Amid a lull in India’s retail broking market, overall active demat accounts remained roughly flat at 4.5 crore in November. Despite the slowdown, Groww strengthened its position — capturing 26.84% market share and adding about 42,000 active accounts, bringing its total client base to roughly 1.2 crore.

On the flip side, traditional frontrunners like Zerodha and Angel One saw declines: Zerodha lost nearly a lakh clients to drop to around 69.24 lakh (15.38% share), while Angel One fell to about 67.95 lakh clients (15.09% share). Another competitor, Upstox, also shrank — losing over 65,000 accounts and holding just 4.78% of market share.

Groww’s steady growth — even in a cooling investing climate — underscores its appeal especially among newer, smaller investors and first-time traders. While its younger, non-metro user base trades less frequently than seasoned investors on rival platforms, its growth highlights a shift in investor preference. As others contract, Groww consolidates a commanding lead, reshaping India’s retail broking hierarchy.