In terms of the number of active clients, Next Billion Technology (Groww), a brokerage business with backing from venture capital companies, has surpassed Zerodha. Groww is currently the biggest brokerage in the nation in this regard. Clients who have traded at least once in the past year are considered active clients.

Groww has around 1.5 Lakh (2.3%) more active clients at the end of September than Zerodha, with 66.3 Lakh total. For a long time, Zerodha was the biggest brokerage firm. Data from the National Stock Exchange (NSE) shows that RKSV Securities (Upstox) is in fourth place with 21.9 lakh active clients, followed by AngelOne in third place with 48.6 lakh active users.

Recent years have seen a large number of initial public offerings (IPOs) and a lot of activity on the stock market. As a result, in September, more than 30 Lakh new demat accounts were established. The overall number of demat accounts has increased to 13 Crore after around 62 Lakh new accounts were registered in the previous two months. However, as of the end of September, Groww and Zerodha each had 19.9% and 19.4% of the 3.34 Crore active NSE users, respectively.