Upstox vs Groww 2026 — Which is Better for IPO?
Side-by-side comparison of Upstox and Groww on IPO features, fees, app ratings, and platform capabilities. Updated for 2026.
Upstox
★ 4.2 · 1 Cr+ · Upstox Pro
Wins on
- ✓SME IPO support
- ✓Full ASBA support
- ✓Free equity delivery
Loses on
- ✗Higher app rating (4.5★)
- ✗Lower AMC (Free)
- ✗Faster IPO application (2 min)
Groww
★ 4.3 · 2 Cr+ · Groww App
Wins on
- ✓Higher app rating (4.5★)
- ✓Lower AMC (Free)
- ✓Faster IPO application (2 min)
Loses on
- ✗SME IPO support
- ✗Full ASBA support
- ✗Free equity delivery
| Feature | Upstox★ 4.2 | Groww★ 4.3 |
|---|---|---|
| IPO Features | ||
| IPO Rating | ★ 4.5 | ★ 4.5 |
| Application Time | 3 min | 2 min |
| UPI ASBA | ✅ | ✅ |
| Net Banking ASBA | ❌ | ❌ |
| SME IPO Support | ✅ | ❌ |
| NRI IPO Support | ❌ | ❌ |
| Fees | ||
| Account Opening | Free | Free |
| Annual Maintenance | Free (1st year) | Free |
| Equity Delivery | Free | ₹20/order |
| Intraday | ₹20/order | ₹20/order |
| F&O | ₹20/order | ₹20/order |
| DP Charge (sell) | ₹18.5 + GST | ₹20 + GST |
| Platform | ||
| App Rating | 4.3 / 5 | 4.5 / 5 |
| Trading Platform | Upstox Pro | Groww App |
| Founded | 2012 | 2016 |
| Open account | New investors Open Upstox | First-time investors Open Groww |
Verdict — Which Should You Choose?
Choose Upstox if you are new investors. Key strengths versus Groww: SME IPO support; Full ASBA support; Free equity delivery.
Choose Groww if you are first-time investors. Key strengths versus Upstox: Higher app rating (4.5★); Lower AMC (Free); Faster IPO application (2 min).
Frequently Asked Questions
Which is better for IPO — Upstox or Groww?
Groww has the higher overall IPO rating (4.5/5). Upstox is best for new investors, while Groww is best for first-time investors.
Which broker has lower charges — Upstox or Groww?
Groww has lower AMC charges. Upstox AMC is Free (1st year); Groww AMC is Free. Equity delivery: Upstox Free; Groww ₹20/order.
Can I apply for SME IPOs on both Upstox and Groww?
Upstox supports SME IPO applications. Groww does not support SME IPOs.
Does Upstox or Groww support NRI investors?
Neither Upstox nor Groww supports NRI IPO applications. For NRI IPO access, consider Angel One, Kotak Securities, HDFC Securities or Motilal Oswal.
Which broker is better for beginners — Upstox or Groww?
Groww is generally better for beginners. Upstox platform: Upstox Pro (4.3/5). Groww platform: Groww App (4.5/5).