What Religare Broking does

Religare Broking Limited (CIN: U65999DL2016PLC314319) is a SEBI-registered Indian retail brokerage headquartered in Connaught Place, New Delhi, operating under the legacy Religare brand (claimed 30+ years of heritage). It offers a digital-first, paperless trading and investment platform accessible via the Religare Dynami mobile app (1M+ downloads, 3.9/5 from 27.4K reviews) and a web portal, with an order-execution engine quoted at 0.23 seconds. The product surface spans equities, derivatives, commodities, currency, IPOs, 5,000+ mutual fund schemes, fixed income (NCDs/bonds/FDs), NPS / NPS Vatsalya, MTF with up to 4x leverage, and insurance distribution through 11+ carrier partnerships. Two formal brokerage plans — Religare Leap (₹20 per executed order for active traders) and Religare Elite (brokerage as low as 1 paisa, dedicated relationship manager) — segment active traders from long-term investors.

The firm pursues a hybrid go-to-market: 100% online self-serve onboarding complemented by 1,300+ physical touch points across 400+ cities, both directly operated branches and via a sub-broker / Authorized Person channel revenue-sharing network, plus a centralized dealing desk for premium customers. Revenue is generated primarily through per-order brokerage commissions, supplemented by margin-trading interest income on the MTF book and distribution / trail commissions from mutual fund, insurance, NPS, and IPO placements. Segment focus spans active traders, long-term investors, and beginner investors, with a dedicated business unit serving sub-brokers. The company reports 1.1M+ onboarded customers across all product segments. Leadership was reset in February 2026 with the appointment of Vijay Kumar Goel (ex-Motilal Oswal, ex-Aditya Birla) as Managing Director. Religare Broking holds the full stack of Indian market-infrastructure licenses — SEBI stock broker, NSE/BSE/MSEI exchange memberships, MCX/NCDEX commodity memberships, NSDL/CDSL depository participation, AMFI mutual fund distributor, IRDA Composite Corporate Agent, and PFRDA NPS-PoP — with subsidiary Religare Commodities Limited handling commodity trading services.

No revenue, funding, ARR, or headcount figures are publicly disclosed. The company has no external institutional investors, no public listing, and no parent company disclosed beyond the broader Religare corporate umbrella, operating with a private company capital structure and 1,001–5,000 employees.

Name

Religare Broking

Legal name

Religare Broking Limited

Website

https://religareonline.com

Company type

Private

Founded year

2016

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Religare Broking is a SEBI-registered Indian retail brokerage offering online trading across equities, derivatives, commodities, currency, mutual funds, IPOs, NPS and insurance via its Religare Dynami app and a 1,300+ touch-point hybrid branch/sub-broker network serving 1.1M+ retail customers across 400+ cities.

Ownership category

akta.pro rank

Headquarters

HQ city

Noida

HQ country

India

HQ region

Asia

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Brokerage Commissions: Transaction-based brokerage fees charged per executed order across equity, currency, and commodity segments. Primary revenue driver from active trader segment.
2. Margin Trading Interest: Interest income generated from margin funding provided to customers through MTF facility, with competitive interest rates.
3. Distribution Commissions: Trail commissions and distribution fees from mutual fund, insurance, NPS, and IPO product distribution to existing customer base.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels5 records

Core offering

Religare Broking is an Indian retail stock brokerage firm that provides online trading and investment services through its Religare Dynami mobile app and web platform. The company offers execution across equity, derivatives (F&O), commodities, and currency segments on Indian exchanges, alongside distribution of mutual funds, IPOs, fixed income instruments, NPS retirement accounts, and insurance products from 11+ partner providers. It also provides margin trading facility with up to 4x leverage and supports sub-brokers through a revenue-sharing partnership model.

Product overview

Religare Broking operates as a comprehensive online stock trading and investment platform under the Religare Dynami brand, offering a unified platform-plus-modules architecture. The core offering consists of the Religare Dynami trading platform (mobile app and web portal) providing access to multiple asset classes including equities, derivatives (F&O), commodities, currency, IPOs, mutual funds, ETFs, fixed income instruments (NCDs, Bonds, FDs), NPS for retirement planning, and insurance products. The company offers two brokerage plans: Religare Leap Plan (Rs 20 per executed order for active traders) and Religare Elite Plan (premium plan with brokerage as low as 1 paisa). Additional features include Margin Trading Facility (MTF) with up to 4x leverage, Algo Trading for strategy automation, and New Fund Offer (NFO) access for early investment in new mutual fund schemes.

