Regarding stockbrokers, the wealth management platform Groww has managed to overtake Zerodha and take the top spot in terms of active clients.
Groww has surpassed Zerodha, which disclosed 6.4 million active customers in September, which has remained steady for the major stockbroker. Groww recorded 6.62 million active users in September.
Since 2019, Zerodha has been the most successful brokerage firm. Upstox showed substantial growth in regard to active customers over the course of 2021 and 2022, but as the market rectified itself, this growth quickly slowed down. Groww, on the other hand, just started doing stockbroking in 2020 but has already reached new heights on a monthly basis, demonstrating consistent growth.
According to the most recent information that was made available by the NSE, Angel One comes in second place, with 4.8 million active customers. In September, Upstox reported that there were 2.1 million active traders.
When it comes to finances, the stockbroking major is light years ahead of the competition, despite the fact that Groww, which is backed by Peak XV, may have beaten Zerodha to first place in terms of the number of active users.
Four former employees of Flipkart, Lalit Keshre, Harsh Jain, Ishan Bansal, and Neeraj Singh, left their positions in 2016 to launch a business that aims to simplify investing. They started operations in 2017 under the name Groww.
A member of the NSE, BSE, and MCX, the Indian financial services firm Zerodha provides brokerage-free equity investments in addition to retail and institutional broking, currency and commodities trading. The company, which was established in 2010, has offices in nine Indian cities and its headquarters are in Bangalore. It is also a recognised participant in the NSE’s business expansion advisory committee.