Groww Hits Record 1.3 Crore Active Users as Dhan Gains Momentum

As retail participation in stock markets continues to grow, India’s online broking space is witnessing yet another phase of rapid growth. Leading fintech platform Groww crossed the milestone of 1.3 crore active users, solidifying its dominance in India’s digital investing ecosystem, while Dhan continues to emerge as one of the fastest-growing platforms among active traders. Leading fintech platform Groww has crossed the landmark of 1.3 crore active users, strengthening its dominance in India’s digital investing ecosystem. Dhan continues to emerge as one of the fastest growing platforms among active traders.

According to the latest NSE active client data, Groww’s active user base crossed about 1.29 crore users in March 2026, adding nearly 1.93 lakh new active clients during the month. The platform had already crossed around 1.27 crore active users in February 2026 with a market share of 28.03%, continuing to be India’s largest stockbroker by active clients.

The broader Indian retail broking industry now has more than 4.54 crore active investors, demonstrating the massive growth in retail participation across equities, derivatives, mutual funds and ETFs. Active investors are defined by NSE as users who have traded at least once in the previous 12 months. In February 2026, the platform had a market share of 28.03% with around 1.27 crore active users. It was the largest stockbroker in India by active clients.

The Indian retail broking industry has seen massive growth in retail participation in equities, derivatives, mutual funds and ETFs with over 4.54 crore active investors today. Active Investors are defined by NSE as users who have traded at least once in the last 12 months.

Groww has become the leader in the market in just a few years. The company forayed into the stockbroking business in 2020 and overtook established players like Zerodha and Angel One in terms of active client base by 2023. Groww now holds nearly 28% market share among NSE active investors, according to industry reports. Much of the platform’s growth has come from younger retail investors from Tier 2 and Tier 3 cities.

Analysts say the simplified user experience, mobile-first approach, zero-commission mutual funds and aggressive product expansion have helped Groww attract millions of first-time investors. Groww’s overall scale has also grown significantly beyond broking. As per company-related filings and industry reports, the following. The firm ventured into stock broking in 2020 and by 2023 had surpassed established players such as Zerodha and Angel One in terms of active client base. Industry reports say Groww has a market share of almost 28% of active NSE investors.

Young retail investors from Tier 2 and Tier 3 cities have been the main drivers of the platform’s growth. Analysts say Groww’s simple user experience, mobile-first strategy, zero-commission mutual funds and aggressive product expansion have helped it attract millions of first-time investors.

• Groww had more than 3.74 crore demat accounts as of June 2025
• The company achieved more than 10 crore cumulative app downloads
• Groww held nearly 13% market share in SIP inflows by mid-2025
• One in every three new SIPs in India was reportedly created on Groww in June 2025
• The platform managed customer assets exceeding ₹2.61 lakh crore as of June 2025

While Groww is still the leader in terms of total users, Dhan has emerged as a worthy challenger in the trading-focused segment. Raise Securities-operated Dhan had crossed the 10 lakh active user mark earlier this year and had about 10.37 lakh active clients by March 2026.

In March 2026, Dhan added around 18,824 net active clients, making it the third-largest platform in terms of monthly client additions after Groww and Zerodha. The company is now amongst the top 10 stock brokers in India in terms of active client base. Distinct from platforms that mainly target beginner investors, Dhan has established itself as a technology-first trading platform built for serious traders and advanced market participants. Its ecosystem includes: The company is now among the top 10 stockbrokers in India by active client base.

Dhan positions itself as a technology-first trading platform designed for serious traders and advanced market participants, unlike platforms primarily targeting beginner investors. Part of its ecosystem is

• Advanced Options Trader platform
• TradingView integration
• DhanHQ APIs for algo trading
• Professional-grade charting and analytics
• Margin Trading Facility (MTF)
• Commodity and derivatives trading tools

Industry experts believe Dhan’s growth is a reflection of changing investor behaviour in India, with younger traders increasingly participating in futures and options (F&O) trading and seeking more sophisticated trading infrastructure.

The Indian online broking industry is currently witnessing intense competition among major players including Groww, Zerodha, Angel One, Upstox, ICICI Securities, and Dhan. However, market dynamics are changing rapidly due to evolving regulations, derivatives trading norms and rising customer acquisition costs.

Industry experts say Dhan’s growth reflects a changing investor behaviour in India where younger traders are participating more in futures and options (F&O) trading, and looking for more sophisticated trading infrastructure.

Disclaimer

This article is based on publicly available media reports and industry sources. Kalpway does not independently verify financial or operational claims mentioned in third-party reports. The information provided is for general informational purposes only and should not be considered financial or investment advice.