Groww Extends Lead, Angel One Closes Gap With Zerodha in September
India's stockbrokers added 1.6 million active clients in September, reaching 46.1 million. Market leader Groww increased its lead, while Angel One narrowed the distance to Zerodha.
The combined active client base of Indian stockbrokers on the NSE grew by approximately 1.6 million in September to reach 46.1 million. This growth occurred despite a significant monthly decline in benchmark stock indices.
Market leader Groww widened its lead over competitors, adding 101,000 active users during the month. In contrast, Zerodha experienced a marginal decline in its active client base. Angel One, however, managed to close the gap with Zerodha by adding new clients.
Groww's active client base increased to 13.4 million from 13.3 million in August, securing a market share of 29.16%. Zerodha lost 5,313 active clients, bringing its total to 6.79 million. Angel One added 36,956 clients, reaching 6.76 million and reducing the difference to Zerodha to around 35,830 clients.
This market activity took place amidst a broader downturn in Indian equities, influenced by foreign investor outflows, elevated crude oil prices, and inflation concerns. Despite these market headwinds, domestic investors continued their investments in equity mutual funds.