What Sahi does

Sahi is a SEBI-registered Indian retail brokerage platform operated by Aaritya Broking Private Limited, focused on active F&O, options, equities, IPOs, and ETF trading. Founded in August 2023 and publicly launched in January 2025, the company is headquartered in Bangalore and serves performance-driven retail traders in India through a mobile app, web terminal, and partner ecosystem, processing approximately 3% of India's daily trades across 400,000+ demat accounts and 5L+ active traders.

The platform is built on a proprietary in-house charting engine and execution stack — explicitly not a wrapped third-party library — that integrates charts, orders, and positions in a single workflow and reports 6.61 ms P95 server-to-exchange order latency. Layered on top are SEBI-registered Research Analyst recommendations (INH000022172), an AI-powered market intelligence layer branded as Sahi AI, and Sahi Scalper 2.0, a high-speed options scalper interface. The company holds a full multi-licence footprint: SEBI broker registration (INZ000317632), CDSL Depository Participant (IN-DP-780-2024), NSE Membership 90375, BSE Membership 6867, and MCX membership.

Revenue is generated primarily through a flat ₹10 per executed order brokerage across all segments, with a 30-day zero-brokerage trial used as an acquisition lever, supplemented by interest on margin funding, depository participant (DP) charges, and partner revenue share economics. The go-to-market is direct-to-consumer via the app and web terminal, augmented by the SAHI Partner Program which pays 30-60% lifetime brokerage sharing to sub-brokers, financial advisors, and influencers. The company is led by co-founder Dale Vaz (ex-Swiggy CTO) and Manish Jain (ex-Kotak Securities) and is backed by Accel and Elevation Capital.

Name

Sahi

Legal name

Aaritya Broking Private Limited

Website

https://sahi.com

Company type

Private

Founded year

2023

Operating status

Operating

Headcount range

101–250 employees

Short description

Sahi is a SEBI-registered Indian retail brokerage (Aaritya Broking) serving active F&O, options, and equity traders via a proprietary low-latency platform, mobile app, and partner network across 400,000+ demat accounts.

Ownership category

akta.pro rank

Product category

Retail Online Brokerage

NAICS

Investment Banking and Securities Intermediation (523150), Securities and Commodity Contracts Intermediation and Brokerage (5231), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Execution-Only / Self-Directed Investing Platforms (FSAAAAAI)

akta.pro secondary industries

Copy Trading, Social Trading & Automated Trading Platforms (FSADAAAK), Algorithmic Trading & Execution Platforms (FSAFANAN)

Keywords

• Retail brokerage platform
• Futures and options trading
• Equity trading app
• IPO investing platform
• ETF investing India

Headquarters

HQ city

Bangalore

HQ country

India

HQ region

Asia

Offices1 record

Markets served

GTM type

B2C

Offering type

Software

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure, Others

Revenue model

1. Brokerage (Flat Per-Order): Primary revenue stream — flat brokerage of ₹10 per executed order across all segments (Equity Delivery, Equity Intraday, Futures, Options). For Equity delivery/intraday the charge is ₹10 OR 0.05% whichever is lower. IPO applications are ₹0 (free). Brokerage is free for the customer's first 30 days after account readiness.
2. Interest on Margin Funding: Secondary revenue stream earned from interest charged on margin funding that traders opt to use (Delayed Payment Charges of 0.045% per day simple interest, compounded monthly). Only applicable when traders choose to use borrowed funds.
3. Partner Revenue Sharing (Referral Commissions): Cost-of-revenue item under SAHI Partner Program — partners (sub-brokers, traders, financial advisors, influencers, educators) earn lifetime brokerage sharing of up to 30–60% on trades done by referred clients, plus performance-linked incentives. Net effect: partner commissions reduce per-order revenue retained, but expand distribution and customer acquisition.
4. Depository Participant (DP) Charges: CDSL depository participant services generating ancillary DP charges — ₹13.5 per company for SELL transactions, ₹150 per Demat/Remat certification plus courier charges, ₹50 per failed Demat transaction, ₹20 per physical CMR, plus ₹15 per margin pledge/unpledge/invocation transaction.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels7 records

