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Zerodha vs Groww
India’s online investing space has reached a key stage in 2025. Zerodha and Groww are now the two biggest platforms for retail traders and new investors.
But both companies are moving in different directions. Zerodha continues to stay far ahead in profits. Groww has taken a strong lead in active users and is pushing forward with rapid expansion.
Zerodha Faces First Drop in Revenue But Keeps Profit Lead
Zerodha posted ₹4,200 crore net profit in FY25. This makes it the most profitable brokerage in India yet again. But 2025 also marked the first time its revenue slipped.
SEBI’s strict margin rules affected intraday trading. With fewer trades coming in, earnings took a hit.
The company’s active user count stood between 7.2 million in August 2025 and went close to 8.1 million by October 2025. This shows a slight fall in yearly growth.
The co-founder shared online that Zerodha must build income from long-term investing products, since active market days do not stay the same every year. The company is now trying to balance active traders with regular investors.
Groww Becomes India’s Largest Retail Broker With Fast User Growth
Groww finished FY25 with around 12 to 12.6 million active users.
This is a sharp rise compared to the previous year and places Groww at the top in terms of retail investors. Groww’s profit reached ₹1,824 crore, showing its strong hold on new market entrants from smaller towns and cities.
With its IPO plans for late 2025, the company is focusing on deeper expansion into mutual funds, ETFs, and simple investment products. Groww continues to attract young and first-time investors because of its clean interface and easy onboarding.
Zerodha vs Groww: Which Broker Is Doing Better in 2025?
Here is a clear comparison of both companies based on the latest data:
Metric | Zerodha (FY25) | Groww (FY25) |
|---|---|---|
Net Profit | ₹4,200 crore | ₹1,824 crore |
Profit YoY Change | -10% to -15% | +25% to +35% |
Active Users | 7.2 million (Aug 2025) to 8.1 million (Oct 2025) | 12.0 million (Aug 2025) to 12.6 million (Oct 2025) |
User Growth YoY | Slight decline (-3% to -5%) | +3 to 4 million new users (+30% to +40%) |
Revenue (Estimated FY25) | ₹10,000+ crore (approximate) | ₹5,000+ crore (approximate) |
Revenue YoY Change | Down ~10-20% | Up ~30-40% |
Market Position | Highest profit among Indian brokers; dominant in derivatives trading | Largest retail client base; fastest growing for equity and mutual fund investments |
Customer Acquisition Cost | ₹400-600 approx. (estimated) | ₹300-500 approx. (estimated) |
Average Revenue per User (ARPU) | ₹1,200-1,400 approx. | ₹450-600 approx. |
IPO Status | Private, no IPO date announced | IPO filing and launch late 2025 |
Key Business Segments | Equity, derivatives trading; tech products like Coin for mutual funds | Equity, mutual funds, ETFs, IPO subscriptions, and fiat investments |
Platform Differentiators | Low brokerage, technology-driven; focus on active traders | User-friendly UI, wealth management, expanding into financial services |
What Zerodha Wants to Fix in Its Business
Zerodha earns a lot from a smaller, active base. When market trades cool down, their income comes under stress. Because of this, the firm now wants a more steady line of income from long-term investing products.
Nithin Kamath wrote on his blog:
“We can’t depend only on how active the markets are. Some years are slow. We need income from long-term investing too.”
This is why Zerodha is adding more tools for users who want to save and invest slowly over time.
Why Groww Keeps Winning More Users
Groww built a simple app for new investors. No complex tools. No confusing screens. Students and first-job earners choose it when they buy stocks or mutual funds for the first time.
The users on Groww trade fewer times, so income per person is low. But as these users gain skill and money, their value to Groww is likely to rise. This is Groww’s long-term bet: add more users now and earn more from them later.