Indian fintech firm Groww has eclipsed Zerodha to become the nation’s biggest brokerage by active investors as of September 2023, according to data from the National Stock Exchange (NSE). Groww boasts 6.63 million users, outstripping Zerodha’s 6.48 million. This achievement marks a significant milestone for Groww, which has seen an extraordinary 750% surge in its user base since March 2021, far outpacing Zerodha’s growth, which merely doubled over the same timeframe.
Zerodha, despite having fewer users, reported revenue that was five times higher than Groww’s, mainly due to its strong positioning in Futures and Options (F&O) trading. For the fiscal year 2023, Zerodha reported revenues of ₹6,875 crore (INR100 crore = approx. USD12 million) along with matching profit growth.
On the other hand, Groww’s parent company, Nextbillion Technology Private Limited, only saw a three-fold increase in revenue to ₹1,294 crore. Initially focused on long-term investment products like mutual funds and systematic investment plans (SIPs), Groww later expanded into direct equity investment on its broking platform. Despite these efforts, it continues to lag behind Zerodha in terms of financial performance.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.