Groww dethrones Zerodha as India's largest stockbroker with 66.3 lakh clients (2024)

Groww surpasses Zerodha in active clients, but Zerodha leads in revenue.

Groww has overtaken Zerodha to become India's largest stockbroker with a substantial 66.3 lakh active clients, surpassing Zerodha's 64.8 lakh, as per NSE data.

Groww dethrones Zerodha as India's largest stockbroker with 66.3 lakh clients (1)

This surge represents remarkable growth for Groww. In March 2021, Zerodha had 34 lakh active customers while Groww had only 7.8 lakh, as per a report by Moneycontrol.

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NSE classifies active investors as those who execute at least one trade in a year.

Despite this growth in the number of users, Zerodha continues to dominate in terms of revenue, reporting a fivefold revenue compared to Groww.

Nithin Kamath's online stock broking platform, disclosed a 39 per cent increase in profit after tax (PAT) to 2,907 crore for the financial year ending on March 31, 2023. This is a substantial rise from the 2,094 crore PAT reported in the previous fiscal year. The company's revenues also surged by 38.5 per cent to reach 6,875 crore in FY23, up from 4,964 crore the year before.

In contrast, Groww's parent company, Nextbillion Technology Private Limited, reported a revenue of 1,294 crore in FY23. The company also recorded a net profit of 73 crore.

As of the end of September, the country had roughly 12.97 crore demat accounts. However, data from the NSE indicates that only 3.34 crore Indians actively engaged in trading on the exchange at least once a year.

Kamath had attributed the primary reason for the increase in Zerodha's revenue and profitability over the last three years to huge interest in the markets, especially in the futures and options (F&O) segment.

ALSO READ: How did Nithin Kamath grow Zerodha

While the trading activity in F&O has increased significantly, the total number of people trading F&O is still not that large. Overall, 45 lakh Indians traded once a year last year in F&O, he had written in a blogpost.

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News / Business / Groww dethrones Zerodha as India's largest stockbroker with 66.3 lakh clients

Groww dethrones Zerodha as India's largest stockbroker with 66.3 lakh clients (2024)

FAQs

How did Groww overtake Zerodha? ›

How did Groww surpass Zerodha in terms of customers? Venture capital-backed platform Groww has gained popularity as it does not charge customers for account opening or annual maintenance. The company also spends a lot on customer acquisition, unlike Zerodha.

Who is the most successful stock broker in India? ›

Zerodha, Upstox, and ICICI Direct secure top positions in the list of stock brokers in India with the highest active clients, a testament to their popularity and credibility.

Who is the biggest stock broker in the world? ›

5 Largest Brokerage Firms of 2024
Stock Brokerage FirmAssets under management*
Vanguard Group$8.6 trillion
Charles Schwab$8.5 trillion
Fidelity Investments$4.4 trillion
JPMorgan Chase & Co.$3.9 trillion
1 more row
Jan 25, 2024

How many clients does Groww have? ›

Listen to This Article. Brokerage firm Groww emerged as the largest broker in India with market share of 23.4 per cent and an active client base of 9.5 million in Financial Year 2023-24 (FY24).

Why is Groww better than Zerodha? ›

Groww offers to invest in US Stocks, Gold, and Fixed Deposits other than Equity and F&O whereas, Zerodha provides Equity, Commodity and Currency trading. Zerodha facilitates call and trade services whereas, Groww does not provide Call and trade facilities. NRI Trading is available with Zerodha but not with Groww.

Who is the owner of Groww? ›

Who Owns Groww : Founders, Promoters, Investors, and Other Details. In 2016, four Flipkart employees – Lalit Keshre, Harsh Jain, Ishan Bansal and Neeraj Singh, quit their jobs to start a venture that could make investing easy. They called this venture Groww and started operations In 2017.

Who is the top richest trader in India? ›

Top 10 Traders In India 2024:-
RankTrader Name
1Premji and Associates
2Radhakrishnan Damani
3Rakesh Jhunjhunwala
4Raamdeo Agrawal
6 more rows
Apr 30, 2024

Who is the richest person in India by trading? ›

Top 10 Traders in India
PositionTop Traders in India
1Premji and Associates
2Radhakrishnan Damani
3Rakesh Jhunjhunwala
4Raamdeo Agrawal
6 more rows
Feb 16, 2024

Who is the billionaire stock trader in India? ›

Top 10 richest investors in India in 2023
  • Radhakishan Damani. Radhakishan Damani is the founder of DMart. ...
  • Raamdeo Agrawal. Raamdeo Agrawal is a well-known Indian securities and exchanges finance expert. ...
  • Ramesh Damani. ...
  • Ashish Dhawan. ...
  • Vijay Kedia. ...
  • Sunil Singhania. ...
  • Porinju Veliyath. ...
  • Ashish Kacholia.

Do billionaires use stock brokers? ›

A billionaire may use some or all of these services, but for buying stocks, they may use a prime brokerage specifically to borrow securities for short selling (making money from stocks when they go down) or borrowing large amounts of money to buy stocks on margin.

What stock broker do millionaires use? ›

What brokerage firms do billionaires use? Many very wealthy individuals use the top brokerage firms, such as Fidelity, Schwab, Vanguard, and TD Ameritrade, among others. They invest in private equity and hedge funds.

What brokerage do most millionaires use? ›

Best Brokers for High Net Worth Individuals
  • Charles Schwab - Best for high net worth investors.
  • Merrill Edge - Best rewards program.
  • Fidelity - Best overall online broker.
  • Interactive Brokers - Great overall, best for professionals.
  • E*TRADE - Best web-based platform.
Mar 28, 2024

Is Groww better or Zerodha? ›

Zerodha is India's number 1 discount broker offering free equity and mutual fund investment, Rs 20 flat brokerage trading, and user-friendly Kite trading platform. Groww is the top broker for beginners to invest in direct mutual funds for Free and trade in stocks at a Rs 20 flat fee!

Did Groww take over Zerodha? ›

Groww, a seven-year-old financial services platform, usurped Bengaluru-headquartered Zerodha to become the largest brokerage in India in terms of the number of active investors.

What is the old name of Groww? ›

Disclaimer: Groww Asset Management Limited (formerly known as Indiabulls Asset Management Company Limited) Investment Manager to Groww Mutual Fund (formerly known as Indiabulls Mutual Fund) vide SEBI letter dated May 30, 2023 received the approval for change in name of Indiabulls Mutual Fund to Groww Mutual Fund and ...

When did Groww overtake Zerodha? ›

Groww overtook Zerodha in the number of active traders in September, with 6.6 million such customers against the rival's 6.4 million. In the three months since, Groww has grown its active trader base by a million, while for Zerodha, the expansion was by 300,000 users.

How did Zerodha disrupt the market? ›

On top of that, they only charged a flat fee of ₹20 on every trade, irrespective of its size, with zero brokerage fees and an annual maintenance fee of ₹300. This disrupted the whole brokerage industry. Zerodha did what other traditional brokers couldn't do.

How does Groww make money? ›

Groww mainly earns revenue from brokerage and other allied services, and other operating revenue from interest on deposits. Costs for Groww include employee-benefit expenses, followed by advertising and marketing, and technology.

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