Highlights
India’s Retail Broking Industry Trends – December 2025
India’s retail broking industry has been facing challenges, with the total active user count falling to 4.48 crore in December 2025, down from a high of 4.96 crore in January 2025. In contrast to this overall downturn, Groww has successfully expanded its user base, maintaining a market share of 27.06% and achieving slight growth, even as competitors like Zerodha, Angel One, and others experienced declines in their active clients.
According to data from the NSE, Groww added approximately 39,500 active demat accounts during December, bringing its total client base to around 1.21 crore (12.13 million). As of 12:35 PM today, Groww’s share price is trading at about Rs 158.9 per share, boasting a market capitalisation of Rs 98,068 crore, which is approximately $11 billion.
Competitor Performance
Among the major brokers, Zerodha has been experiencing a client exodus for several months. It reported a loss of about 1 lakh users in November and an additional 72,000 clients in December, resulting in its total user base dropping to 68.5 lakh and giving it a market share of 15.29%. Angel One closely follows with a market share of 15.08% and a client base of 67.6 lakh, losing over 36,500 users in December. Upstox, ranked fourth, also suffered a decline, shedding more than 74,000 accounts, now holding a 4.64% market share with 20.8 lakh clients.
Traditional Players and Emerging Trends
Traditional brokers such as ICICI Securities and SBI Caps have seen positive trends, adding around 19,500 and 25,300 accounts, respectively. Paytm also reported an increase of approximately 18,700 accounts. Meanwhile, several other brokers like HDFC Securities, Kotak Securities, and Motilal Oswal faced reductions in their client numbers.
Emerging Brokers
Among emerging brokers, the trends were mixed during the month. The recently minted unicorn Dhan maintained a stable user base of 9.8 lakh with a 2.2% market share while adding a modest 4,700 users. Conversely, INDmoney and PhonePe’s Share.Market experienced month-on-month declines of 4.37% and 6.16%, respectively.