Angel One reported 69.98 lakh active clients on the NSE at the end of October, making it India's second-largest broker. This marks a significant shift, as Bengaluru-headquartered Zerodha, long a market leader, slipped to third place. The intense competition for active users signals a sustained land grab in India's retail brokerage space.
How We Got Here
Angel One's overall client base reached 4.06 crore by October end, after adding nearly 15 lakh clients in the July-September quarter. Groww retained its top spot with 1.37 crore active clients for the month, adding 3.04 lakh new users.
The Numbers
- Angel One's active client count of 69.98 lakh gives it a 14.97% market share.
- Zerodha's active clients dropped by 32,435 in October to 67.59 lakh, reaching a 14.46% market share.
- Angel One added 2.43 lakh net active clients in October alone, while Groww added 3.04 lakh.
- Trading activity for Angel One saw average daily orders increase 19.6% month-on-month to 69.7 lakh in October.
- Angel One's consolidated net profit surged 58.2% year-on-year to ₹335 crore.
What Happens Next
🇮🇳 Why This Matters for India
For Mumbai and Delhi's aspiring fintech founders, the fierce brokerage competition proves that even established leaders can be unseated by aggressive customer acquisition and tech-driven growth.
The Take
Zerodha's slip signals a fundamental shift in India's retail brokerage landscape where aggressive user acquisition, even with lower ARPU clients, is now the winning strategy. Expect Groww and Angel One to push harder, potentially forcing Zerodha to adapt its long-held client growth approach by early 2024.
Source:
YourStory ↗