Groww's active client base tops 10 mn; becomes 1st broker co to attain feat

Zerodha Broking, which is the country's most profitable brokerage, has UCCs of 7.51 million, cornering an 18 per cent market share

The active client base of Groww (Nextbillion Technology) crossed the 10-million mark in May, making the Bengaluru-based discount broker the country’s first such platform to achieve this milestone.

As per data provided by NSE, Groww’s unique client codes (UCCs) stood at 10.36 million in May, a quarter of total UCCs of 41.4 million. The venture capital-backed broking outfit’s client base has almost doubled in the past one year.

In September 2023, Groww had toppled Zerodha to become the largest broker in terms of number of clients.

 

Zerodha Broking, which is the country’s most-profitable brokerage, has UCCs of 7.51 million, cornering 18 per cent market share. Angel One (UCC of 6.5 million), Upstox and ICICI Securities (4.5 million) are among the top five brokers in terms of active clients. Currently, the top five discount brokers account for 67 per cent of the total NSE active clients up from 60 per cent at the end of FY23.

Last month, NSE’s average daily turnover (ADTV) for the cash segment stood at Rs 1.12 trillion, while that for the futures and options (F&O) segment was Rs 332 trillion. In May, the total demat accounts grew by 3.6 million to 158 million.

The active client count is just a fraction of demat accounts as one individual is allowed to open multiple accounts. Also, accounts that don’t initiate even a single trade over a 12-month period are considered dormant.