As per Moneycontrol’s report, the company had around 5.65 Mn users in the same period of the previous year
As per NSE data, Groww gained over 5.5 Lakh users in June, while Mumbai-based Angel One added 2.2 Lakh active investors and Zerodha added 1.5 Lakh users
Groww stole Zerodha’s thunder of the highest active investor base, when it recorded 6.63 Mn active investors at the end of September 2023, against Zerodha’s 6.48 Mn
Fintech unicorn Groww
has reportedly doubled its active investor base, touching nearly 11 Mn users as of June 2024, as per National Stock Exchange’s data.
As per Moneycontrol’s report, the company had around 5.65 Mn users in the same period of the previous year.
Citing the NSE data, the report further said that Groww gained over 5.5 Lakh users in June, while Mumbai-based Angel One added 2.2 Lakh active investors and Zerodha added 1.5 Lakh users.
Earlier this month, the Securities and Exchange Board of India (SEBI) barred market infrastructure institutions (MIIs) from offering discounts based on trading volumes or activity of its members, which could threaten the revenue of the discount brokerage companies.
Despite discount brokers facing regulatory interventions on their trading operations, the reports highlight the sharp rise in newly opened demat accounts.
Total number of demat accounts opened has touched 160 Mn with a net addition of 4.2 Mn accounts, in June, as per the report. According to NSE data, the overall number of active investors is a little above 40 Mn.
Groww stole Zerodha’s thunder of the highest active investor base, when it recorded 6.63 Mn active investors at the end of September 2023, against Zerodha’s 6.48 Mn.
The report also revealed Angel One is also speeding up to pull in more users every month than Zerodha and is likely to surpass the latter soon.
It is noted that the user growth of traditional full-service brokers, largely backed by banks, has been shallow with the discount brokers’ upper hand over the last decade.
Despite the tough ground for traditional brokers, the report revealed, SBICAP Securities, backed by the State Bank of India, has seen its active investors rise 64% to 9.2 Lakh in June, from 5.6 Lakh users, a year ago.
