With more active investors than Zerodha, fintech startup Groww has overtaken the latter as the top brokerage firm in India. According to NSE data, as of end-September 2023, Groww had 6.63 million active investors, while Zerodha had 6.48 million.

Groww was founded in 2014 and is owned by Nextbillion Technology Private Ltd. The company provides financial reporting, investment management, tax preparation, and mutual fund services.

During the same period, Upstox, a new entrant to the market, ranked fourth with 2.19 million active investors, and Angel One ranked third with 4.86 million active investors.

Founded in 2009, Upstox is operated by RKSV Securities India Private Ltd. The company provides investment advisory services in addition to trading in stocks, mutual funds, and initial public offerings.

ICICI Securities, which has 1.91 million clients, ranked fifth on the list.

Groww had 5.37 million customers at the end of FY23, while Zerodha had 6.39 million customers.

Groww has experienced significant growth, rising from roughly 0.78 million users in FY21 to 3.85 million in FY22 and 5.78 million investors in FY23.

The number of Demat accounts in the country was estimated at 12.97 crore as of September-end. NSE data indicated that merely 3.34 crore Indians actively trade in the stock market at least once a year.

Zerodha, India's largest stock broking platform, saw slower growth in its net profit and revenue in the financial year ending March 2023, compared to its tremendous growth in the previous two fiscals.

Although growth has slowed compared to the last two fiscals, Zerodha saw its net profit rise by 39% in FY23 to Rs 2,900 crore from Rs 2,094 crore in the previous fiscal. On the other hand, its revenue rose 35.5% to Rs 6,875 crore in FY23 from Rs 4,694 crore in the financial year ended March 2022.

Nextbillion Technology Private Limited posted revenue of Rs 1,294 crore in FY23, more than tripling the Rs 367 crore it reported in FY22. It also reported a net profit of Rs 73 crore, according to the company's audit report.

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