India's capital markets witnessed remarkable retail participation in FY25, with over 84 lakh new active demat accounts added on the National Stock Exchange, a 20.5% year-on-year increase, taking the total tally to 4.92 crore.
At the forefront of this growth are two digital brokerages — Groww and Angel One — which together accounted for over 57% of these net additions.
Groww emerged as the single-largest contributor, adding 34 lakh new accounts — a 40% share of NSE's growth. Its active client base rose from 95 lakh in March 2024 to 1.29 crore in March 2025, reflecting a sharp 36% year-on-year increase. Groww's market share rose from 23.28% to 26.26% during the same period, according to NSE data.
Angel One added 14.6 lakh accounts during FY25, contributing 17.38% to NSE's overall growth. The platform's active user base climbed to 75.7 lakh, with a market share of 15.38%.
Together, Groww and Angel One accounted for 48.6 lakh out of the 84 lakh new active demat accounts added to the NSE.
Apart from these, Zerodha added 5.8 lakh new accounts in FY25, accounting nearly 7% to NSE's overall growth. It held a market share of 16% by the end of FY25.
Market experts believe that the growing market share of digital brokerage suggests investors' preference for mobile-led, simplified investing experiences. This also indicates growing investor confidence in digital platforms — especially among India's emerging investor base in Tier II, III and IV towns.
Traditional brokerages alike contributed to the rise of the country's retail investing base. HDFC Securities posted a strong year-on-year growth of 36.78%, with its client base nearing 14.9 lakh and holding a 3% market share. ICICI Securities saw a growth of 3.65% with 19.4 lakh active clients.
Meanwhile, Dhan, on a low base of 9.6 lakh clients, witnessed 89% growth, gaining popularity among new-age traders.
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