Groww pulls ahead as broking industry stalls
India's retail broking scene hit a slowdown in November 2025, with active users stuck at 4.5 crore (45 million).
But while most platforms struggled, Groww kept growing—adding nearly 42,000 new demat accounts last month and boosting its market share to almost 27%.
That brings its total user base close to 1.2 crore (12 million), making it the clear front-runner.
Most competitors lost users, but a few bucked the trend
Zerodha, Angel One, and Upstox all saw their user numbers drop—Zerodha alone lost about one lakh clients.
Meanwhile, ICICI Securities and SBI Caps managed to add new users despite the tough market.
Overall though, India's active demat accounts have fallen from nearly 5 crore in January to just 4.5 crore now—this may indicate that the industry needs fresh ideas to keep people interested.