Over 84 Lakh New Demat Accounts Added In FY25, Groww Dominates With 40 Per Cent Share In Additions
Total number of active accounts touched 4.92 crore by the end of March 2025. Two digital-first brokerages, Groww and Angel One contributed to more than half of the net additions.
Retail participation in India's capital markets surged in FY25, with the National Stock Exchange (NSE) witnessing the addition of over 84 lakh new active demat accounts — a 20.5 per cent rise compared to the previous fiscal year.
This took the total number of active accounts to 4.92 crore by the end of March 2025. Two digital-first brokerages, Groww and Angel One, played a central role in this expansion, together contributing to more than half of the net additions, reported PTI.
Groww led the charge, accounting for a 40 per cent share by adding 34 lakh accounts over the fiscal under review. Its active client count jumped from 95 lakh in March 2024 to 1.29 crore in March 2025, marking a significant 36 per cent year-on-year increase.
NSE data also showed that Groww’s market share climbed from 23.28 per cent to 26.26 per cent during this period.
Angel One followed with 14.6 lakh new accounts added in FY25, contributing 17.38 per cent to the NSE’s overall growth. The platform’s active user base reached 75.7 lakh, giving it a 15.38 per cent share in the market.
Combined, Groww and Angel One were responsible for 48.6 lakh of the 84 lakh demat accounts added on the exchange.
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Tier-II And Tier-III Investors Power The Shift
Zerodha, one of the earlier disruptors in the digital brokerage space, added 5.8 lakh accounts, accounting for nearly 7 per cent of the NSE’s total additions. Its market share stood at 16 per cent by the fiscal year’s close.
Traditional players also made their presence felt. HDFC Securities posted a 36.78 per cent increase in its client base, reaching nearly 14.9 lakh and securing a 3 per cent market share. ICICI Securities ended the year with 19.4 lakh active clients, reflecting 3.65 per cent growth.
Meanwhile, Dhan, operating from a smaller base of 9.6 lakh users, saw its client count rise by 89 per cent — gaining traction among newer traders exploring digital-first platforms.
Market analysts noted that the rising dominance of digital brokerages indicated a shift toward mobile-centric, user-friendly investing models. They also pointed to the growing trust in such platforms among retail investors, particularly in Tier II, III, and IV towns, signalling broader democratization of equity investing in India.
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