Paytm Money Records Highest Growth Among Top Brokers in April 2025, Surpasses Dhan in Active Clients
Paytm Money has emerged as the fastest-growing stock broker among India’s top 25 platforms in April 2025, registering a 4 per cent growth in active clients—the highest rate of increase in the segment for the month. As per NSE’s Report 1C, the platform added 25,308 active clients in April alone, taking its total active client count to 6.89 lakh, up from 6.64 lakh in March. This growth has enabled Paytm Money to decisively outpace Dhan, its closest competitor in the digital-first broking space, and challenge the stagnation observed among larger players such as Zerodha, Groww, Upstox, and Angel One, all of whom saw a decline in their active user bases during the same period.
Highlights:
Paytm Money posts 4% monthly growth in active clients—the highest among top 25 brokers
Total active clients reached 6.89 lakh in April, up from 6.64 lakh in March
Most large brokers, including Zerodha and Groww, saw declines in active user count
Dhan’s Momentum Slows as Paytm Money Accelerates Product-Led Growth
While Dhan had previously gained prominence for its clean user interface and product-focused marketing strategy, April’s data signals a notable shift in momentum. Dhan added active users at a modest pace of just 1 per cent during the same period. In contrast, Paytm Money has capitalised on its recent product innovations and targeted customer acquisition strategies. This includes the successful rollout of new features such as ‘Trader Mode’ and ‘Options Scalper’, both of which cater to more active retail traders. These enhancements have been paired with improvements in the onboarding process and reductions in Pay Later (margin trading facility) rates, creating a frictionless and cost-effective user experience.
Highlights:
Dhan’s growth in active users slows to 1% in April, compared to Paytm Money’s 4%
New features like ‘Trader Mode’ and ‘Options Scalper’ drive higher trader engagement
Lower MTF rates and smoother onboarding boost Paytm Money’s attractiveness to investors
SEBI Research Analyst License and User Engagement Bolster Paytm Money’s Position
Paytm Money’s recent registration as a SEBI Research Analyst has added a layer of regulatory credibility to its operations, strengthening its appeal to investors seeking trusted platforms for both execution and research. Despite an overall slowdown in new demat account openings across the country—April marked the lowest monthly additions in FY26—the platform’s increase in active users indicates higher engagement and improved user retention. This trend suggests that Paytm Money is not only acquiring new users but also deepening relationships with its existing customer base through consistent platform enhancements and client support.
Highlights:
SEBI Research Analyst registration boosts platform trust and credibility
April saw the lowest demat account additions in FY26, yet Paytm Money defied trend
Higher client engagement and retention drives platform momentum despite market slowdown
Platform’s Total User Base Crosses 21 Million, Reinforces Position in Commission-Free Investing
According to the company’s website, Paytm Money now serves over 21 million users across its suite of investment services, reaffirming its position as a leading player in the zero-commission investing space. The platform emphasizes its commitment to democratizing access to financial markets through low-cost structures and simplified investment journeys. With an expanding set of tools tailored for both new and experienced investors, and a growing active user base even amid broader market cooling, Paytm Money is securing a strong foothold in the competitive brokerage ecosystem.
Highlights:
Over 21 million users use Paytm Money’s investment platform as per company data
Company reiterates its leadership in low-cost and commission-free investing
Strategy centers on expanding access and enabling long-term financial goal achievement
