Top News

Business Desk – Groww vs Zerodha: The preferences of investors seem to be changing rapidly in the Indian Brokerage Market. According to NSE data of July, while Groww added more than 70 thousand new active customers, Zerodha's active customers decreased by about 38,700. Due to this, the picture of Groww vs Zerodha is once again in discussion in the brokerage industry.

So far in 2026, Groww's active customer base has increased by approximately 9.97 lakh. The special thing is that this year Groww has been at the forefront among the big brokerage companies of the country in terms of adding active customers. On the other hand, there is pressure on the customer base of companies like Zerodha, Upstox and HDFC Securities.

Groww's momentum continues in July

According to NSE data, Groww added more than 70 thousand active accounts in July. With this, the number of net active customer additions of the company in 2026 has reached around 9.97 lakh.

This performance is also important because at this time the pace of adding new customers in the entire brokerage industry has slowed down. In such an environment, Groww's continuous increase in its customer base points towards its market share growth.

Here Active Customer means a customer who has transacted in the stock market or investment activity at least once in the last one year.

Active customers decreased in the entire brokerage sector

The figures for the entire Indian Brokerage Industry in July were not very encouraging. During the month, Net Active Customers in the country declined by about 8,000 to 4.55 crore.

That is, while the active customer base of the overall industry shrank slightly, Groww alone added more than 70 thousand customers. This difference makes the company's July growth special.

Zerodha's active customers decreased by 38,700

The performance of July was challenging for the country's second largest brokerage company Zerodha. The number of active customers of the company decreased by about 38,700.

So far in 2026, Zerodha has lost around 89,700 active customers. In such a situation, the increase in the customer base of Groww on one hand and the decline in active customers of Zerodha on the other hand indicate the changing competition in the brokerage market.

However, based on only one month's data, it is too early to say that investors' preferences have completely changed. For this it will be necessary to see the trend of the coming months.

Angel One got only 286 customers in July

Angel One, the country's third largest brokerage company, added about 286 active customers in July. That means the company's growth was very modest. Talking about the entire 2026, the active customer base of Angel One has decreased by about 1.24 lakh. This shows that despite a slight improvement in July, the company has still not been able to come out of the pressure on its customer base on an annual basis.

Upstox lost 26,400 active customers

The month of July was also weak for Upstox Securities. The company lost around 26,400 active customers during the month. Uptox's active customer base has declined by approximately 2.17 lakh so far in 2026. In such a situation, it will be a big challenge for the company in the coming months to add new customers and keep the existing customers active.

HDFC Securities also lost 9,169 customers.

Active customers of HDFC Securities decreased by about 9,169 in July. So far in 2026, the company has lost about 1.14 lakh active customers. It is clear from this that it is no longer easy to maintain the customer base just by having Discount Brokerage or Traditional Brokerage. Now factors like User Experience, App Features, Pricing and Investment Products are also influencing the choice of customers.

The picture is changing in the brokerage market.

NSE data for July shows an interesting change in the Indian Brokerage Market. Groww is continuously adding customers, while many established brokerages are facing a decline in Active Customer Base. The special thing is that Groww has grown at a time when active customers of the entire industry have decreased. Therefore, the biggest question in the coming months will be whether Groww will be able to maintain the pace of its customer growth and will Zerodha, Upstox and HDFC Securities be able to stop the decline in customer base?