New Delhi: Groww, a fintech firm, has surpassed Zerodha to become the top brokerage in India thanks to more active investors. Groww has 6.63 million active investors as of the end of September 2023, whereas Zerodha had 6.48 million, according to NSE statistics.
Groww is owned by Nextbillion Technology Private Ltd. and was created in 2014. The organisation offers mutual funds, investment management, tax preparation, and financial information services.
Angel One placed third with 4.86 million active investors over the same time, while Upstox, a relative newcomer to the industry, landed in fourth with 2.19 million active investors.
RKSV Securities India Private Ltd. operates Upstox, which was established in 2009. The firm trades stocks, mutual funds, and initial public offerings (IPOs) in addition to offering investment counselling services.
Fifth on the list, with 1.91 million clients, was ICICI Securities.
According to a news source, Groww had 5.37 million users at the end of FY23, whereas Zerodha had 6.39 million.
According to a news source from Moneycontrol, Groww has grown significantly, from around 0.78 million users in FY21 to 3.85 million in FY22 and 5.78 million investors in FY23.
By the end of September, the country’s demat account count was predicted to reach 12.97 crore. According to Moneycontrol, NSE statistics showed that just 3.34 crore Indians actively trade on the exchange at least once a year.
Groww has grown significantly; it went from having about 0.78 million users in FY21 to 3.85 million in FY22 and 5.78 million investors in FY23.
It’s interesting to see that Groww’s income is less than half that of Zerodha. In comparison to the previous fiscal year, Zerodha recorded a 39 percent increase in income, coming in at Rs 6,875 crore during FY 23. Additionally, it declared a rise in earnings of the same magnitude, totalling Rs 2,907 crore in the previous fiscal year.
The company that owns Groww, Nextbillion Technology Private Limited, reported sales of Rs 1,294 crore in FY23, more than tripling the Rs 367 crore it had in FY22. It declared a Rs 73 crore net profit.
