Groww is a new Indian startup that has currently surpassed the common trading household name Zerodha as the largest stock broking service in India. The founders, Nithin and Nikhil Kamath have now entered the clan of millionaire brothers who envisioned their glory via this user-friendly app that is ruling every investor’s heart . Surprisingly, Groww has now 68 lakh highly active users on its platform since the month of August but if we access Zerodha it stands steady at only 63 lakh users.
By the end of September 2023, Groww which is a Bengaluru-based company, had 6.63 million active investors, while Zerodha had 6.48 million as per the reports from NSI. Similarly Groww had 0.78 million customers as of March 2021, compared to 3.4 million for Zerodha which was ruling the trade and stocks in India. Since then, We can evidently see that Groww has seen almost a 800 percent increase in its customer base, whereas Zerodha’s user population has somehow managed to double, expanding very slow and even stalling over the previous couple of years.
Checking other records, Groww had around 6 million subscribers at the end of FY23, while Zerodha, our nation’s first and biggest discounted broker by revenue, had 6.39 million. From roughly 0.8 million users in FY21 to 4 million in FY22 and 6 million investors in FY23, Groww has experienced significant growth. We should also see that other competitors have also been drawn to this expansion, like HDFC Bank, which introduced the Sky discount brokerage app.
Surprisingly, there were about 13 crore demat accounts in the nation at the end of September. NSE data indicates that merely 4 crore Indians engage in active trading once a year. We should be excited that along with such safe and steady apps, Indians will lag behind no more in growing their financial stability plus India will rise in the dawn of new Digital Financial Background.
Talking about Groww, it operates on a no-fee basis, meaning that there are no onboarding costs. Plus its other free services such as FD calculators and schemes allows flexibility to the users.
