Groww Adds More Clients than Entire Industry in January
•February 9, 2026
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Companies Mentioned
Why It Matters
Groww’s outsized client acquisition signals a shifting competitive landscape, positioning it as the dominant platform for India’s burgeoning young investor cohort. The trend underscores the importance of digital‑first, low‑cost brokerage models in a volatile market.
Key Takeaways
- •Groww added 353k accounts, outpacing industry total
- •Market share rose to 27.66%, gaining 60 basis points
- •Zerodha client base flat, market share slipped to 15.20%
- •Upstox lost 40k clients, falling behind ICICI Securities
- •Retail demat accounts grew modestly, total 45.11 million
Pulse Analysis
The Indian brokerage sector is entering a phase of consolidation, driven by a young, tech‑savvy investor base that favors low‑fee, mobile‑first platforms. While total active demat accounts on the NSE nudged up to 45.11 million in January, growth was uneven, with many incumbents seeing flat or declining client numbers. This environment creates fertile ground for agile players that can capture market share through seamless onboarding, educational content, and diversified product suites.
Groww’s rapid expansion reflects a strategic emphasis on user experience and targeted marketing to millennials and Gen‑Z investors. By simplifying account opening, offering zero‑commission trading on select assets, and integrating wealth‑management tools, the broker lowered friction points that traditionally deterred new participants. The 353,000 new accounts in a single month not only boosted its share to 27.66% but also reinforced its brand as the go‑to broker for first‑time investors, a segment that now represents a sizable portion of the 12.48 million client base.
Competitors must reassess their value propositions as Groww’s momentum narrows the gap with legacy firms. Zerodha’s stagnant numbers and Upstox’s client attrition suggest that product differentiation and cost structures are becoming decisive factors. Looking ahead, regulatory reforms aimed at enhancing market transparency and investor protection could further favor platforms that prioritize compliance and data security. Firms that fail to innovate risk losing relevance in a market where digital convenience and trust are paramount.
Groww adds more clients than entire industry in January
Groww’s market share climbed to 27.66%, solidifying its status as the go‑to broker for young investors, now boasting 12.48 million clients
By BL Mumbai Bureau
Updated – February 09, 2026 at 10:00 PM
Groww added approximately 353,000 active demat accounts in January 2026, exceeding the industry’s net addition of 302,000 accounts during the month, according to NSE data. The discount broker’s market share rose to 27.66 % from 27.06 % in December, gaining 60 basis points.
Total active demat accounts on NSE increased to 45.11 million in January from 44.81 million in December, reflecting subdued retail participation amid volatile market conditions. Groww’s client base grew from 12.12 million to 12.48 million during the period.
Other major brokerages showed stagnant or declining trends. Zerodha’s active clients remained flat at 6.86 million, while its market share dipped to 15.20 %. Angel One’s client count fell marginally to 6.74 million from 6.75 million, with market share declining to 14.95 %.
ICICI Securities climbed to fourth position after adding 19,000 clients, reaching 2.05 million accounts and overtaking Upstox. Upstox lost over 40,000 clients in January, dropping to 2.04 million. HDFC Securities and Motilal Oswal also reported declines.
Since April 2025, Groww has expanded its market share by 140 basis points from 26.27 %, consolidating its position as the country’s largest broker by active client base. The January figures indicate uneven growth distribution across the brokerage industry.
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