While Zerodha had 81.25 Lakh active users in November, Angel One and Upstox had an active user base of 76.31 Lakh and 28.72 Lakh, respectively
Groww has retained its top position in terms of active users for over a year now and has almost doubled its active user base from September 2023
Despite the sizable lead in terms of active users, Groww trails behind Zerodha on the financial front
The month of November saw investment tech startup Groww fortify its lead over the rest of the players in the broking space. As per NSE data, Groww added 2.82 Lakh new users in November, taking its active client base to 1.29 Cr.
Meanwhile, Zerodha was at the second spot last month, with its active user base standing at 81.25 Lakh. It was followed by various other new-age tech discount brokers.
Angel One was at the third position with an active user base of 76.31 Lakh. While Upstox took the fourth place with 28.72 Lakh active clients, Dhan had 8.92 Lakh users. The number of active users for INDMoney and Paytm Money stood at 7.32 Lakh and 7.15 Lakh, respectively.
Groww went past Zerodha in September last year, when the former had 66.3 Lakh active users as against the latter’s 64.8 Lakh. Groww has retained its top position since then and almost doubled its active user base from September 2023.
Despite the sizable lead in terms of active users, Groww trails behind Zerodha on the financial front. Groww Invest Tech, which operates online stock broking giant Groww, saw its net profit zoom 4X to INR 297.8 Cr in the fiscal year 2023-24 (FY24) as against INR 73.1 Cr in the year ago period.
Its operating revenue jumped 123% to INR 2,899 Cr in the fiscal under review from INR 1,294 Cr in FY23.
On the other hand, Zerodha registered a 21% year-on-year (YoY) growth in revenue from operations to INR 8,320 Cr in FY24. Net profit zoomed 61% to INR 4,700 Cr.
The development comes a month after Groww cofounder and CEO Lalit Keshre said that the startup plans to list on the bourses “somewhere down the line” without disclosing a specific timeline.
While the public listing still seems far away, Groww shifted its domicile back to India from the US in March this year. The company reportedly paid INR 1,340 Cr in taxes to the US government for the move based on its new fair market valuation (FMV) of $2 Bn.This was 30% lower than its $3 Bn valuation during its last funding in 2021.
