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Bengaluru-based Fintech startup Groww has shot past the country’s leading discount brokerage company Zerodha in terms of the highest number of active investors.

Figures compiled by NSE show that Groww has 6.63 million active investors compared to Zerodha’s 6.48 million at the end of September this year.

At the end of March 31 the country’s largest discount broker by revenue, Zerodha grew to 6.39 million customers, while Groww had 5.37 million.

Groww has recorded phenomenal growth, going from approximately 0.78 million users in FY21 to 3.85 million in FY22 and 5.78 million investors in FY23. The growth has come amid fierce competition from rivals such as HDFC Bank, which launched the Sky discount broking app.

Startups like Groww and Upstox have become popular as they don’t charge customers for opening accounts or annual maintenance.

However, Zerodha’s revenue is more than five times that of Groww. During 2020-23, Zerodha reported a 39 per cent year-on-year growth in revenue and profit to Rs 6,875 crore and Rs 2,907 crore respectively.

The parent company of Groww, Nextbillion Technology Private Limited, Groww, has clocked a revenue of Rs 1,294 crore in FY23, which is a three times increase from the corresponding of Rs 367 crore it reported in FY22. The net profit of the company was Rs 73 crore.

According to market analysts, the huge difference in revenue between the two companies is mainly on account of the fact that Zerodha dominates the high-profit Futures & Options space. Groww, on the other hand, is a platform that has concentrated on attracting new customers with long-term investment products and mutual funds.