The next winner in India's wealth-tech race will need more than just low fees: Report

Over the past few years, wealth-tech platforms have focused on bringing first-time investors online through easy onboarding and competitive pricing. Platforms such as Groww, Zerodha, Upstox and Angel One have emerged as major beneficiaries of India's retail investing boom.

For investors comparing the major players, the question often is: Angel One vs Zerodha vs Groww—which one is better? According to broker comparison data, the brokerage charged by all three discount brokers is broadly similar at around ₹20 per trade. While Angel One and Zerodha have an overall rating of 4.5 out of 5, Groww is rated 4 out of 5.

However, a report by Redseer Strategy Consultants suggests that the next winner in India's wealth-tech race will be determined less by pricing and more by user experience, trust and the ability to deepen relationships with existing customers.

The report, Inside India's Digital Investing Boom, says India's digital investor is accumulating wealth rapidly, with the average investor now holding a portfolio worth around ₹10 lakh and adding nearly ₹3 lakh every year.

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Redseer believes the next phase of growth will come not from adding more users or cutting prices further, but from increasing engagement with those already on board. "India is minting investors faster than it is teaching them to invest," the report notes, adding that the next rupee of growth will come from depth rather than discovery.

From acquiring users to increasing wallet share

Over the past few years, wealth-tech platforms have focused on bringing first-time investors online through easy onboarding and competitive pricing. But Redseer believes the next phase of growth will come not from adding more users, but from increasing engagement with those already on board.

"India is minting investors faster than it is teaching them to invest," the report notes, adding that the next rupee of growth will come from depth rather than discovery.

The report estimates that annual digital investments average around ₹3 lakh, highlighting the growing role of digital platforms in managing household savings.

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Simplicity still dominates

Despite the growing number of investment products available, Indian investors continue to favour relatively simple instruments. Around 80% of digital wealth is concentrated in mutual funds and equities, while 77% of users currently invest through SIP-based mutual funds.

Products such as ETFs, US stocks, margin trading facilities and loans against securities are widely known but remain underutilised, indicating substantial room for future growth.

Zero brokerage isn't enough

Perhaps the report's most striking finding is that nearly two-thirds of investors say they would not switch platforms even if another app offered zero brokerage. Instead, factors such as trust, ease of use, execution speed and having stocks and mutual funds available in a single app are proving far more important.

Leading platforms outperform rivals not merely because they charge less, but because they provide a superior experience and enjoy stronger brand loyalty.

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The battle for deeper engagement

Redseer identifies three broad investor categories—Guided Savers, Aspiring Investors and Confident Builders—each with different investment behaviours and product preferences.

The consultancy argues that India's wealth-tech market is ready for a "depth winner"—a platform capable of turning passive savers into active, multi-product investors.

That means the next market leader may not necessarily be the one with the lowest fees or the biggest advertising budget. Instead, the winners are likely to be those that can anticipate investors' needs, build trust and offer the right products at the right time.

As India's digital investing ecosystem matures, experience—not price—may become the industry's most valuable currency.

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