Groww goes past Zerodha, becomes India's biggest stockbroker with 6.6 million active users

Wealth management platform Groww has become the leader among Indian stockbrokers in terms of active clients, pushing Zerodha to the second spot.

Groww had 6.62 million active clients in September, up from about 6.20 million the previous month, as per latest data released by the National Stock Exchange. Zerodha’s active user base remained stable at 6.40 million.

ET had on September 25 written about how Groww was racing ahead of the rivals.


Zerodha had been the top stockbroker since 2019. While another new-age broker, Upstox, had shown very significant growth in terms of active clients over 2021-22, it slipped quickly as the market corrected. But Groww, which started stockbroking only in 2020, scaled new heights almost every month, showing consistent growth.


As per NSE data, Zerodha is followed by Angel One, with 4.8 million active clients. Upstox reported 2.1 million active traders in September.

An active client is defined by the stock exchanges as one who conducted at least one trade in a year.

While Peak XV-backed Groww might have overtaken Zerodha in terms of active users, when it comes to financials, the latter is way ahead of competition.

In fiscal year 2023, Zerodha reported revenue of Rs 6,875 crore and a net profit of Rs 2,900 crore. Groww, on the other hand, reported revenue of Rs 1,294 crore and a net profit of Rs 73 crore in its core broking business.