Groww vs Zerodha
Business model, scale, and a side-by-side Litmus framework score — which model wins, and for whom.
Groww wins on client scale and new-investor growth; Zerodha wins on revenue-per-user and bootstrapped profitability per client.
At a glance
| Metric | Groww | Zerodha |
|---|---|---|
| Revenue | ₹4,644.6 Cr (FY26, +19% YoY) | ₹8,847 Cr (FY25) |
| Profit | ₹2,083 Cr (FY26 net profit, +14.2% YoY) | ₹4,237 Cr (FY25 PAT) |
| Active users | 13.06M+ active clients (India's #1 retail broker) | ~6.9M active NSE clients (68.93 lakh, FY26-end) |
| Employees | ~2,500 | 1,200+ |
| Founded | 2016 | 2010 |
| HQ | Bangalore, India | Bangalore, India |
LLitmus Framework Score
Overall: Groww 89 · Zerodha 92
Customer Segment
95
95
Value Proposition
94
98
Marketing Channel
90
92
Engagement
88
88
Income Source
85
96
Asset Validation
90
90
Core Operations
85
85
Strategic Alliance
92
87
Expense Validation
88
94
Groww leads 1 module, Zerodha leads 4. Overall edge: Zerodha.
Head to head
| Dimension | Groww | Zerodha |
|---|---|---|
| Active clients | 13.06M+ (~28.6% share, #1) | ~6.9M (~15% share) |
| Pricing | Free equity delivery, ₹20 F&O | Free equity delivery, ₹20 F&O |
| Acquisition | Organic education funnel, near-zero CAC | Word-of-mouth, no ads (bootstrapped) |
| Profitability | ₹2,083 Cr net profit (FY26) | Profitable, higher revenue-per-user |
| Status | Listed Nov 2025 at ~$7.1B (offer price) | Private, bootstrapped |
FAQ
Is Groww or Zerodha a better business?
Groww wins on client scale and new-investor growth; Zerodha wins on revenue-per-user and bootstrapped profitability per client. It depends on what you optimise for — see the module-by-module breakdown above.
What is the difference between Groww and Zerodha's business model?
Groww operates in Fintech (Investing made easy), while Zerodha is Fintech (Invest in everything). Their revenue, scale and Litmus scores are compared in detail above.
Which is more profitable, Groww or Zerodha?
Groww: ₹2,083 Cr (FY26 net profit, +14.2% YoY). Zerodha: ₹4,237 Cr (FY25 PAT).