Core offering

Sahi is a SEBI-registered online stock broking platform operated by Aaritya Broking Private Limited that offers retail Indian traders a mobile, web, and desktop interface to trade futures & options, stocks, IPOs, and ETFs routed through NSE/BSE. It monetizes through flat ₹10 per executed order brokerage (with 30-day zero-brokerage trial), interest on margin funding, and CDSL depository participant charges. The platform's differentiator is an in-house proprietary charting engine, low-latency order execution (6.61 ms P95), and a built-in AI market intelligence layer.

Product overview

Sahi is a single unified high-performance trading platform — operated by Aaritya Broking Private Limited (SEBI Stock Broker Registration No: INZ000317632) — that combines a mobile app, web terminal, and partner ecosystem into one product. Its core trading surface spans Futures & Options, Stocks, IPOs, and ETFs, all routed through NSE/BSE and backed by CDSL depository services. Layered on top are several tightly integrated modules: the proprietary in-house Sahi Charts engine (100+ indicators, 6.61 ms P95 order latency, Open Interest on chart), the Options Buying Scalper 2.0 (60% faster charts, dual index/option views), the SEBI-registered Sahi Research AI-backed recommendations service, the Sahi AI Insights dashboard (sentiment, breakouts, Buzzing Stocks, watchlist signals), and the SAHI Partner Program for sub-brokers and influencers. The platform is offered at flat ₹10 per executed order brokerage with 30-day zero brokerage onboarding.

Differentiator

Problem solved

Functional benefit

Products and services

• Futures & Options (F&O) Trading High-performance F&O trading product for Indian derivatives markets covering Nifty, Bank Nifty, Sensex, FinNifty, MidCap Nifty, and individual stock futures and options, with single-screen Option Scalper, Option Strategy builder with payoff charts, and real-time OI/PCR/Advance-Decline analysis. Targeted at active retail F&O traders.
• Stocks Trading Equity trading product covering intraday and delivery segments on NSE/BSE with 20+ real-time stock scanners (gainers/losers, breakouts, RSI triggers, OI buildups), trade-from-chart functionality, GTT/GTC orders, and Buzzing Stocks discovery. Targeted at active retail stock traders.
• IPOs Primary-market investment product enabling one-click applications to all NSE Mainboard IPOs with zero brokerage, real-time status alerts, and UPI mandate-based payment flow. Targeted at retail and HNI IPO applicants.
• ETFs ETF investing product offering 300+ ETFs across Index, Gold/Silver, Global, and Sectoral categories with single-screen portfolio dashboard, instant analytics (returns, asset allocation), real-time NAV, and watchlist alerts. Targeted at long-term retail investors and passive portfolio builders.
• Sahi Research SEBI-registered (Reg. No. INH000022172) AI-backed research analyst service offering free intraday, short-term, and positional trade recommendations on Nifty, Bank Nifty, Sensex, and individual stocks, with transparent daily/monthly performance reports, win rates, and risk-reward ratios. Backed by Accel and Elevation. Targeted at retail traders seeking validated trade ideas.
• SAHI Partner Program (SPP) Revenue-sharing partner ecosystem for sub-brokers, active traders, financial advisors, and influencers offering lifetime brokerage sharing (up to 30–60% revenue share), real-time partner dashboard, zero security deposit, marketing support, and a dedicated Partner Platform with referral links and toolkits. Targeted at sub-brokers, financial advisors, and trading influencers.
• Sahi Mobile App (iOS / Android) Native mobile trading app for iOS and Android, single-screen high-performance interface for F&O, stocks, IPOs, and ETFs. Crossed 3M+ downloads with 4.5★ rating and 16.8K+ reviews; synced in real time with web and desktop. Targeted at Indian retail traders.
• Sahi Web Terminal Browser-based trading terminal providing the full Sahi experience including the in-house charting engine, multi-index side-by-side views (up to 6 indices), and low-latency order execution synced with mobile. Targeted at Indian retail traders who prefer desktop/web workflows.

