Angel One Passes Zerodha With 69.98 Lakh Active Clients in October
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Angel One Passes Zerodha With 69.98 Lakh Active Clients in October
Zerodha shed 32,435 clients on the National Stock Exchange while Angel One added 2.43 lakh, and the two trackers that reported it disagree on the industry total.
Angel One ended October with 69.98 lakh active clients on the National Stock Exchange, ahead of Zerodha's 67.59 lakh, Entrackr reported Nov. 6 from NSE data. A lakh is 100,000, and a crore is 100 lakh.
Zerodha lost 32,435 clients in the month, down from 67.91 lakh, while Angel One added 2.43 lakh. Working backwards, Angel One began October at about 67.55 lakh, roughly 36,000 behind Zerodha. The month therefore moved the gap by about 2.75 lakh clients, from a 36,000 deficit to a 2.39 lakh lead.
Groww remains first at 1.37 crore.
What the October NSE table shows
Entrackr's table, which cites NSE, lists the five largest brokers by active clients. Only two of the five lost clients in the month, and the biggest loser by count is the one that was second until October.
| Broker | Active clients, Oct. | October change |
|---|---|---|
| Groww | 1.37 crore | +3.04 lakh |
| Angel One | 69.98 lakh | +2.43 lakh |
| Zerodha | 67.59 lakh | -32,435 |
| ICICI Securities | 21.64 lakh | +3,722 |
| Upstox | 18.43 lakh | -11,348 |
Dhan added 25,739 clients to reach 11.47 lakh, and Sahi added 34,372 to reach 3.15 lakh. Paytm Money fell by 32,501, or 4.26 percent, to 7.30 lakh.
Where Entrackr and Inc42 disagree
Inc42 published the same story the same day with different totals. Entrackr puts the industry at 4.67 crore active clients, up from 4.61 crore in September, a gain of 1.33 percent. Inc42 puts it at 4.59 crore, down 0.5 percent from 4.61 crore.
Shares differ too. Entrackr gives Angel One 14.97 percent and Zerodha 14.46 percent. Inc42 gives them 15.3 percent and 14.7 percent. Both agree on the order, on Angel One's 69.98 or 69.99 lakh, and on Zerodha's 67.59 lakh.
Inc42's own write-up also carries two incompatible Upstox figures, a 0.6 percent decline and an exit of 11.3 lakh users. Entrackr's 11,348 is consistent with the smaller number, so the 11.3 lakh looks like a decimal slip. Treat the industry total as unresolved until the NSE file itself is checked.
Groww is the broker pulling away
Groww added 3.04 lakh clients in October, 61,000 more than the 2.43 lakh Angel One added. Its 1.37 crore base is almost twice Angel One's, at 1.96 times.
- Groww304 thousand
- Angel One243 thousand
- Sahi34.4 thousand
- Dhan25.7 thousand
Source: Entrackr, citing NSE data, accessed 2026-11-06
Zerodha, founded by Nithin Kamath, shows the opposite pattern. Inc42 describes it as having lost clients over the previous year, and October extended that.
The NSE active-client count says nothing about revenue, order volume or assets held, so a larger client count does not make Angel One the larger business. It measures only who traded at least once on the exchange.
The next data point is NSE's November count. Zerodha needs to add roughly 2.4 lakh more clients than Angel One in a single month to take second place back.
Related coverage: MakeMyTrip's stake in Quick Ride and Moneyview and Amagi's Q2 profits.
Sources
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