New Delhi, India’s capital markets saw significant retail participation in FY25, with over 84 lakh new active demat accounts added on the National Stock Exchange (NSE), a 20.5 percent rise year-on-year, taking the total number to 4.92 crore.
Leading this growth are two digital brokerages – Groww and Angel One – which together account for over 57 percent of these net additions.
Groww emerged as the largest contributor, adding 34 lakh new accounts – accounting for 40 percent of NSE’s growth. Its active client base grew from 95 lakh in March 2024 to 1.29 crore in March 2025, marking a sharp 36 percent year-on-year growth.
Groww’s market share grew from 23.28 percent to 26.26 percent during the same period, according to NSE data.
Angel One added 14.6 lakh accounts during FY25, contributing 17.38 percent to NSE’s overall growth. The platform’s active user base grew to 75.7 lakh, with a market share of 15.38 percent.
Groww and Angel One together added 48.6 lakh accounts out of the 84 lakh new active demat accounts added on NSE.
Apart from these, Zerodha added 5.8 lakh new accounts in FY25, contributing nearly 7 percent to NSE’s overall growth. Its market share stood at 16 percent by the end of FY25.
Market experts believe that the growing market share of digital brokerages shows that investors prefer mobile-based, simplified investment experiences. It also reflects investors’ growing confidence in digital platforms – especially among the emerging investor base in India’s Tier II, III and IV cities.
Traditional brokerages contributed equally to growing the country’s retail investment base. HDFC Securities reported a robust growth of 36.78 percent year-on-year with a client base of close to 14.9 lakh and a market share of 3 percent. ICICI Securities saw a growth of 3.65 percent with 19.4 lakh active clients.
Meanwhile, Wealthify saw a growth of 89 percent on a low base of 9.6 lakh clients, gaining popularity among new-age traders.
