Retail Investors Boom: NSE Adds 84 Lakh Demat Accounts in FY25 — Here’s How Much Groww, Angel One & Zerodha Added

Retail Investors Boom: India’s capital markets saw a major jump in retail participation during FY25, with more than 84 lakh new active demat accounts added on the National Stock Exchange (NSE) — a 20.5% year-on-year increase. This pushed the total number of active demat accounts on the NSE to 4.92 crore, according to NSE Data.

At the heart of this growth are digital brokerage platforms, especially Groww and Angel One, which together contributed over 57% of the new accounts.

“The sharp rise in demat accounts during FY25 can largely be attributed to the rapid digitisation of the investment process, which has made it significantly easier for retail investors, especially younger generations to participate in the capital markets. With seamless access to markets through user-friendly mobile apps and online platforms, investing has become more convenient than ever," said Sugandha Sachdeva, Founder of SS WealthStreet. 

“A strong rally in Indian equity markets, particularly in the first two quarters of FY25, delivered impressive returns that drew in new investors, many of whom were driven by the fear of missing out (FOMO) as they witnessed peers benefiting from market gains. This bullish momentum has further fueled retail participation," She said. 

Groww Takes the Lead

Groww emerged as the top performer, adding 34 lakh new accounts, accounting for 40% of the NSE’s growth. Its active user base jumped from 95 lakh in March 2024 to 1.29 crore in March 2025, marking a 36% rise. Groww's market share increased from 23.28% to 26.26% over the year.

Angel One Holds Strong

Angel One added 14.6 lakh new accounts, contributing 17.38% to the NSE's overall growth. Its total active clients reached 75.7 lakh, with a 15.38% market share.

Zerodha and Others Stay in the Race

Though not leading the pack in new additions, Zerodha brought in 5.8 lakh new accounts, accounting for about 7% of the overall growth. Despite slower growth, it maintained a strong 16% market share by the end of FY25.

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Traditional Brokers Also Grow

Traditional brokers also grew. HDFC Securities grew by 36.78% and had 14.9 lakh active clients with a 3% market share. On the other hand, ICICI Securities grew by 3.65% and had 19.4 lakh active users.

Dhan's Rapid Rise

New-age platform Dhan saw an impressive 89% growth, reaching 9.6 lakh clients, showing growing popularity among young and tech-savvy traders.

“A significant portion of these new demat accounts is being opened by millennials and Gen Z investors, who are inherently more tech-savvy, comfortable with digital ecosystems, and open to exploring non-traditional asset classes. In essence, the combination of a booming stock market, easy digital access, low-cost investing options, and greater financial literacy has led to an unprecedented rise in demat account openings in FY25, marking a shift in how Indians participate in the country’s growth story," Sachdeva concluded. 

NSE Registered Investors

According to NSE data, the total number of active accounts stands at 22.09 crore. In the last month, there was an increase of 26.04 lakh accounts, while the last quarter saw a growth of 95.14 lakh. Over the past year, 5.57 crore accounts were added, and in the last five years, the total growth has been an impressive 16.13 crore accounts.