and Zerodha is getting slimmer. The total number of active demat accounts across the top 25 brokers slipped 0.13% in October, indicating a phase of consolidation in the retail investing segment.

Among traditional players, ICICI Securities and SBI Caps added 13,000 and 25,000 accounts, respectively. Paytm gained around 30,000 new accounts, while most other brokers, including HDFC and Kotak Securities, reported small declines.

Digital-first platforms continue to lead the broking market, with Groww, Zerodha, and Angel One together holding over 57% of NSE demat accounts. Groww accounts for about 26.6% of the total, highlighting its growing share among retail investors.

Between July and October 2025, the number of active demat accounts across leading brokers fell from 4.72 crore (47.2 million) to 4.52 crore (45.2 million), reflecting the slowdown after the post-pandemic expansion. The rate of decline has eased, pointing to early signs of stabilization in the market.

Groww’s continued growth indicates steady user additions despite the broader industry slowdown.