Groww Surges Amid Brokerage Slowdown; Net Additions Breach 1 Lakh as Peers Grapple with Declines

Groww Surges Amid Brokerage Slowdown; Net Additions Breach 1 Lakh as Peers Grapple with Declines​

Mumbai: Groww has solidified its position as a dominant force in the Indian brokerage space, successfully adding over 70,000 active client accounts during July. This performance marks a significant win for the fintech platform amidst a trend of cooling user additions observed across the industry's major players.

The data provided by NSE indicates that Groww has now amassed nearly 9.97 lakh net additions for the year 2026 alone. The brokerage remains the largest beneficiary in terms of active client base growth, even as several established competitors experienced losses during the month. An active client is defined as any individual who transacts at least once within a calendar year.

Industry-Wide Movement and Market Shifts​

On a broader industry scale, the overall market recorded a modest gain, shedding 8,000 net active clients in July. This figure brought the total number of active clients across the tracked firms to 4.55 crore as of the month's close.

This slow growth trend contrasts sharply with the highly competitive landscape where established brokers are seeing noticeable attrition among their user bases. While some players are managing modest gains, others are facing substantial losses in terms of active users.

Zerodha and Angel One Face Headwinds​

Zerodha, which holds the title of the country's second-largest brokerage, experienced a contraction in its active user base during July. The firm lost approximately 38,700 active accounts in that single month. This decline has compounded over time, leading to a cumulative loss of nearly 89,700 active accounts so far in 2026.

Similarly, Angel One, which operates as the third-largest brokerage, saw its momentum stall during July. Although the platform managed to onboard 286 new active clients that month, the firm's overall active user base is currently down by roughly 1.24 lakh accounts for the year.

Upstox and HDFC Securities Report Losses​

Both Upstox Securities and HDFC Securities reported dips in their respective client numbers during the July reporting period.

Upstox lost about 26,400 active accounts in July. This monthly loss contributed to a cumulative decline of around 2.17 lakh active users for the platform in 2026.

HDFC Securities also reported net losses, shedding 9,169 active clients during July. The firm has consequently registered a loss of approximately 1.14 lakh active users cumulatively since the start of 2026.