Angel One Overtakes Zerodha to Claim Second Spot in Indian Brokerage Market
The aggregate active user base of Indian stockbrokers fell by 0.5% to 45.9 million in October, even as market leaders continued to consolidate their share.
The Indian brokerage sector saw a marginal contraction in active users in October, with the total base dipping to 45.9 million from 46.1 million in September. Despite this plateau, competitive dynamics shifted at the top, as Angel One bypassed Zerodha to become the second-largest broker by active user count.
Angel One added approximately 240,000 users during the month, reaching 6.99 million active clients and a 15.3% market share. Zerodha, by contrast, saw its active base decline to 6.75 million, holding a 14.7% share. Market leader Groww continued to dominate, adding over 304,000 users to reach a total of 13.8 million, maintaining a 30% market share.
The broader market context saw Indian equities experience a recovery in October, with the Nifty 50 and Sensex rising by approximately 3%. This growth followed a period of selling by foreign institutional investors, who remained net sellers, though local domestic buying provided a buffer for the market indices.