People walk outside the National Stock Exchange (NSE) in Mumbai, India, October 22, 2024.
Credit: Reuters File Photo
New Delhi: India's capital markets witnessed remarkable retail participation in FY25, with over 84 lakh new active demat accounts added on the National Stock Exchange (NSE), a 20.5 per cent 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 per cent of these net additions.
Groww emerged as the single-largest contributor, adding 34 lakh new accounts -- a 40 per cent 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 per cent year-on-year increase. Groww's market share rose from 23.28 per cent to 26.26 per cent during the same period, according to NSE data.
Angel One added 14.6 lakh accounts during FY25, contributing 17.38 per cent to NSE's overall growth. The platform's active user base climbed to 75.7 lakh, with a market share of 15.38 per cent.
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 per cent to NSE's overall growth. It held a market share of 16 per cent 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 per cent, with its client base nearing 14.9 lakh and holding a 3 per cent market share. ICICI Securities saw a growth of 3.65 per cent with 19.4 lakh active clients.
Meanwhile, Dhan, on a low base of 9.6 lakh clients, witnessed 89 per cent growth, gaining popularity among new-age traders.