India’s Groww, Zerodha lose millions of users

Indian stockbroking platforms Groww and Zerodha saw their active client numbers fall between February and August 2025, according to National Stock Exchange (NSE) data.

Groww, a Bengaluru-based brokerage, had its client base drop from 13 million to 12.1 million during this period, though it remains the largest in the country.

Zerodha’s active clients declined from 8 million to 7.3 million, while Angel One also fell from 7.6 million to 7 million.

The slowdown in active clients across major platforms follows regulatory restrictions on futures and options trading, including changes to lot sizes, margin norms, and transaction costs.