Wealth management startup Groww has extended its lead in terms of active clients, according to the latest data from the NSE.
Peak XV Partners and Tiger Global-backed fintech startup ended 2023 with 7.6 million active traders, racing ahead of its closest competitor Zerodha, which had around 6.7 million active traders, as per data from NSE.
AngelOne, the Mumbai-based stock trading company, ended the year at the third spot with 5.3 million active traders, a massive gain over the last one year.
In September, Groww had gone past Zerodha in terms of active traders, displacing the Bengaluru-based stock broker to the second spot. In September, Groww had 6.6 million active traders compared to 6.4 million for Zerodha.
In the three months since, Groww has grown its active trader base by a million, while Zerodha has increased base by 300,000. AngelOne grew its active base by adding 500,000 new users in the last three months of 2023.
Taking to social media platform X (formerly Twitter), chief executive Lalit Keshre pointed out that as the largest stock broker in the country, it needed to communicate more effectively to its customers.
“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.He was addressing the recent technical glitch the app faced, resulting in many active traders losing out on an opportunity to place their trades on time. The incident happened on Tuesday, January 23, the day the BSE closed at 70,370 points, one of the lowest in the last month.
