Groww Market Share Hits 29.16%, Adds 1 Lakh+ Active Clients in September

Groww strengthened its position as India’s largest stockbroking platform in September 2026, adding 1,00,961 active clients during the month and taking its total active customer base to 1.34 crore. Its market share rose to 29.16%, keeping it well ahead of rivals Zerodha and Angel One. The data, based on National Stock Exchange (NSE) figures, highlights the continued dominance of large discount brokers even as the overall pace of client additions remains modest.

The broader NSE active client base increased only 0.35% month-on-month to 4.61 crore in September from 4.60 crore in August, adding around 1.6 lakh clients. Groww alone accounted for more than 63% of the industry’s net additions during the month. Meanwhile, smaller platforms such as Sahi continued to grow at a much faster percentage rate, underlining increasing competition in India’s digital broking market.

Groww Adds More Than 1 Lakh Active Clients

Groww ended September with approximately 1.34 crore active clients, adding 1,00,961 users from August.

Its market share stood at 29.16%, making it the clear leader among Indian stockbrokers tracked by the NSE.

The company’s growth was particularly notable because the overall market added only about 1.6 lakh active clients during the month. Groww therefore captured a substantial majority of the industry’s incremental client additions.

September broker snapshot

Broker	Active clients	September change	Market share
Groww	1.34 crore	+1,00,961	29.16%
Zerodha	67.91 lakh	-5,313	14.73%
Angel One	67.55 lakh	+36,956	14.65%
ICICI Securities	21.60 lakh	+4,410	—
Upstox	18.54 lakh	-10,343	—
Kotak Securities	13.92 lakh	—	—
HDFC Securities	13.54 lakh	—	—
Dhan	11.20 lakh	+13,624	—

The figures show how far Groww has moved ahead of the second- and third-largest brokers. Zerodha and Angel One each have around half the active-client base of Groww.

Zerodha Remains No. 2 Despite Client Decline

Zerodha remained India’s second-largest broker in September, with 67.91 lakh active clients.

However, its active client base declined by 5,313 users during the month. Its market share stood at 14.73%.

Angel One remained close behind. It added 36,956 clients during September to reach 67.55 lakh, leaving it only slightly behind Zerodha with a 14.65% market share.

The narrow gap between Zerodha and Angel One means the competition for the second position remains considerably tighter than the race for the top spot.

Sahi Records Fastest Growth Among Top Brokers

While Groww dominated in absolute additions, Sahi recorded the fastest percentage growth among India’s top 20 brokers.

Sahi’s active client base increased 11.1% month-on-month, with 28,077 new clients taking its total to 2.81 lakh.

Its market share was still only 0.61%, illustrating the difference between percentage growth and overall scale.

Sahi’s performance is nevertheless notable because smaller specialist brokers have increasingly attracted active traders looking for more sophisticated trading tools and interfaces.

Sahi’s September performance

August active clients: ~2.53 lakh

September active clients: ~2.81 lakh

Net additions: 28,077

Monthly growth: 11.1%

Market share: 0.61%

The growth comes as newer brokers attempt to differentiate themselves through trading-focused technology rather than competing solely on brokerage pricing.

Smaller Brokers Show Different Growth Patterns

The September data shows a clear divide between large established brokers and smaller platforms.

Dhan added 13,624 active clients to reach about 11.2 lakh, while Choice increased its active base by 2.88%, adding 6,781 clients.

INDmoney added 5,070 clients to reach 7.19 lakh.

On the other hand, SBI Securities lost 22,525 active clients, while Paytm Money’s active base fell by 27,950, a decline of 3.53%, taking it to 7.63 lakh.

PhonePe’s Share.Market added 1,457 demat accounts during September.

These movements suggest that India’s broking market is becoming increasingly fragmented below the top few players.

Top Five Brokers Control More Than Two-Thirds of Clients

Despite the growth of smaller platforms, India’s stockbroking industry remains highly concentrated.

