Groww Maintains Market Dominance Despite September User Decline in Indian Stock Broking
India’s stock broking sector witnessed another month of declining user engagement in September 2025, as the total active user base dropped by 1.92% to 45.31 million clients. This downturn came after a brief recovery in August, when the market had shown signs of growth with a 0.5% increase to 46.19 million clients.
The September figures reveal a concerning trend for the Indian stock market, with most major broking platforms experiencing user losses across the board. Despite the overall market contraction, the competitive dynamics among leading stockbrokers remained relatively stable, with established players maintaining their market positions.
Groww Stockbroking Leads Despite User Base Reduction
Despite facing headwinds, Groww stockbroking continued to dominate the Indian broking space with 11.91 million active users, commanding a substantial 25.78% market share. However, the IPO-bound company did not escape the September slump, recording a 1.36% month-on-month decline from its August user count of 12.07 million.
The slight dip in Groww stockbroking users reflects the broader market sentiment, yet the platform’s ability to retain over one-quarter of the total market demonstrates its strong position in India’s competitive broking landscape. The company’s sustained leadership comes at a time when it prepares for its initial public offering.
Traditional Players Face Mixed Results
Zerodha maintained its second-place position with 7.09 million active clients, representing a 15.34% market share. The established broker experienced a 2.43% month-on-month decline, indicating that even veteran platforms weren’t immune to the September downturn.
Angel One followed closely in third place with 6.89 million clients and a 14.91% market share, though it also recorded a 2.28% monthly decrease. The top three brokers collectively control over 55% of India’s active stock trading user base.
Upstox faced more significant challenges, experiencing a sharp 4.24% month-on-month decline that brought its active client base down to 2.28 million users. This reduction resulted in a 4.93% market share for the platform, highlighting the intense competition in the discount broking segment.
Market Performance Across Different Segments
Traditional full-service brokers showed more stability in their user bases. ICICIDirect secured the fifth position with 1.97 million users, capturing a 4.28% market share. HDFC Securities and Kotak Securities held sixth and seventh positions respectively, with 1.52 million and 1.41 million users, translating to market shares of 3.28% and 3.05%.
The recently minted unicorn Dhan, which secured $120 million funding at a $1.2 billion valuation, occupied ninth place with 9.8 lakh active clients. Despite a modest 0.97% month-on-month decline, the platform maintained its 2.12% market share, showing resilience in the competitive environment.
Some platforms bucked the declining trend. Paytm Money demonstrated positive momentum with 2.28% month-on-month growth, reaching 7.8 lakh users and securing an 11th position with a 1.68% market share. Conversely, INDmoney slipped to 12th place following a 3.86% decline to 7.4 lakh users.
The most significant growth came from Mirae Asset, which recorded an impressive 12.35% month-on-month increase, reaching 3.3 lakh active users. Meanwhile, PhonePe’s Share.Market continued its downward trajectory with a 5.29% decline to 2.9 lakh users.
The September data suggests that while the Indian stock broking industry faces temporary headwinds, established players like Groww stockbroking continue to maintain their competitive advantages through strong user retention and market positioning.
