Zerodha

What Zerodha does

Zerodha is India's largest discount stockbroker by customer base (~1.6 crore customers) and active retail volume share (~15% of daily retail exchange volumes), founded in 2010 by Nithin Kamath and headquartered in Bengaluru. The company operates a cloud-native brokerage platform hosted across Netmagic Tier-3 data centers in Mumbai/Chennai and AWS facilities in Mumbai/Hyderabad, built on open-source technologies, with a fully self-serve digital onboarding flow enabled by Aadhaar-based eKYC and Digilocker integration.

Its product ecosystem centers on Kite (multi-asset trading platform covering equities, derivatives, commodities, currency, ETFs, and bonds across NSE, BSE, MCX, and MSEI), Console (backoffice/portfolio management), Coin (direct mutual funds and digital FDs), Kite Connect HTTP APIs (with Python SDK and Kite MCP server for AI-agent integration), Varsity (the largest online stock-market education resource globally), and TradingQ&A (an active retail-investor community). Adjacent products include Streak (algorithmic trading), Nudge and Kill Switch (behavioral-finance safety tools), MTF (margin trading), and Zerodha Fund House (index/ETF/life-cycle funds). The company is bootstrapped and founder-owned, with subsidiaries spanning an NBFC (Zerodha Capital), asset management (Zerodha Fund House), insurance advisory (Ditto), and an investment vehicle (Rainmatter Capital with 30+ portfolio companies).

Zerodha monetizes primarily via flat ₹20 per executed order on intraday and F&O trades — the core revenue engine — with free equity delivery, free direct mutual funds, ancillary charges (pledge, call-and-trade), MTF interest on a ₹7,400 crore book, and asset-management fees from a ₹13,133 crore AUM base. Go-to-market is product-led: over 50% of growth historically stems from referrals and word-of-mouth, supported by the Varsity content library and TradingQ&A community, with no traditional sales force or paid marketing. The customer base is overwhelmingly retail/self-directed, skewed young (with 30%+ women investors), and geographically concentrated in India. Distribution is entirely digital through web, mobile apps, and APIs; international expansion via GIFT City (US stock access) was approved in June 2026.

Name

Zerodha

Legal name

Zerodha Broking Limited

Website

https://zerodha.com

Company type

Private

Founded year

2010

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Zerodha is India's largest discount stockbroker, serving ~1.6 crore retail investors through a self-serve cloud-native platform (Kite, Console, Coin) for trading, mutual funds, MTF, and asset management, monetized primarily via flat ₹20 per intraday/F&O order.

Ownership category

akta.pro rank

Product category

Retail Discount Brokerage

NAICS

Securities and Commodity Contracts Intermediation and Brokerage (5231), Investment Banking and Securities Intermediation (523150), Portfolio Management and Investment Advice (523940)

SIC

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

akta.pro primary industry

On-Chain Limit Orders & Algorithmic Execution (FSADABAJ)

akta.pro secondary industries

Liquidity Management & Market-Making Protocols (FSADAMAH), Yield, Vaults & Asset Management (vault strategies, robo-vaults, structured yield) (FSAPAEAG)

Keywords

• Discount stock brokerage
• Online trading platform
• Mutual fund investing
• Retail investment services
• Algorithmic trading tools

Headquarters

HQ city

Bangalore

HQ country

India

HQ region

Asia

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Technology or R&D, Personnel, Infrastructure, Operations

Revenue model

1. Brokerage - Intraday and F&O Trading: Flat ₹20 per executed order for intraday (MIS) and futures & options (F&O) trades. This is the primary revenue stream and accounts for the bulk of Zerodha's brokerage income. No charges for equity delivery trades or direct mutual fund investments.
2. Margin Trading Facility (MTF) Interest: Interest charged on funds borrowed through MTF for purchasing stocks with leverage. Zerodha's MTF book has grown to approximately ₹7,400 crore, representing about 5% market share despite being a late entrant into the segment. Interest is charged on the funded value and recorded in the MTF ledger.
3. Charges - Pledge, Call & Trade, etc. Various ancillary charges including ₹30 + GST per instrument for pledging shares, ₹50 + 18% GST per executed order for call and trade, delayed payment charges at 0.05% per day on debit balances, and other operational charges.
4. Zerodha Fund House AUM: Zerodha's mutual fund subsidiary manages ₹13,133 crore in AUM (as of April 2026), growing 2.6x year-over-year. Revenue comes from fund management fees on ETFs and index funds. The fund house launched the industry's first lifecycle funds in June 2026.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels7 records

Core offering

Zerodha operates a discount brokerage platform that enables retail investors to trade in stocks, derivatives, commodities, currency, and ETFs through its Kite trading platform, and to invest in direct mutual funds and digital fixed deposits via its Coin platform. The company also offers backoffice tools (Console), programmatic trading APIs (Kite Connect and Kite MCP), algorithmic trading (Streak), asset management (Zerodha Fund House), margin trading, insurance advisory through Ditto, and educational resources (Varsity, Trading Q&A).

Product overview

Zerodha operates as a comprehensive fintech platform offering multiple interconnected products for retail investors in India. The core platform consists of Kite (trading), Console (backoffice), and Coin (mutual funds), supported by educational offerings Varsity and Trading Q&A. The ecosystem includes API products (Kite Connect, Kite MCP), risk management tools (Nudge, Kill Switch), and leverage products (MTF). Zerodha Fund House extends the platform into asset management, while Rainmatter handles strategic investments. The company pioneered discount broking in India with flat ₹20 intraday and F&O trades, and zero-commission equity delivery and direct mutual funds.

