Groww vs Angel One: Know the financials, market share and other key metrics

Groww IPO: Billionbrains Garage Ventures, which operates a direct-to-customer digital investment platform, Groww, has launched its much-awaited IPO today. As of 5:00 pm on Day 1, the Groww IPO received an overall subscription of 57%, with the retail investor quota fully subscribed 1.91 times. Non-Institutional Investors (NII) and Qualified Institutional Buyers (QIBs) categories booked 59% and 10%.

Groww is one of the largest digital-first broking firms with an active NSE client base of 1.25 crore as of June 30, 2025. It competes with several broking companies, including discount brokers like Angel One, Upstox, Zerodha, as well as traditional brokers like ICICI Securities, HDFC Securities, Kotak Securities and others.

Latest financial comparison: Groww vs Angel One

*Groww reported a net loss of ₹805.4 crore in FY24

In Q1FY26, Groww and Angel One reported contrasting performances. Groww’s revenue dropped 9.6% YoY to ₹904.3 crore, while its net profit rose 11.9% YoY to ₹378.3 crore. Meanwhile, Angel One posted an 18.8% YoY decline in net profit to ₹1,140.5 crore and a more than 60% drop in net profit to ₹114.4 crore, after SEBI imposed tighter regulations on retail trading in the derivatives segment.

Groww's revenue from operations grew at a CAGR of 84.88% from FY23 to FY25, making it one of the fastest-growing broking companies in India. Groww has over 1.8 crore demat account holders across 98.36% of pin codes in India and operates through 11 subsidiaries spanning broking, asset management, credit, insurance and wealth tech.

Angel One's revenue grew at a CAGR of 32% in the last three years, while profit rose at a 23% CAGR during the same period. Angel One has delivered strong long-term returns to its shareholders, with its stock price growing at a 52% CAGR over the last five years and 17% over the past three years. Compared to its September 2020 IPO issue price of ₹306 per share, the stock has delivered a 724% return, but is down 28% from its 52-week high of ₹3,503.15 apiece.

Key performance metric

*active client and market share as of Q1FY26 **Groww P/E based on FY25 EPS

Groww has a larger active client base of 1.25 crore users, which rose 15.2% on a yearly basis. Angel One has an active client base of 0.73 crore in Q1FY26. In terms of market share in demat accounts, Groww commands 18.9%, ahead of Angel One’s 16.3%. Meanwhile, the Groww IPO is coming at a market cap of around ₹61,735 crore, which is nearly 3x of Angel One's market capitalisation.

Products and Services

Besides the brokerage business, both companies have diversified into other aligned businesses to create a holistic financial ecosystem. Angel One launched its asset management company (AMC), which offers passive investment products like index funds and ETFs. Groww has also started its own mutual fund business.

Both companies have also ventured into the wealth management business. Angel One has Ionic Wealth, which has ₹61.4 billion under management, while Groww launched ‘W by Groww’ in June 2025 to target affluent users who require expertise and advisory services to manage their assets effectively. Both companies also offer lending and insurance products.

Industry outlook

The total addressable market of India’s investment and wealth management sector is expected to grow at a CAGR of 15-17% between FY25 and FY30 and reach ~₹2.2 - ₹2.6 trillion by March 2030, driven by higher investor participation, growing disposable income and higher investible funds. By FY2030, the industry's average revenue per user (ARPU) is expected to increase to ₹18,600–20,200 due to increased trading activity, cross-selling of products, premium offerings and the adoption of multiple new products.

Groww, Zerodha, Angel One, Upstox and other digital-first platforms have transformed the investment and wealth management landscape by democratising access to capital markets and increasing the transparency and affordability of investing for individual investors. With a CAGR revenue growth of over 60%, digital-first players have surpassed both wealth management firms (25.2% CAGR) and bank-led brokers (22.8% CAGR).

Conclusion

Overall, Groww has a large user base and broader reach, but profitability remains inconsistent. Meanwhile, Angel One is an established competitor with a consistent profitable business. Both companies are launching new products and venturing into new segments to grab market share. With the rise in India’s investment and wealth management industry, both players stand to benefit from rising investor participation and digital adoption.