Groww is tightening its grip on India’s retail broking industry, emerging as the market leader in active clients while maintaining superior margins through sharply lower customer acquisition costs. Analysts at Nuvama said the platform’s reduced dependence on derivatives trading places it in a stronger position than peers as the ongoing slowdown in futures and options (F&O) activity weighs on the broader market.

As of September 2025, Groww commands a 26.3 percent market share with 11.9 million active clients, making it the largest retail broker in India ahead of Angel One’s 48.3 percent industry share in incremental additions over recent years. The platform has grown its client base at 101.7 percent CAGR between FY21 and FY25, outpacing the broader industry rate of 27 percent.

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