The overall number of active users fell to 4.48 crore in December 2025 from a peak of 4.96 crore in January 2025 as the retail broking sector in India continues to slow down. While competitors like Zerodha, Angel One, and others reported a fall in active clients, Groww continued to grow its user base, maintained a 27.06% market share, and recorded marginal growth despite the overall decline.

Key Highlights

• Groww added most active clients in December 2025, strengthening its leadership in India’s stock broking market.
• Zerodha and Angel One saw net client losses amid intense competition among online brokers.

Groww increased its entire client base to approximately 1.21 crore (12.13 million) during the month, adding about 39,500 active demat accounts, according to NSE data.

Groww has a market capitalization of Rs 98,068 crore, or about $11 billion, and its share price is now trading at about Rs 158.9 per share as of 12:35 PM today.

Zerodha, one of the biggest brokers, has been losing customers for a number of months. It lost 72,000 customers in December after losing over 1 lakh in November. With 68.5 lakh users overall, it currently holds a 15.29% market share.

After losing over 36,500 customers in December, Angel One trailed closely with a 15.08% share and 67.6 lakh clients. With 20.8 lakh customers and a 4.64% market share, Upstox, which is placed fourth, also experienced a drop of more over 74,000 accounts.

Also Read: Groww Extends Broking Lead as Zerodha Declines in November

ICICI Securities and SBI Caps, two established companies, added about 19,500 and 25,300 accounts, respectively. While the majority of other brokers, such as HDFC Securities, Kotak Securities, and Motilal Oswal, reported a drop in clientele, Paytm also experienced a growth of roughly 18,700 accounts.

Throughout the month, emerging brokers displayed a variety of patterns. Dhan, which recently become a unicorn, attracted 4,700 customers and maintained a stable user base of 9.8 lakh with a 2.2% market share, compared to INDmoney and PhonePe's share.The market recorded monthly decreases of 6.16% and 4.37%, respectively.