India’s stockbroking race looks more like a high-stakes poker game, and Groww is holding the biggest pile of chips. The platform has kept its lead with 13.23 million active users, commanding a 26.66% market share, according to January 2025 data from the National Stock Exchange (NSE).
Meanwhile, Zerodha, once the undisputed king of discount broking, is feeling the squeeze. The firm wrapped up January with 8.08 million active clients, down from 8.12 million the previous month. It’s a slight dip, but every lost client counts in a market where newer platforms aggressively chase users. Comfortably sitting in third place, Angel One isn’t making any dramatic moves either. The brokerage closed January with 7.77 million users and 15.65% market share, but with a barely-there MoM growth of 0.18%, it’s clear that even the big players are fighting harder for new sign-ups.
Outside the top three, the stockbroking world is a mix of steady performers and surprise risers. Upstox, backed by Ratan Tata, reported 2.86 million active users, while ICICIdirect inched up 0.13% to hit 1.95 million clients. HDFC Securities, on the other hand, had one of the best months among traditional firms, growing 2.82% MoM, while Kotak Securities moved up by just 0.08%.
But here’s where things get interesting- some of the fastest-growing brokerages aren’t the big names at all. Dhan added 3% more users, pushing its client base to 960,668, while INDmoney outpaced that with a 3.50% jump. ShareMarket, the new brokerage platform from PhonePe, saw the fastest rise at 6.09%, showing that investors are more than willing to give new platforms a shot- especially those with tech-driven features and killer incentives.
Not everyone is celebrating, though. Old-school platforms like Sharekhan, Paytm Money, and 5paisa lost users. While these firms still have strong brand recognition, the tide is shifting toward younger, more digital-savvy investors. Now, let’s talk money. Zerodha may not have the most users, but it’s still sitting on the throne when it comes to revenue.
The firm raked in a massive ₹9,372 crore in revenue in FY24, with ₹5,496 crore in pure profit. Groww, while growing fast, isn’t quite there yet—it made ₹3,145 crore in revenue but took a hit due to a one-time tax payment from shifting its domicile. Upstox rounded out the top earners with ₹1,311 crore in revenue and ₹190 crore in profit.
Groww is gearing up for an IPO in the next 10-12 months, with a valuation target between $6 billion and $8 billion. With millions of new retail investors flooding into the market, the fight for India’s traders is only getting started.