Differentiator

Problem solved

Functional benefit

Brands

• Kite: Online trading platform for stocks, derivatives, and other instruments across NSE, BSE, MCX
• Console
• Coin
• Kite Connect
• Kite MCP
• Varsity
• Trading Q&A
• Rainmatter
• Rainmatter Capital
• Zerodha Fund House
• Markets by Zerodha
• Nudge
• Kill Switch
• Streak
• Zero1

Products and services

• Kite Zerodha's primary trading platform offering online stock trading, derivatives trading (F&O), commodities, currency, and IPO applications. Features real-time charts, order placement, portfolio tracking, and market data across NSE, BSE, MCX, and MSEI. Available on web, iOS, and Android.
• Console Backoffice platform for portfolio management, reports, funds statement, corporate actions tracking, and account profile management. Provides comprehensive account statements and transaction records for Zerodha clients.
• Coin Platform for investing in direct mutual funds including direct plans, ETFs, and digital fixed deposits. Offers zero-commission direct mutual fund investments from multiple banks without requiring savings accounts at each bank.
• Kite Connect HTTP APIs enabling developers to build custom trading and investing applications. Provides programmatic order placement, market data streaming, portfolio management, and account operations capabilities with Python SDK support.
• Kite MCP
• Streak
• Margin Trading Facility (MTF) Facility allowing investors to buy stocks with leverage by pledging securities as collateral. Zerodha's MTF book scaled to approximately ₹7,400 crore as of early 2026, capturing 5% market share despite being a late entrant. Interest is charged on the funded value.
• Zerodha Fund House

Quantifiable outcome

• Zero brokerage for equity delivery and direct mutual funds
• +2 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

AI capability3 records

Feature8 records

Partnerships

Six partnerships are on record, tiered core and minor.

• SwiggycoreStrategic or Co-development Partner · 23 June 2026Swiggy partnered with Zerodha Fund House to enable delivery partners (gig workers) to invest in mutual funds directly through the Swiggy rider app, starting at just ₹100 per transaction. Investments are routed through Zerodha Fund House-managed schemes and can be tracked via a WhatsApp-based interface. This partnership represents a financial inclusion initiative targeting India's growing gig economy workforce with irregular income cycles.
• FOSS UnitedminorStrategic or Co-development PartnerZerodha co-founded FOSS United with a mission to promote open-source growth in India through financial contributions and fostering community collaboration.
• FLOSS FundminorStrategic or Co-development PartnerZerodha launched a dedicated fund providing financial assistance to Free/Libre and Open Source Software (FOSS/FLOSS) projects globally, with an annual commitment of $1 million.
• Ditto InsuranceminorChannel Partner/ Reseller/ DistributorDitto Insurance is an IRDAI-registered advisory platform backed by Zerodha. It assigns certified advisors to recommend tailored insurance policies and provides ongoing claims support, offered through Zerodha's platform for customers seeking health and term insurance.
• Blostem FintechminorChannel Partner/ Reseller/ DistributorZerodha distributes digital fixed deposit products through Blostem Fintech Private Limited. Zerodha acts as a distributor for these third-party fixed deposit products, which are regulated by RBI and not Exchange traded products.
• ViewTrade International, Interactive Brokers, Alpaca SecuritiescoreTechnology or IntegrationFor GIFT City international investing services, Zerodha will partner with US-based entities including ViewTrade International, Interactive Brokers, and Alpaca Securities to enable Indian investors to access US stocks and ETFs.

Scale indicators10 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Robinhood: US-listed commission-free retail broker that pioneered the zero-commission, mobile-first, self-serve trading model globally. Highly comparable to Zerodha in product philosophy, GTM motion, and target demographic.
• Groww: India's largest discount broker by active clients and closest direct competitor to Zerodha. Both offer flat-fee self-serve equity, F&O, and mutual fund investing via mobile-first PLG platforms targeting retail investors.
• eToro: Global social/copy-trading platform offering commission-free stock and ETF trading to retail investors. Comparable to Zerodha in self-serve retail investing UX and community-driven engagement model (analogous to TradingQ&A).
• 5paisa: Listed Indian discount broker offering low-cost trading, mutual funds, and insurance. Competes directly with Zerodha in the mass-market retail trader segment with similar flat-fee pricing.
• Upstox: Tiger Global-backed Indian discount broker offering flat-fee trading across equity, F&O, commodity, and currency segments. Targets the same retail self-directed trader segment as Zerodha.
• Angel One: Publicly listed Indian discount broker with similar low-cost, technology-led retail offering across equities, derivatives, commodities, and mutual funds. Competes directly with Zerodha on price and product breadth.

Emerging players

• Paytm Money: Fintech-led discount broker leveraging Paytm's payments user base to acquire retail investors for equities and mutual funds. Overlaps with Zerodha in mutual fund distribution and emerging equity trading segments.

Broad incumbents

• HDFC Securities: HDFC Group-affiliated full-service broker with traditional brokerage plus research, advisory, and distribution. Competes with Zerodha primarily in the banked retail segment and offers a broader but higher-priced service suite.
• ICICI Direct: Bank-affiliated full-service broker offering equities, F&O, mutual funds, IPOs, and advisory. Represents the incumbent model Zerodha disrupted, but still serves a large share of Indian retail investors via its parent bank's distribution.
• Interactive Brokers: Global multi-asset broker serving active traders and sophisticated investors. Directly comparable as Zerodha's GIFT City infrastructure partner and an alternative for Indian retail clients seeking international market access.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat7 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/zerodhaonline
• YouTubeyoutube.com/@zerodhaonline
• Facebookfacebook.com/zerodha.social
• LinkedInlinkedin.com/company/zerodha

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries6 records

Funding overview

Funding rounds

Investors

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

M&A

Investments14 records

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

Frequently asked questions about Zerodha