In July 2025, the Indian stock market’s active user base declined for the second consecutive month, dropping 4% to 45.96 million from 47.89 million in June, according to NSE data. This marks a continued fall from the peak of 49.67 million in January this year.
Key Highlights
- Top brokers—Groww, Zerodha, Angel One, Upstox—lost nearly two million active investors in H1 2025.
- Groww, despite leading market share, saw its active user base fall from 13 million to approximately 12.5 million.
Groww maintained its top position with a 26.87% market share and 12.35 million active clients, despite a 1.81% month-on-month decline from 12.58 million. Zerodha ranked second with a 16.17% share and 7.43 million users, down 2% from June’s 7.58 million. Angel One followed closely with a 15.66% share and 7.2 million users, registering a 1.68% decline.
Upstox, backed by Ratan Tata, held fourth place with a 5.38% market share and 2.47 million clients but saw a sharper 3.77% drop. Among full-service brokers, ICICIDirect (1.96 million users), HDFC Securities (1.57 million), and Kotak Securities (1.44 million) remained stable, holding market shares of 4.26%, 3.43%, and 3.14%, respectively.
Also Read: Groww Stays Ahead of Zerodha and Angel One Amid June User Base Dip
New-age player Dhan climbed to ninth place with a 2.17% share and one million clients, while INDmoney ranked 11th with 0.81 million users (1.76%). Paytm Money posted a 3% rise to 0.75 million users, holding a 1.62% share. Conversely, Sharekhan saw a 2.70% drop to 0.61 million.
The steepest declines were reported by Mirae Asset, which fell 8% to 0.42 million, and PhonePe’s super.money, which dropped 6% to 0.33 million. The data reflects both intensified competition and a slowdown in retail market participation.
