Groww Captures 47% New SIP Market Share in October, Adds Over 2 Million Fresh Accounts

India’s wealth-tech landscape witnessed a major shift in October as Groww emerged as the undisputed leader in new systematic investment plan (SIP) registrations, claiming an impressive 47 percent market share. According to CAMS data reviewed by Moneycontrol, Groww added over 2 million fresh SIP accounts in a single month, significantly outperforming all other digital mutual fund distributors.

This strong lead highlights the platform’s growing dominance among retail investors, especially first-time mutual fund participants who continue to prefer simplified, low-friction digital platforms.

CAMS Data Confirms Groww’s Lead

CAMS — the largest mutual fund registrar in India, handling around 80 percent of all SIP registrations — shared SIP data privately with asset management companies (AMCs). Moneycontrol accessed this data through one of the participating AMCs in the CAMS network, which includes major players like SBI, ICICI, HDFC and Kotak.

According to the data:

• Groww: 2+ million new SIPs

• Market share: ~47% of all new SIPs in October

This makes Groww the biggest contributor to India’s monthly SIP additions by a significant margin.

Other Top Players Lag Far Behind

While Groww dominated new SIP registrations, the next four players collectively added less than 1.2 million new SIPs — almost half of Groww’s tally.

Individual SIP additions in October:

• Angel One: 5.7 lakh

• PhonePe: 2.4 lakh

• NJ IndiaInvest: 2.1 lakh

• Paytm Money: 1.6 lakh

Groww’s direct competitor, Zerodha, added only around 26,000 new SIP accounts, showing a stark contrast in acquisition momentum.

This gap underscores how Bengaluru-based Groww has built a powerful moat in digital distribution, especially among young and first-time investors.

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149% YoY Growth in SIP Inflows

Groww’s SIP performance is not just strong every month — it is also showing exceptional year-on-year growth.

• October SIP inflows increased by 149% compared to October 2024

• This growth is particularly noteworthy because stock market returns have remained largely flat during this period

Despite the absence of major market excitement, Groww continues to attract new SIP investors at scale, indicating strong brand pull, trust, and ease of onboarding.

43% Market Share Over Six Months

Over the last six months, Groww has consistently captured close to 43 percent of all new SIP registrations, according to its exchange disclosures and quarterly performance reports. This sustained momentum signals that the platform’s growth isn’t seasonal but deeply rooted in customer behavior.

Mutual Funds: The Core of Groww’s Growth Engine

Groww originally started as a platform dedicated to direct mutual fund and SIP investing, and SIPs still play a critical role in its customer acquisition strategy.

Key highlights from the company’s Q2 shareholder letter:

• 36% of new users joined via SIPs

• This is 7 percentage points higher than the same quarter last year

• Mutual fund assets form 53% of Groww’s customer assets

This indicates that SIPs remain the first and most important entry point for new investors on Groww. Even though stockbroking has now become the primary revenue generator, mutual funds continue to be the company’s strongest onboarding channel.

Stockbroking Now Generates 80% of Revenue

While SIP-driven customer acquisition remains strong, Groww’s business model today leans heavily on stockbroking:

• Stockbroking accounts for nearly 80% of Groww’s total revenue, based on September quarter filings

This shift shows how users who start their journey with SIPs gradually expand to equities and trading, making Groww a full-fledged investment ecosystem.

AUM Landscape: Banks Still on Top

Despite Groww leading in new SIP registrations, the assets under management (AUM) tell a different story — one where traditional players continue to dominate.

AUM from SIP portfolios:

• State Bank of India (SBI): ₹2.7 lakh crore

• NJ IndiaInvest: ₹2.6 lakh crore

• Zerodha: ₹1.29 lakh crore

• Groww: ₹1.26 lakh crore

While Groww is rapidly climbing the ranks, the AUM figures show that legacy institutions still enjoy a strong position due to long-standing customer bases and deeper wealth management relationships.

However, Groww’s rapid monthly SIP additions suggest that its AUM gap with competitors may narrow significantly over the coming quarters.

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