Groww, which grew to become the nation’s largest stockbroker by energetic purchasers in 2023, noticed its person base fall from 13 million in February to 12.07 million in August. Whereas nonetheless forward of rivals, the Bengaluru-based platform has steadily misplaced purchasers in latest months, following the sharp post-Covid surge pushed by a retail investing growth.
Zerodha, the previous market chief, additionally reported constant declines, with energetic purchasers sliding to 7.26 million in August 2025 from 7.95 million in February.
Angel One additionally adopted an identical development, dropping to 7.04 million from a peak of seven.64 million in February.
In distinction, Paytm Money, the wealth administration arm of One97 Communications, recorded an uptick, with energetic purchasers rising to 758,335 in August. PhonePe, which entered the broking enterprise in August 2023, almost doubled its base in a 12 months, rising from 173,786 in July 2024 to 305,319 in August 2025.
The slowdown in buying and selling exercise and consumer progress follows regulatory curbs on futures and options (F&O), which have lengthy been the preferred section amongst retail buyers due to their low capital necessities and excessive return potential. With restrictions round lot sizes, margin norms, and better transaction prices, retail participation in F&O has tapered, straight impacting the person base of on-line brokerages.
Additionally Learn: Sebi may ease some F&O curbs amid market concerns
On August 28, ET reported that Groww has secured approval from Sebi to launch its preliminary public providing (IPO).