The top five brokers — Groww, Zerodha, Angel One, ICICI Securities and Upstox — collectively controlled more than 67% of the active client base in September.

Groww alone represented 29.16% of the market.

This concentration gives the largest platforms significant advantages in customer acquisition, brand recognition, technology investment and cross-selling of financial products.

At the same time, smaller brokers can potentially grow much faster because they are starting from a smaller customer base.

India’s Overall Active Investor Base Barely Grows

The September numbers also point to a slowdown in new active-client additions.

The total NSE active client base increased from 4.60 crore in August to 4.61 crore in September, representing growth of only 0.35%.

This is considerably slower than the rapid expansion seen in India’s online broking market during the earlier retail-investor boom.

However, the slowdown does not necessarily mean interest in financial markets is disappearing.

New demat account openings also declined in September, falling 11.5% month-on-month to 28.9 lakh amid a weak equity-market environment. Yet more than 90.4 lakh accounts were added during the September quarter, the highest quarterly addition in seven quarters.

This suggests short-term market volatility may be slowing new participation without eliminating the longer-term expansion of India’s investor base.

Groww’s Scale Gives It a Major Advantage

Groww’s latest numbers reinforce the company’s position as the dominant player in India’s digital broking industry.

Its broader platform also extends beyond stock trading. Groww reported 23.6 million transacting users and ₹3.77 trillion in customer assets as of October 8, 2026. It also reported ₹11.93 billion in SIP inflows.

This broader financial ecosystem gives Groww opportunities to deepen relationships with customers beyond equity trading.

As investors become more experienced, platforms can potentially cross-sell mutual funds, exchange-traded funds, derivatives, margin products and other investment services.

The Battle Is Moving Beyond Low Brokerage

India’s broking market was initially transformed by discount pricing and easy digital account opening.

That advantage is now largely widespread.

The next stage of competition is increasingly about product experience, research, advanced trading tools, artificial intelligence, customer service and the ability to offer multiple financial products through one platform.

This creates opportunities for both Groww and specialised competitors such as Sahi.

Groww has scale and a large consumer base, while smaller platforms can focus on specific groups of experienced traders who demand more advanced functionality.

Why Sahi’s Growth Matters

Sahi’s rapid growth is particularly interesting because the platform is positioning itself around active trading rather than simply low-cost investing.

Earlier industry data showed Sahi’s active user base had grown sharply during 2026, with the platform targeting traders seeking more specialised tools. Its interface integrates features such as charts, option chains, positions and order execution.

This represents a potential shift in India’s broking industry.

The first wave of digital brokers focused on making investing accessible. The next wave could focus on making trading more sophisticated and efficient for users who already understand financial markets.

The Bigger Picture

Groww’s September performance demonstrates how concentrated India’s stockbroking market has become. With 1.34 crore active clients and a 29.16% market share, the company has created a significant lead over Zerodha and Angel One. Its ability to capture more than 63% of the industry’s net client additions in September further underlines the strength of its customer-acquisition engine.

At the same time, Sahi’s 11.1% monthly growth shows that scale is not the only measure of competitive strength. Smaller brokers can expand rapidly by focusing on specialised products and experienced traders. The market could therefore develop into a two-speed industry: a few massive platforms serving mainstream investors and a growing group of niche brokers targeting specific trading needs.

The broader slowdown in active-client additions also suggests that the easy-growth phase of Indian online broking may be fading. Future expansion will increasingly depend on winning customers from competitors, increasing engagement among existing investors and expanding into adjacent financial products.

Looking Ahead

Groww is likely to focus on deepening its relationship with its massive customer base as overall industry client growth moderates. Its ability to combine stock trading with mutual funds, SIPs and other investment products could become increasingly important as customers move from basic investing toward broader wealth creation.

For smaller platforms such as Sahi, the opportunity lies in continuing to differentiate through specialised trading technology and tools. The September data suggests that India’s broking market remains open to challengers, but winning meaningful market share will require more than low fees as investors become more sophisticated and competition intensifies.