Groww has solidified its position as a leading player, showcasing significant market share gains against both traditional and discount brokerage firms.
What Happened: Groww’s ascent in the Indian brokerage market has been nothing short of meteoric, capturing a significant portion of the market share from its competitors. Reports indicate that Groww’s active investor base on the National Stock Exchange (NSE) has ballooned to 95 lakh as of March 2024, marking an impressive 77.5% increase from the previous year. The numbers were first reported by Moneycontrol. This surge has catapulted its market share to 23.4%, a substantial rise from 16.5% the previous year, establishing Groww as a powerhouse in the brokerage sector.
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While Groww has seen remarkable growth, its competitors, including Zerodha, have witnessed a decline in market share despite an increase in their customer bases. Zerodha with a customer base of 73 lakh, has a market share of 17.90%.
On the other hand, Angel One has also experienced growth, with its market share climbing to 15% and an active investor base of 6.11 million at the end of FY24, representing a 42% year-on-year growth.
Upstox and ICICI Securities saw their customer base shrinking over the last financial year. Upstox’s user base shrunk by 12.90% to 25 lakh, while ICICI Securities saw a decrease of 20.90% to 18 lakh users.
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