Tiger Global-backed wealth management start-up ended 2023 with 7.6 million active traders, as per data from the NSE.
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While Zerodha had around 6.7 million active traders, Mumbai-based AngelOne ended the year at the third spot with 5.3 million active traders.
Groww had gone past Zerodha in terms of active traders in September last year. In September, Groww had 6.6 million active traders compared to 6.4 million for Zerodha.
Groww has grown its active trader base by a million, while Zerodha’s base expanded by three lakh. AngelOne grew its active base by adding five lakh new users in the last three months of 2023.
Chief executive Lalit Keshre pointed out that as the largest stock broker in the country, it needed to communicate more effectively to its customers. It came at a time when Groww app faced technical issues, resulting in many active traders losing out on an opportunity to place their trades on time.
“We understand that the stakes are higher now, with lakhs of serious traders on Groww, and even a few minutes of downtime can have an adverse impact on our customers,” Keshre wrote on X.
Profitable in FY23
Groww turned profitable in FY23 and reported a net profit of ₹448.7 crore in FY23 against a net loss of ₹239 crore in the previous fiscal, reported businessline. The firm’s operating revenue stood at ₹1,277.8 crore in FY23 (₹351 crore).
Founded in 2017 by Harsh Jain, Lalit Keshre, Neeraj Singh, and Ishan Bansal, Billionbrains Garage Ventures Pvt Ltd, the parent entity of Groww, lets users invest in stocks, exchange-traded funds (ETFs), and IPOs.