Profit vs Popularity: Zerodha Tops Earnings While Groww Leads in Active Clients in FY25

India’s online broking landscape saw a major shake-up in FY25 as Zerodha and Groww continued to dominate the market—but with diverging strengths. Zerodha, known for its lean operations and tech-driven model, reported a record ₹4,200 crore profit, maintaining its lead in profitability despite having a smaller user base of 8.1 million.

Groww, on the other hand, emerged as the largest retail broker in terms of active clients, with 12.6 million users. The company posted ₹1,824 crore in profit and is gearing up for its IPO. Groww’s aggressive user acquisition strategy and competitive pricing helped it capture a 26.3% share of active clients, compared to Zerodha’s 15.6%.

Notable updates:

• Zerodha FY25 profit: ₹4,200 crore with 8.1 million users  
• Groww FY25 profit: ₹1,824 crore with 12.6 million active clients  
• Groww leads in client share at 26.3% vs Zerodha’s 15.6%  
• Groww IPO preparations underway  
• Zerodha remains India’s most profitable brokerage  

Sources: Startup Pedia, Business Today, Economic Times