MC EXCLUSIVE Groww dominates new SIP registrations with 47% market share in October

Groww leads in new SIP registrations

Wealth-tech firm Groww secured around 47 percent of all new systematic investment plan accounts in October, adding more than 2 million fresh SIPs during the month, CAMS data shows.

CAMS is the main mutual fund registration service that works with most of the large asset management companies in the country. Around 80 percent of all SIPs are registered through CAMS.

The data has been shared only with asset management companies (AMCs) and is not available publicly. Moneycontrol reviewed the data shared with one of the AMCs, which is part of the CAMS network that includes SBI, ICICI, HDFC and Kotak.

Other top players

Groww was followed by Angel One, PhonePe, NJ IndiaInvest and Paytm, in that order. In absolute numbers, the other four players together added less than 1.2 million.

Angel One added 5.7 lakh new SIP accounts, PhonePe 2.4 lakh, NJ IndiaInvest 2.1 lakh and Paytm added 1.6 lakh in October. Groww rival Zerodha added around 26,000 new accounts.

The numbers show Bengaluru-based Groww’s dominance among digital mutual fund distributors.

SIP generation

Groww’s October SIP inflows represent a 149 percent increase from October 2024, a robust year-on-year growth even as the stock market returns have remained largely flat during the period.

Over the last six months, the stockbroker has captured close to 43 percent of all new SIP registrations, according to Groww’s exchange disclosures and quarterly reports.

Groww started its journey as a platform for direct mutual fund and SIP investments. Mutual funds continue to serve as the company's primary customer acquisition engine.

In its Q2 letter to shareholders, the company said 36 percent of new users on Groww joined via SIPs, up seven percentage points from the year-ago quarter. Mutual fund assets accounted for 53 percent of customer assets on the platform, indicating that SIPs remain the first and most important touchpoint for new investors, at least for Groww.

Stockbroking now accounts for almost 80 percent of Groww's revenue, according to September quarter filings.

SBI leads in AUM

In terms of assets under management, traditional banks and wealth management firms have a sizeable share.

State Bank of India had accumulated Rs 2.7 lakh crore in assets through its systematic investment plan (SIP) portfolio. The state-owned lender was followed by NJ IndiaInvest with an AUM of Rs 2.6 lakh crore.

Groww’s AUM stood at 1.26 lakh crore, while that of Zerodha’s stood at 1.29 lakh crore.