Discover the key differences between Groww and Zerodha, including their fee structures, market positions, and growth strategies. Which platform is right for you?

Groww

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Groww was launched in 2016 by four ex-Flipkart employees, Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal, as a mutual fund platform with a mission to simplify mutual fund investments for beginner investors.

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Slowly, it pivoted its way from a mutual fund investment platform to a full-fledged investment platform.

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With a focus on simplicity, mobile-first design, and aggressive digital growth, it expanded into stocks, F&O, IPOs, and lending.

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Zerodha

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Founded by Kamath brothers Nikhil and Nithin Kamath in 2010, Zerodha has disrupted the retail investing industry by bringing a zero brokerage fees model.

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Zerodha is the most profitable fintech platform in India. It remains bootstrapped, demonstrating its commitment to user trust and transparency.

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Zerodha transformed the industry with their tools, like Kite and Coin, which today also set them apart from their competitors.

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Industry Overview

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India’s retail investing ecosystem saw active NSE clients grow from ~40.8 million in FY24 to 49.2 million in FY25, marking a 21% increase.

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Discount brokers like Groww, Zerodha, Angel One, and Upstox now hold over 63% of the market share.

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Check out our comprehensive deep dive into Swiggy vs. Zomato’s market competition.

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Brand Analysis

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Financial Snapshot & Market Position

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Metric	Groww	Zerodha
Market Share	26.3% (approx.)	16% (approx.)
Active User Base	12.92 million	7.89 million
YoY Change	+35.5%	+8.3%
Revenue	₹4,056 crore (YoY +31%)	₹9372 crore (YoY +37%)
Net Profit	₹1819 crore	₹5,496 crore
Valuation and Last Funding Round	$7 billion (Series F, June 2025)	Bootstrapped
AUM (Mutual Funds)	₹1,940 crore (as of May 2025)	₹6,400 crore (in ETFs over 18 months)
Lending Business (FY25)	₹965 crore loan book (as of Sept 2024)	₹36 crore revenue, ₹12.5 crore net profit

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Brokerage & Fee Structures

When choosing a stockbroker, one of the most important things to consider is how much brokerage you'll pay. Let’s compare Zerodha and Groww, two popular discount brokers in India.

Zerodha offers ₹0 brokerage on equity delivery and charges a flat ₹20 per trade for other segments like intraday and F&O. Groww also charges ₹20 per trade, but doesn't offer free equity delivery trades like Zerodha.

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Transaction Type	Groww	Zerodha
Equity Delivery	₹0	₹0
Intraday Trades	₹20 or 0.05% (whichever is lower)	₹20 or 0.03% (lower)
F&O Trades	₹20 or 0.05%	₹20 or 0.03%
Demat Annual Fee	₹0	₹300/year
Account Opening	₹0	₹200–300 depending on segments
Mutual Fund Investment Fee	₹0 brokerage charges	₹0 brokerage charges
Commodity & Currency	Not offered (mid-2025)	Available
Call & Trade	Not available	₹50/order via phone
Physical Contract Note	₹20 + Courier Charge	₹20
Auto Square-Off Charges	₹50 per order	₹50 per order

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Zerodha vs Groww: Leverage (Margin)

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Both Zerodha and Groww offer similar leverage for intraday trades—up to 5x (i.e., 20% margin requirement). For equity delivery and F&O segments, both require full margin.

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Strategic Breakdown: Groww vs Zerodha

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Strategic Factor	Groww	Zerodha
Market Entry Strategy	Entered in 2016 as a direct mutual fund platform, targeting first-time investors.	Entered in 2010 with a banger zero-brokerage model.
Pricing Strategy	Penetration pricing with a zero-fee model and lower pricing for other investments.	Transparent pricing; no gimmicks, focused on lowest trading cost efficiency.
Tech & Infra Strategy	Built mobile-first, cloud-native architecture and intuitive app design for simplified investing journeys.	Developed in-house platforms (Kite, Console, Coin); APIs for advanced traders and fintech integrations.
Ecosystem Play	Moving toward a super-app model: investments, credit, tax filing, etc., in one app.	Lean ecosystem with strong integrations: Coin, Rainmatter, and analytics tools.
User Targeting Strategy	Focused on young, new-to-market investors in Tier 2–3 cities and first-time digital users.	Focused on active, experienced traders and HNIs seeking low-cost, high-control platforms.
Monetization Model	Mix of brokerage (F&O), commissions (MF), interest spreads (credit), and partner integrations.	Brokerage fees, margin lending, interest income, AMC, and ecosystem investments (e.g., Smallcase, Ditto).
Funding & Valuation	VC-backed; raised $200M in 2025; current valuation at $7 billion.	100% bootstrapped (ESOPs around $1 billion)
Profitability Approach	Focused on aggressive growth; has been profitable in recent years.	Profitability has been their focus and has been profitable and sustainable from the early years.
Brand Personality	Youth-friendly, simplified finance for everyone, positioned as the modern financial buddy.	Positioned as a trusted, serious, and transparent platform with high credibility.
Growth & Partnerships	Scaling via social media and integrated services like ClearTax and ICICI Credit.	Organic growth with strategic tech investments and community engagement (Z-Connect, Varsity).

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Final Thoughts

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Groww and Zerodha have both brought significant disruption to the Indian retail investment sector, previously dominated by traditional brokers and stock companies.

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Zerodha and Groww were the ones who started zero brokerage fees on equity delivery and low fees on the other trading scenarios. Groww and Zerodha represent two sides of a successful fintech strategy—rapid growth vs. operational excellence.

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Numbers cannot determine the real winner; rather, it is the investor who ultimately benefits from having choices, low costs, and frictionless access.

Groww vs Zerodha: Market Share, Strategy, Brokerage, and More

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