Dhan Surpasses 1 Million Active Users in February; Groww Retains Top Spot in India’s Stockbroking Market
The Indian retail stockbroking industry continued its upward trajectory in February 2026, with the total active client base reaching 4.54 crore, up from 4.51 crore in January. While the sector saw a net addition of over 3.5 lakh users, the month was marked by a significant milestone for the emerging player Dhan and the continued dominance of Groww.
Dhan Joins the ‘Million User’ Club
Mumbai-based fintech unicorn Dhan, led by former Paytm Money executive Pravin Jadhav, officially crossed the 1 million (10 lakh) active users mark in February. The platform added approximately 19,000 new users during the month, securing a market share of 2.24%.
This achievement follows a stellar fiscal performance where Dhan’s parent company, Raise Financial, reported a revenue jump to ₹877 crore in FY25, with net profits crossing ₹400 crore. Having recently achieved unicorn status with a $1.2 billion valuation, Dhan has cemented its position as a top-10 broker, effectively challenging established players with its "Super Trader" focused features and TradingView integration.
Groww Widens Lead, Zerodha Stabilizes
Groww remains the undisputed leader of the Indian broking space. In February, the platform added 2.65 lakh new clients, bringing its total active user base to approximately 1.27 crore (12.75 million). Groww now commands a dominant 28.03% market share. Its strategy of aggressive organic acquisition and diversification into wealth management and lending has helped it maintain a lead over its closest rival.
Zerodha, once the long-standing market leader, showed signs of stabilization after a rocky end to 2025. Following significant user losses in November and December, the firm added 10,000 clients in February. Its total user base currently stands at 68.72 lakh, representing a 15.11% market share.
Market Dynamics: Winners and Losers
The month saw a mixed performance across other major players:
Angel One: Successfully reversed its January decline by adding over 10,000 accounts, maintaining its position as the third-largest broker.
Upstox: Continued to face headwinds, losing over 27,000 accounts in February. Its market share has slipped to 4.42%, placing it behind the top three.
Traditional Brokers: ICICI Securities, SBI Securities, and Kotak Securities all reported growth, adding roughly 30,000, 16,400, and 9,500 accounts respectively.
Paytm Money: Reported a modest gain of 9,700 accounts, while HDFC Securities and Motilal Oswal saw a contraction in their client numbers.
Industry Outlook
Despite regulatory shifts—including increased Securities Transaction Tax (STT) and tighter SEBI rules on F&O trading—the retail participation in India remains robust. The industry is witnessing a clear divide between "legacy" digital brokers and "new-age" platforms like Dhan and INDmoney, which are successfully capturing niche segments of the market through high-tech trading tools and integrated financial ecosystems.