Financial services player Groww has maintained its lead over competitors, as the dominant player in the stockbroking space with 12.88 million active clients in November 2024.

The new-age wealth management platform added 2,82,577 new users in November, data available with the National Stock Exchange (NSE) shows.

Zerodha holds the second spot, with 8.12 million active users. Last year, Groww overtook Zerodha to emerge as the country’s leading broker. Angel One which is at third spot, has 7.63 million active clients, while the fourth-placed Upstox had 2.87 million active users in November.

NSE classifies active investors as those who have done one transaction in 12 months.

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Founded in 2016 as a mutual fund investment platform, Groww expanded into stock trading in 2020. Last year, it further diversified into consumer lending, payments and asset management through subsidiaries.

In terms of revenue, Zerodha continues to be far ahead of Groww, with a topline of ₹8,320 crore in FY24. Revenue from Groww’s core broking business more than doubled in FY24 to ₹2,899 crore from ₹1,294 crore in FY23

Groww paid ₹1,340 crore ($160 million) in taxes, as it flipped its parent entity from the US to India in May this year. The tax payout resulted in Groww clocking a net loss of ₹805 crore for the financial year ending March 31, 2024. At an operational level the fintech reported a profit of ₹535 crore up from ₹458 crore in FY23.

At a consolidated level, Groww reported revenues of ₹3,145 crore for the year ended March 31, 2024, marking a 119 per cent increase from ₹1,435 crore in the previous fiscal year.