Groww launches U.S. stock access for 13 million Indian investors

Groww, which serves more than 29% of India's 46 million active brokerage investors, launched a trading feature for U.S. equities earlier this month. The platform provides access to over 10,000 American stocks and exchange-traded funds. It also includes fractional share ownership, allowing users to buy portions of high-priced securities. Harsh Jain, the company's chief operating officer and co-founder, stated that Nvidia, SpaceX, Apple, Alphabet, Amazon, Micron, and Meta have become popular among early users.

The move follows a period of weakness in the domestic market. The Nifty 50 index has fallen nearly 13% since the start of the year. In contrast, the S&P 500 has risen more than 12%. Foreign investors pulled a record $32.5 billion from direct Indian equities since January, according to data from NSDL. This outflow coincides with a lack of major domestic artificial intelligence companies and relatively expensive valuations in the Indian market.

Other major brokers are following suit. Zerodha, the second-largest platform with a 15% share of active clients based on NSE data, is currently beta testing U.S. stock access. The company expects to launch the full service in a few weeks. Angel One, which reports 6.7 million active retail clients, is also preparing to offer similar U.S. trading capabilities.

Industry leaders cite latent demand and currency dynamics as primary drivers. Somnath Mukherjee, vice president of corporate development at Zerodha, noted that the rupee's decline against the dollar encourages investors to hold assets in another currency. He identified the domestic market's recent performance and the absence of local AI champions as key factors pushing interest toward U.S. offerings.

Resident outflows for investment purposes are rising sharply. In August, Indian residents sent more than $321 million abroad to invest in equity and debt. This figure represents a 111% increase from a year earlier, according to central bank data. For the financial year that ended in March 2026, outward remittances for such investments totaled $2.6 billion.

Tanvi Kanchan of Anand Rathi Shares & Stock Brokers observed that investment now makes up about 11.7% of total outward remittances. This share was 5.8% a year ago. She said the shift indicates a move from spending abroad to investing abroad. Kanchan warned that these outflows could amplify pressure on the rupee at a time when the currency is already weak.

Nitin Jain, chief executive and director at Kotak Mahindra Asset Management Singapore, described the current enthusiasm as similar to the previous rush into crypto. He stated that retail investors tend to follow assets that rise in value. Jain cautioned that as participation grows, the Indian regulator may reconsider its stance on allowing retail access to U.S. markets.