Groww widens lead over Angel One as retail broking race intensifies

Business Standard

09-06-2025

The retail broking war in India has entered a new phase. Recent data from the National Stock Exchange (NSE), compiled by research analytics firm Thurro, shows that Groww has further cemented its lead in the broking space, surpassing Angel One by a substantial margin in active clients—defined as the number of unique investors who traded in a month.
As of April 2025, Groww had 12.85 million active clients, while Angel One stood at 7.5 million, marking a gap of 5.35 million. Just three years ago, in April 2022, the two platforms were nearly tied, with Groww slightly ahead at 4.06 million versus Angel One's 3.79 million. Since then, Groww's client base has surged 216 per cent, compared to a 98 per cent rise for Angel One.
2023–24: Diverging growth paths
The divergence became particularly stark in 2023 and 2024. After a steady rise through 2022, both platforms gained momentum in mid-2023. But between October 2023 and January 2024, Groww's user base jumped from 6.76 million to 8.42 million—a gain of 1.66 million in just three months. In contrast, Angel One grew from 4.91 million to 5.69 million in the same period, an increase of 780,000.
The momentum continued for Groww into 2024. By July, it had crossed 11.46 million active clients and ended the year at 13.23 million. Angel One, meanwhile, peaked at 7.77 million in January 2025 before slipping to 7.5 million in April, signalling a plateau in growth.
What's driving Groww's lead?
Analysts attribute Groww's gains to its mobile-first design, seamless onboarding experience, and focused outreach in Tier-II and Tier-III cities. The platform's user-friendly interface and commission-free equity trading have also drawn in younger, first-time investors, particularly from Gen-Zs.
The app's popularity has been further boosted by strong word-of-mouth among new investors, many of whom are entering capital markets for the first time through mobile devices.
In contrast, Angel One—while more established and historically dominant in urban markets—has reportedly struggled with legacy platform limitations and less aggressive brand positioning, especially outside metro areas.
Volatility cools momentum in 2025
Despite Groww's dominance, both platforms have seen a minor decline since January 2025. Groww fell from 13.23 million to 12.85 million active clients, while Angel One dropped from 7.77 million to 7.5 million. Experts attribute this to a broader slowdown in retail trading activity due to market volatility, elevated interest rates, and a lull in new IPOs drawing retail interest.
A new culture of investing
Even with the recent dips, Groww and Angel One have together added millions of retail participants to India's capital markets—a structural shift in a country historically dependent on traditional saving instruments.
With over 20 million active clients between them, both firms are evolving beyond brokerage to become key enablers of a modern retail investment culture.