Groww vs Zerodha vs Upstox – Which is Best for IPOs in 2025?

Introduction

With the IPO market heating up in 2025, choosing the right broker platform has become crucial for investors looking to participate in Initial Public Offerings. The three major discount brokers dominating the Indian market – Groww, Zerodha, and Upstox – each offer unique advantages for IPO investments. This comprehensive comparison will help you determine which platform best suits your IPO investment needs.

Quick Overview: The Big Three

Groww: The User-Friendly Giant

• Market Share: 26.26% with over 12.9 million active clients
• Founded: 2016
• Specialty: Simplified interface and educational content
• Best For: Beginners and first-time IPO investors

Zerodha: The Pioneer

• Market Share: 16.25% with 7.96 million active clients
• Founded: 2010
• Specialty: Advanced tools and comprehensive trading options
• Best For: Experienced traders seeking detailed analytics

Upstox: The Technology-Focused Platform

• Market Share: Smaller but growing with 2.79 million active clients
• Founded: 2009
• Specialty: Advanced trading tools and third-party integrations
• Best For: Tech-savvy investors and active traders

IPO Application Process Comparison

Application Methods Available

All Three Platforms Support:

• UPI-based IPO applications
• ASBA (Applications Supported by Blocked Amount)
• Online application through mobile apps and web platforms

User Experience

Groww:

• Extremely simplified IPO application process
• Step-by-step guidance for beginners
• Clear visual indicators for IPO status
• Educational content about each IPO

Zerodha:

• Straightforward application through Kite platform
• Detailed IPO information and research
• Advanced filtering options for IPO selection
• Integration with Coin platform for post-listing investments

Upstox:

• Clean, intuitive interface
• Quick application process
• Real-time updates on application status
• Mobile-first design approach

Cost Comparison for IPO Investments

Account Opening and Maintenance

Trading Charges (Post-Listing)

Features and Tools for IPO Investors

Research and Analysis

Groww:

• Simplified IPO analysis with easy-to-understand metrics
• Educational videos explaining IPO fundamentals
• Basic company information and financials
• User-friendly IPO calendar

Zerodha:

• Comprehensive IPO research through Varsity
• Detailed company analysis and red herring prospectus
• Advanced charting tools for post-listing analysis
• Integration with fundamental analysis tools

Upstox:

• Professional-grade research reports
• Third-party research integration
• Advanced screening tools
• Detailed IPO timelines and updates

Mobile App Experience

Groww:

• Highest app store ratings
• Intuitive design perfect for beginners
• Quick IPO application in 3-4 steps
• Excellent customer support integration

Zerodha:

• Feature-rich Kite mobile app
• Advanced order types and modifications
• Comprehensive portfolio tracking
• GTT (Good Till Triggered) orders for post-listing

Upstox:

• Lightning-fast execution
• Professional trading interface
• Advanced charting capabilities
• Multiple watchlist options

Pros and Cons

Groww

Pros:

• Zero demat charges – significant cost saving
• Extremely beginner-friendly interface
• Excellent educational content
• Largest user base with 26.26% market share
• Superior customer support

Cons:

• Limited advanced trading features
• No commodity trading
• Fewer third-party integrations
• Basic research capabilities

Zerodha

Pros:

• Most comprehensive trading platform
• Excellent educational resources (Varsity)
• Advanced tools and analytics
• Strong community and support forums
• Commodity and currency trading available

Cons:

• ₹300 annual demat charges
• Steeper learning curve for beginners
• Interface can be overwhelming for new users
• No third-party trading platforms

Upstox

Pros:

• Lowest demat charges (₹150/year)
• Advanced trading tools
• Third-party platform integrations
• Fast execution speeds
• Professional-grade features

Cons:

• Smaller user base
• Less educational content
• Interface more suited for experienced traders
• Limited mutual fund options

Which Platform is Best for Different Types of IPO Investors?

For Beginners (New to IPOs)

Winner: Groww

• Zero demat charges reduce cost barriers
• Simplified application process
• Extensive educational content
• User-friendly interface designed for newcomers

For Experienced Traders

Winner: Zerodha

• Comprehensive research tools
• Advanced post-listing trading features
• Strong educational ecosystem
• Variety of order types and modifications

For Tech-Savvy Active Traders

Winner: Upstox

• Advanced charting and analysis tools
• Third-party platform integrations
• Professional trading interface
• Fastest execution speeds

For Cost-Conscious Investors

Winner: Groww

• Zero demat maintenance charges
• No hidden costs
• Free IPO applications
• Transparent fee structure

Recent Market Performance and Updates

As of 2025, the IPO market has been particularly active, with numerous tech companies and startups going public. Recent data shows that Zerodha holds a 16.25% market share with 7.96 million active clients, while Groww has captured 26.26% market share with over 12.9 million active clients.

Upstox, though smaller with 2.79 million active clients, continues to focus on providing advanced trading tools and professional-grade features.

Expert Recommendations

For First-Time IPO Investors

Choose Groww for its:

• Zero-cost demat account
• Simplified application process
• Educational support
• Beginner-friendly interface

For Regular IPO Participants

Choose Zerodha for its:

• Comprehensive research tools
• Advanced trading features
• Strong community support
• Educational resources

For Professional Traders

Choose Upstox for its:

• Advanced analytical tools
• Third-party integrations
• Professional trading interface
• Competitive pricing

Conclusion

The choice between Groww, Zerodha, and Upstox for IPO investments ultimately depends on your experience level, trading frequency, and specific needs:

• Groww excels for beginners with its zero-cost structure and user-friendly approach
• Zerodha offers the most comprehensive platform for serious investors
• Upstox provides professional-grade tools for active traders

For most IPO investors, especially those new to the market, Groww offers the best combination of cost-effectiveness, ease of use, and educational support. However, experienced investors might prefer Zerodha’s advanced features, while professional traders may find Upstox’s tools more suitable.

Remember, the best platform is one that aligns with your investment style, experience level, and long-term financial goals. Consider opening accounts with multiple platforms to take advantage of their unique strengths as you grow as an investor.

Frequently Asked Questions

Q: Can I apply for IPOs through all three platforms? A: Yes, all three platforms support IPO applications through both UPI and ASBA methods.

Q: Which platform has the lowest costs for IPO investments? A: Groww offers zero demat charges, making it the most cost-effective option for long-term investors.

Q: Do these platforms offer HNI category IPO applications? A: Discount brokers like Zerodha, Upstox, and Groww don’t typically offer HNI category applications as they don’t provide banking services.

Q: Which platform is best for post-IPO trading? A: Zerodha offers the most comprehensive post-listing trading features, while Upstox provides advanced tools for active trading.

Disclaimer: This comparison is based on publicly available information as of August 2025. Fees and features may change. Please verify current details with respective platforms before making investment decisions.