<p>Zerodha with the least CAC (₹ 0) has the largest market share at 18%, followed by Groww and Upstox with 13% and 12% respectively as of December 2022. Zerodha, Upstox and other online discount brokerages were the greatest beneficiaries of structural changes and the evolution of the capital markets.&nbsp; Stay connected to Planify for ESOPs and more.&nbsp;</p>

Zerodha with the least CAC (₹ 0) has the largest market share at 18%, followed by Groww and Upstox with 13% and 12% respectively as of December 2022.

Correlation between Customer Acquisition Cost (CAC) & Market share in discount broking industry