As India’s retail broking industry continues to face a slowdown, the total number of active users declined further to 4.48 crore in December 2025 from a peak of 4.96 crore in January 2025. Despite the broader decline, Groww continued to grow its user base, held a 27.06% market share, and posted marginal growth, while peers such as Zerodha, Angel One, and others reported a drop in active clients.
According to NSE data, Groww added around 39,500 active demat accounts during the month and took its total client base to about 1.21 crore (12.13 million).

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