Groww, Zerodha lose active client base in 2025; smaller rivals gain ground

After years of steady expansion, stockbroking platforms such as Groww and Zerodha saw their active client bases shrink between February and August, even as smaller entrants gained traction, according to National Stock Exchange (NSE) data.

Groww, which became the country’s largest stockbroker by active clients in 2023, saw its user base fall to 12.07 million in August from 13 million in February. While still ahead of rivals, the Bengaluru-based platform has steadily lost clients in recent months, following the sharp post-Covid surge driven by a retail investing boom.

Zerodha, the former market leader, also reported consistent decline, with the number of active clients sliding to 7.26 million in August from 7.95 million in February.


Angel One also followed a similar trend, dropping to 7.04 million from a peak of 7.64 million in February.

In contrast, Paytm Money, the wealth management arm of One97 Communications, recorded an uptick, with active clients rising to 758,335 in August. PhonePe, which entered the broking business in August 2023, nearly doubled its base in a year, growing from 173,786 in July 2024 to 305,319 in August 2025.

The slowdown in trading activity and client growth follows regulatory curbs on futures and options (F&O), which have long been the most popular segment among retail investors because of their low capital requirements and high return potential. With restrictions around lot sizes, margin norms, and higher transaction costs, retail participation in F&O has tapered, directly impacting the user base of online brokerages.

Also Read: Sebi may ease some F&O curbs amid market concerns

On August 28, ET had reported that Groww has secured approval from Sebi to launch its initial public offering (IPO).