Broker Platform Wars and IPO Sentiment in India: Groww vs Zerodha vs Dhan vs Shoonya

Broker platform wars are shaping who gets IPOs in India—and it’s not just about price anymore. Four players dominate the beginner-to-pro spectrum: Groww, Zerodha, Dhan, and Shoonya.

Platform Showdown — Groww, Zerodha, Dhan, and Shoonya aren’t just about colors and UI; they define cost, learning curve, and API access. • Groww — best and simplest UI; zero AMC; ₹5 minimum per order; DP fees per sell per company; pricey for small, frequent trades ^[1]. • Zerodha — clean UI; low brokerage; delivery trades free; ₹300 AMC/year ^[1]. • Dhan — zero AMC; low brokerage; UI can feel overwhelming at first ^[1]. • Shoonya — zero AMC; very low brokerage; DP around ₹9 + GST; free API for testing ^[1]. For beginners, Groww’s simplicity helps; active traders chase lower costs with Zerodha or Dhan ^[1].

IPO Sentiment & Access — Crowd-driven hype still shapes allocations. Big-name bets loom: BlackRock, SoftBank, and ADIA invested in Lenskart, keeping IPO chatter alive even when Studds and Orkla are heavily subscribed yet list in the red ^[3].

Valuation chatter — Some observers say Groww’s market chatter looks stretched next to Angel One: Groww’s implied value vs Angel One’s ~20k cr market cap is a frequent talking point, fueling debates about overvaluation vs undervaluation ^[2].

API & Learning Paths — Shoonya’s free API access makes it attractive for testing strategies, while its low costs draw both new and seasoned users ^[1].

Bottom line: the platform you pick doesn’t just affect fees; it guides IPO access, psychology, and how you move from stocks to funds over time. Watch more API-driven experiments as features evolve.

References