Groww has become the first investment app in India to cross 10 crore downloads on Google’s playstore, as the Zerodha rival readies for an initial public offering.
Groww, having solidified its position as the largest trading platform in terms of user base, has 1.28 crore active clients, and commands a dominant 27.3% share of the market.
According to the NSE data, Groww facilitated more than one-third of all new demat accounts opened in fiscal 2025. Its active client base rose to 1.29 crore by March 2025 from 95 lakh a year earlier, marking a growth of 36%.
Zerodha, one of the most popular names in the industry, trails Groww with 77.6 lakh users, capturing a 16.5% share of the market.
Angel One, another leading platform, ranks third with 74.5 lakh active clients, equating to 15.9% of the market. Other notable players include Upstox with 26.6 lakh users or 5.7% market share, and ICICI Securities, which rounds out the top five with 19.5 lakh users or a 4.1% market share.
The total number of active users across India’s trading platforms still below the five crore milestone, at 4.7 crore, as per unique client code data from the National Stock Exchange from May-end.
Notably, this is lower than the total number of active clients registered in December last year, which came up to 4.9 crore.
IPO-bound Groww’s parent company saw its top line grow by around 30% in fiscal 2025 while making a profit of Rs 1,819 crore, the company said in a regulatory filing earlier this month.
Billionbrains Garage Ventures, the parent of the financial services platform, reported a profit after tax after a loss in the previous year which came on the back of a one-time tax expense of Rs 1,340 crore.
The tax expense was paid for reverse-flipping the company’s domicile to India from the US, which was completed in March 2024.
The company also recently closed a Series F funding round, where it raised $200 million at a valuation of around $7 billion. The round saw participation from new investor GIC and existing investor Iconiq Capital, the above-mentioned people added on the condition of anonymity. Both the investors have picked up 1.4% stake for $100 million each.
The fintech major also signed a definitive agreement last month to acquire wealth management company Fisdom for approximately $150 million, or around Rs 1,280 crore, in an all-cash deal, which marked its foray into the wealth advisory space.
In the same month, the company filed draft papers for its initial public offering through the confidential route. The firm plans to raise up to $1 billion through an initial public offering that will include a mix of fresh issue and offer for sale, according to people familiar with the matter.
The Bengaluru-based investment platform might see early investors like Tiger Global and Peak XV Partners selling stake as part of their holdings through the offer for sale, another person had told NDTV Profit earlier.
The company’s early backers also include Ribbit Capital, YC Continuity and Propel Venture Partners.
Bankers involved in the deal anticipate high demand for the IPO and are trying to bring in more supply of shares from the founders. This may end up changing the offer structure.
On May 28, the company announced that the face value of Billionbrains’ equity shares and class A equity shares was subdivided from Rs 10 each to Rs 2 each.
This meant that 36.6 crore shares of Rs 10 face value were split into 182.8 crore shares of Rs 2 each, while 13,200 class A shares of Rs 10 each were sub-divided into 66,000 class A shares of Rs 2 each.
. Read more on Markets by NDTV Profit.