Groww, a Bengaluru-based stock broker, has surpassed the 1.25 crore which comes to about 12.59 million mark in active traders in October. According to data from the National Stock Exchange (NSE), this growth bandwagon is driven by the addition of around 3.5 lakh users in a single month.
While Zerodha, who is Groww’s arch rival, had approximately 80.6 lakh which is about 8.06 million active investors as of last month. Currently, Groww has overtaken Zerodha and is holding the top position ever since. Furthermore, Groww has nearly doubled its user base over the past year as per the NSE’s data. While, on the other hand, Zerodha added just 15 lakh new users.
If we look at Angel One, which is the third-largest stockbroker, has 75 lakh which comes to about 7.53 million active users and is expected to surpass Zerodha in the coming months. IN the fourth position comes Upstox, which had 28.52 lakh, around 2.85 million users as of last month. On the fifth position, ICICI Direct has 19.3 lakh active users, which is about 1.93 million.
Additionally, launched by former Paytm Money executive Pravin Jadhav, Dhan had 8.49 lakh which is about 0.84 million users as of October. In August this year, Dhan entered the top 10 list of stockbroking apps in India, replacing Paytm Money. INDmoney and PhonePe's Share.Market are among other new entrants in the top 20 list with 6.7 lakh (0.67 million) and 2.69 lakh (0.26 million) respectively.
In terms of scale, Zerodha had the highest revenue in FY24 at Rs 8,370 crore. It was then followed by Angel One, which had reported Rs 4,272 crore in revenue for the last fiscal year. Nithin Kamath’s Zerodha reported a profit of staggering Rs 2,907 crore, while Angel One’s profits exceeded Rs 1,125 crore in FY24.
Now, if we speak of Groww’s revenue from operations, it witnessed an upsurge to Rs 3,145 crore in FY24. This Lalit Keshre-led company recorded a net loss of Rs 805 crore in FY24, which is said to be primarily due to a one-time tax payment of Rs 1,340 crore for relocating its domicile to India. However, the firm has remained operationally profitable. Furthermore, Upstox, which posted over Rs 1,000 crore in revenue in FY23, has yet to file its annual report for FY24.
