Groww’s 29% Client Base Gets Access to 10,000 U.S. Stocks

Indian retail investors are gaining direct access to the U.S. stock market through major domestic trading apps.

Groww launched its U.S. equity trading feature earlier this month. The platform serves more than 29% of India's 46 million active brokerage investors. Harsh Jain, the company's chief operating officer and co-founder, stated that the service offers access to more than 10,000 U.S. stocks and exchange-traded funds. The platform also allows for fractional share ownership. Early users have shown a preference for Nvidia, SpaceX, Apple, Alphabet, Amazon, Micron, and Meta.

Competitors are moving quickly to match this service. Zerodha, which holds a 15% share of active clients based on NSE data, is currently beta testing U.S. stock access. The company expects a full launch within a few weeks. Angel One, which reports 6.7 million active retail clients, is also reportedly preparing to offer similar trading capabilities.

Market participants describe high demand for American technology stocks. Nitin Jain, chief executive and director at Kotak Mahindra Asset Management Singapore, noted that retail investors favor assets that rise in value. He compared the current enthusiasm to the previous surge in cryptocurrency interest. Somnath Mukherjee, vice president of corporate development at Zerodha, attributed the shift to a long-standing desire for global investment options.

Performance gaps between Indian and U.S. markets drive this interest. The Nifty 50 has dropped nearly 13% since the start of the year. In contrast, the S&P 500 has climbed more than 12%. Foreign investors have withdrawn a record $32.5 billion from direct Indian equities since January, according to NSDL data. The rupee's decline against the dollar also encourages investors to hold assets in another currency.

Money flows from Indian residents to foreign markets are increasing. In August, residents sent more than $321 million abroad for equity and debt investments. This figure represents a 111% increase from the same period last year. For the financial year ending in March 2026, total outward remittances for such investments reached $2.6 billion. Investment now accounts for 11.7% of total outward remittances, up from 5.8% a year ago.

Tanvi Kanchan of Anand Rathi Shares & Stock Brokers said these outflows are small relative to India's currency reserves. However, she warned that rising outflows could amplify pressure on the rupee if U.S. markets remain strong. Nitin Jain of Kotak cautioned that regulators might reconsider their stance on retail access as participation grows.