Segments6 records

Ideal customer profiles6 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration7 records

AI capability5 records

Feature8 records

Partnerships

Four partnerships are on record, tiered core.

• National Stock Exchange of India (NSE)coreTechnology or IntegrationNSE Membership No: 90375. Sahi is a trading member of NSE, which provides the underlying trading infrastructure for executing equity, derivatives, and ETF orders placed through the Sahi platform. Sahi is referenced on its homepage as 'SEBI Regulated Broker with NSE/BSE/MCX'.
• Bombay Stock Exchange (BSE)coreTechnology or IntegrationBSE Membership No: 6867. Sahi is a trading member of BSE, enabling execution of BSE-listed securities and providing investors access to the BSE platform through the Sahi app.
• Central Depository Services (India) Limited (CDSL)coreTechnology or IntegrationCDSL Depository Participant ID: IN-DP-780-2024. Sahi operates as a CDSL Depository Participant, providing demat account opening, holdings maintenance, pledge/unpledge, and transaction settlement services to its customers. DP charges (₹13.5 per company for SELL transactions, etc.) are part of Sahi's revenue model.
• SEBI-Registered Research Analyst (Internal — Sahi Research, Reg. No. INH000022172)coreOEM/ Whitelabel/ Licensing PartnerSahi operates an in-house SEBI-registered Research Analyst entity providing free AI-validated trade recommendations (entry range, stop-loss, target) across Nifty, Bank Nifty, Sensex, and individual stocks. Recommendations are bundled into the Sahi platform at no additional subscription cost.

Scale indicators13 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• ICICI Direct: Large full-service Indian broker offering F&O, equity, IPOs, mutual funds, and research as part of a broader financial services portfolio. Competes with Sahi across multiple product lines but operates a different (full-service/advisory) commercial model.
• Kotak Securities: Incumbent full-service Indian broker (parent of Sahi co-founder Manish Jain's prior employer) offering equity, derivatives, IPO, and research services. Overlaps with Sahi on F&O/stock execution but with a much broader advisory-led offering.
• HDFC Securities: Established Indian broker-dealer offering F&O, equity, IPO, mutual funds, and research via mobile and web platforms. Competes with Sahi on the active-trader surface but with a full-service, relationship-led business model.

Direct peers

• Groww: Fast-growing Indian discount broker with a mobile-first F&O, equity, and IPO offering. Competes head-on with Sahi for active retail traders and ranks consistently among the top brokers for new client additions on NSE/BSE.
• Angel One: Listed Indian broker with full-service and discount offerings across equity, F&O, commodity, IPO, and mutual funds. Competes with Sahi in the flat-pricing active-trader segment and is among the largest by active client base.
• Zerodha: India's largest discount broker, offering flat/zero brokerage across equity, F&O, currency, and commodities via Kite, with comparable product breadth (F&O, stocks, IPO, mutual funds). Direct competitor for the same active retail F&O trader segment that Sahi targets.
• Upstox: Discount broker offering flat-fee F&O, equity, IPO, and mutual fund investing through a mobile app and web terminal. Directly comparable technology-first proposition targeting high-volume retail traders in India.
• 5paisa: Discount broker offering flat-fee equity, F&O, currency, and commodity trading alongside mutual funds and IPOs. Direct competitor in the budget-conscious active-trader segment in India.
• m.Stock (Mirae Asset): Zero-brokerage Indian broker from Mirae Asset offering F&O, equity, IPO, and ETF investing with a mobile-first experience. Comparable flat-pricing proposition for retail traders evaluating brokers like Sahi.
• Dhan: India-focused discount broker built around active/scalper traders with low-latency execution and trading-from-chart workflows. Direct competitor for the high-frequency F&O audience that Sahi's Scalper 2.0 targets.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@Sahi_HQ
• Xx.com/Sahi_HQ
• LinkedInlinkedin.com/company/sahiofficial

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries1 record

Funding overview

Funding rounds3 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Sahi