Indian stockbrokers’ combined total active user base shrunk by 0.5% to 4.59 Cr in October, dropping from 4.61 Cr users in September. Despite the broader market plateau, user consolidation accelerated in favour of newer players. 

Groww continued to cement its market-leading position with 1.38 Cr active users in October, commanding a 30% market share. Notably, it added 3.04 Lakh users in the month, more than any other competitor in the top 10. 

To note, Groww’s net active client additions in October were approximately 1.5X the combined additions of the next four largest brokers by active client base, Angel One, Zerodha, ICICI Securities and Upstox, which collectively added around 2.02 lakh active clients. 

Zerodha, after losing clients in many months over the past year, slipped from second place. 

Angel One overtook Zerodha, adding around 2.4 Lakh users to take its active user count to 69.99 Lakh and its market share to 15.3%. It grew at a 3.3% rate over the past month to overtake Zerodha. 

“During the quarter, Angel One acquired nearly 15 lakh new clients, up 11.6% from the previous quarter, taking its client base to 3.99 Cr by September before it crossed 4 Cr in October. Its wealth management business continued to scale, with assets under management rising 19.1% quarter-on-quarter and 160.5% year-on-year to ₹16,000 Cr,” the company said in a statement. 

5% of Zerodha’s active user base turned inactive over the previous month. 7%.

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