India's investing story is now in small towns: 84% of Groww users are outside top 6 cities

Smaller cities lead

For decades, retail investing in India was largely concentrated in metros such as Mumbai, Delhi, Bengaluru, Chennai, Hyderabad and Kolkata. Better financial awareness, easier access to brokers and higher disposable incomes made these cities the primary contributors to equity and mutual fund investments.

That trend is now changing. The rapid adoption of smartphones, affordable internet connectivity and digital investment platforms has significantly lowered the barriers to entry. Investors from smaller towns can now open accounts, invest in mutual funds, buy stocks and track portfolios entirely online, eliminating the need for physical branches or intermediaries.

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The report suggests this digital-first approach is helping democratise investing and bringing millions of first-time investors into the financial markets.

Broadening portfolios

The report also points to increasing financial maturity among retail investors. Nearly seven in ten active users now use more than one product on the platform, indicating that investors are expanding beyond a single investment option to build diversified portfolios.

This trend reflects growing awareness of different asset classes and a willingness among investors to explore a broader range of financial products instead of relying on a single avenue for wealth creation.

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Retail investing boom

Groww ended FY26 as India’s largest retail broking platform, with 21.6 million total transacting users and 16.7 million active users, together holding ₹2,958 billion in customer assets.

Its mutual fund business also recorded strong growth, with 10 million active users, ₹1,570 billion in assets under management, 204.7 million SIPs processed, and ₹466 billion in SIP inflows during the year. The company said it accounted for 43% of all new SIPs registered in India in FY26, underlining the increasing popularity of disciplined investing among retail investors.

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Financial inclusion

The report also highlights broader participation across demographic groups. Nearly 64.7% of women investing through Groww are first-time investors, signalling that digital platforms are helping bring more women into India’s investing ecosystem.

Looking ahead, CEO Lalit Keshre said Groww aims to evolve beyond a transactional platform by expanding its wealth management offerings and helping customers build long-term wealth.

The findings suggest that India’s retail investing story is no longer centred on a handful of metropolitan cities. As digital access improves and financial awareness grows, investors from smaller towns are becoming a defining force in the country’s capital markets, reshaping how and where wealth creation takes place.