Zerodha lost its status as India,s largest stock broking firs and Groww become no. 1 stock broker in india .The latest data from NSE’s active client base shows that the number of users on Groww rose to 66.3 lakh in September while Zerodha’s client list was at 64.2 lakh.
In August Groww had 62 lakh active users on its platform as compared with 63 lakh for Zerodha.
Despite rising competition from newer entrants like Paytm Money, Upstox, blinkX, Dhan, and HDFC Sky, the discount broking space in India is largely concentrated in the hands of a few strong players.
Zerodha, which remains bootstraped, was so far the undisputed leader in the market and had clocked revenue of around Rs 6,875 crore in FY23 and a profit after tax of Rs 2,900 crore. The pioneer of the discount broking segment in India remains the largest brokerage by revenue and profitability numbers.
Zerodha says it is the only broker in the country to charge an account opening fee of Rs 200.
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