Groww overtakes Zerodha to become India’s No. 1 stockbroker; 'just getting started', says CEO

At the end of September 2023, Groww had 66.3 lakh active investors as against Zerodha’s 64.8 lakh, NSE data showed.

Groww's founder and CEO Lalik Keshre posted on X (Formerly Twitter), "Our broking arm became number one in terms of active customers. 3 things: Firstly and most importantly, we are grateful to all our customers who trusted a young company - our focus will always be to provide you the best experience. Secondly, we are grateful for the digital public infrastructure (DPI) built over the last few years that enabled our growth. And lastly, there is a long way to go - we will strive to build a sustainable and enduring business in the long term, and we are just getting started."

According to a report in Moneycontrol, in March 2021, Zerodha had 34 lakh customers, whereas Groww had 7.8 lakh. Since then, Zerodha's user base has only doubled, growing at a steady pace and even stagnating over the last couple of years, Groww saw its customer base surge by 750 per cent.

However, Zerodha’s revenue is more than five times that of Groww. During FY 23, Zerodha reported a 39 per cent growth in revenue at Rs 6,875 crore compared with the previous financial year. It also reported an identical growth in profits, which stood at Rs 2,907 crore during the last fiscal. Nextbillion Technology Private Limited, which runs Groww, has recorded a revenue of Rs 1,294 crore in FY23, more than three-fold growth from Rs 367 crore it reported in FY22, the report added.

Founded in 2016, Groww operates multiple businesses across distribution, broking, lending and recently ventured into Asset Management after acquiring Indiabulls AMC.

In July, Groww introduced its latest innovation in consumer payments with Groww Pay.