The IPO-bound startup’s active client base rose by 3 Lakh to 1.32 Cr last month
Zerodha had an active user base of 81.20 Lakh as against 81.25 Lakh at the end of November
Angel One retained its third position, seeing a marginal uptick in its active user base to 77.54 Lakh in December 2024 from 76.31 Lakh in the previous month
Amid the rise in retail participation in the Indian public markets, investment tech platform Groww extended its lead over Zerodha in December 2024. As per NSE data, the IPO-bound startup’s active client base rose by 3 Lakh to 1.32 Cr last month.
Its closest competitor, Zerodha, saw its active clients decline on a month-on-month basis.
As of December 31, the Nithin Kamath-led investment tech platform had an active user base of 81.20 Lakh as against 81.25 Lakh at the end of November.
Angel One retained its third position, seeing a marginal uptick in its active user base to 77.54 Lakh in December 2024 from 76.31 Lakh in the previous month. Upstox, which was in fourth place, had an active user base of 28.87 Lakh, while Dhan saw an increase in the number of active clients to 9.33 Lakh.
Fintech major Paytm’s active investor count stood at 7.06 Lakh, slightly lower than INDMoney’s active user base of 7.92 Lakh. Meanwhile, PhonePe Investment Tech’s active user base crossed the 3 Lakh mark and stood at 3.22 Lakh at the end of 2024.
Overall, the total active users in the public markets stood at 5.02 Cr in December.
The development comes at a time when Groww is gearing up for its initial public offering (IPO). As per reports, the startup will file its draft papers for an IPO, which will value it at $6 Bn to $8 Bn, within the next 12 months. As part of the listing plans, it also shifted its domicile to India in May last year.
On the financial front, Groww reported an 17% increase in its profit in the fiscal year 2023-24 (FY24) to INR 535 Cr from INR 458 Cr in the previous fiscal year. Revenue from operations stood at INR 3,145 Cr, up 119% from INR 1,435 Cr in FY23.
Meanwhile, Zerodha reported a net profit of INR 5,496.3 Cr on an operating revenue of INR 9,994.5 Cr in FY24. However, its cofounder and CEO Nithin Kamath recently warned that while 2024 was arguably the best year for the brokerage industry, the journey would be difficult in 2025.
Zerodha has also been focussing on strengthening its asset management (AMC) subsidiary, Zerodha Fund House. Earlier this week, the AMC said that its assets under management went past the INR 4,000 Cr mark, with over 4 Lakh investors across its funds as of January 8. Its AUM stood at INR 231.35 Cr at the beginning of 2024.
