Groww has overtaken Zerodha to become India's largest stock brokerage firm in terms of the number of clients.
According to NSE's active client base, Groww has as many as 66.3 lakh active clients at the end of September when compared to 64.2 lakh users of Zerodha, owned by billionaire brothers Nithin Kamath and Nikhil Kamath.
Groww had only 62 lakh active users in August while Zerodha had 63 lakh users.
AngelOne and Upstox hold the third and fourth spots in terms of the number of clients.
By the end of September, there were as many as 12.97 crore demat accounts in India, but only 3.34 crore are active traders.
However, despite Groww overtaking Zerodha as the top brokerage firm, the latter remains the most profitable brokerage as it registered 39 per cent growth in revenue at Rs 6,875 crore.
According to a Moneycontrol report, the highly profitable Futures & Options segment helps Zerodha to stay on top in terms of revenues, while Groww is more focused on long-term investments and mutual funds.
"While F&O contributes to revenue, we are most proud of the customer trust we have built, which shows in the total assets that customers have entrusted us with, which stands at approximately Rs 3 lakh crores today," Nithin Kamath had recently said.
