India’s stock-investing userbase has ballooned in recent years, but many of these users don’t yet have substantial amounts of money invested in the stock markets.
Fresh data shared by investor Rahul Mathur shows just how small the pool of genuinely wealthy users is on Groww, even as that pool has grown rapidly. Mathur, who tracks Groww’s numbers from its RHP filings and quarterly results, has pointed out that only 2.4% of Groww’s active users can be classified as “Affluent” — a category the platform’s regulatory filings define as users with assets of over Rs. 25 lakh on the platform. But while the share is small in absolute terms, it has grown nearly 5x in just three years.
In March 2023, Groww had 0.30 lakh Affluent active users out of a total base of 53.6 lakh active users, a share of just 0.56%. By March 2026, this had grown to 4.00 lakh Affluent users out of 167.0 lakh total active users, taking the share to 2.40%. The growth has been fairly steady through the period — the Affluent user base crossed 1 lakh by March 2024, touched 1.5 lakh by June 2024, and kept climbing through 2025 before hitting the 4 lakh mark this March.
This growth in high-net-worth users comes even as Groww’s overall base has ballooned — the company went past Zerodha in 2023 to become India’s largest broker by number of active clients, and has continued to add users at a rapid pace since. Groww, which had become a unicorn back in 2021, has also since gone public, with its stock rallying on its market debut last year.
Groww’s own trajectory reflects this dynamic — the platform, which built its early reputation on simplifying mutual fund investing for beginners, has increasingly turned profitable as its userbase has scaled, even though it has historically catered to smaller, long-tail investors rather than the high-value traders that rivals like Zerodha are known for. The rising share of Affluent users suggests that at least a section of Groww’s massive, young user base is now beginning to accumulate serious wealth on the platform.