Differentiator

Problem solved

Functional benefit

Brands

• Religare Dynami: Mobile trading app for stocks, IPOs, and market access with advanced features and fast execution
• Religare Leap Plan
• Religare Elite Plan

Products and services

• Religare Dynami Trading Platform All-in-one trading and investing mobile app and web platform providing unified portfolio view, real-time market alerts, biometric login, and advanced charting tools for retail investors and active traders in India.
• Equity Trading Online stock trading service enabling users to buy and sell shares of publicly listed companies on NSE and BSE with research-backed insights and advanced trading tools.
• Derivatives Trading (F&O) Futures and Options trading platform offering advanced screeners, pre-built option strategies, real-time Greeks analytics (Delta, Theta, Vega), and high-speed execution for derivatives traders.
• Commodity Trading Trading platform for commodities such as gold, silver, crude oil, and agricultural products on MCX and NCDEX exchanges with real-time feeds and advanced charting.
• Currency Trading Forex trading platform for RBI-approved currency pairs including USDINR, EURINR, GBPINR, and JPYINR with macro insights and advanced charting.
• Mutual Funds Investment platform offering access to over 5,000 mutual fund schemes across equity, debt, hybrid, index, and ELSS categories with SIP and lump-sum options starting at Rs 500.
• IPO Investment Platform for applying to Initial Public Offerings with digital application, research insights, and access to upcoming, active, and listed IPOs.
• Fixed Income Investment platform for fixed income instruments including Non-Convertible Debentures, Government and Corporate Bonds, Fixed Deposits, RBI Floating Rate Bonds, and 54 EC Bonds.
• NPS / NPS Vatsalya National Pension System investment platform regulated by PFRDA offering Tier I and Tier II accounts with tax benefits under Section 80CCE.
• MTF (Margin Trading Facility) Leveraged trading facility offering up to 4x buying power with extended holding up to 365 days, instant digital pledging, and competitive interest rates for delivery-based positions.
• Insurance Distribution Distribution platform offering Health, Life, Motor, Travel, Home, and Business insurance products from 11+ insurance partners with assisted claim settlement.
• NFO (New Fund Offers) Platform for investing in New Fund Offers of mutual funds at base NAV of Rs 10, providing early access to new themes, sectors, and strategies.

Quantifiable outcome

• Order execution time of 0.23 seconds for fast trade processing
• +2 more outcomes

Named customers2 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Five partnerships are on record, tiered core.

• 11+ Insurance PartnerscoreChannel Partner/ Reseller/ DistributorPartnership with multiple insurance companies including Care Health Insurance, ICICI Prudential, Niva Bupa, ICICI Lombard, HDFC Life, Digit Insurance, Bajaj Life, Aditya Birla Capital, IFFCO Tokio, Tata AIG, HDFC Ergo for distributing health, life, motor, and general insurance products through Religare's customer base.
• 5000+ Mutual Fund SchemescoreChannel Partner/ Reseller/ DistributorDistribution partnership with major asset management companies including Nippon India, Franklin Templeton, SBI Mutual Fund, Kotak Mahindra AMC, Aditya Birla Sun Life AMC, Motilal Oswal AMC for offering mutual fund products to retail investors.
• NSE, BSE, MSEI (Exchanges)coreTechnology or IntegrationExchange memberships enabling trading across equity, derivatives, and currency segments on National Stock Exchange, Bombay Stock Exchange, and Metropolitan Stock Exchange of India.
• MCX, NCDEX (Commodity Exchanges)coreTechnology or IntegrationExchange memberships for commodity derivatives trading on Multi Commodity Exchange and National Commodity and Derivatives Exchange.
• NSDL, CDSL (Depositories)coreTechnology or IntegrationDepository participant registrations with National Securities Depository Limited and Central Depository Services Limited for demat account services and securities custody.

Scale indicators7 records

Recent moves6 records

Expansion highlights7 records

Direct peers

• Upstox: Indian fintech broker offering low-cost equity, F&O, and commodity trading through a mobile app; directly competes for active trader wallet share.
• Zerodha: India's largest discount broker offering equity, derivatives, commodity, and MF trading via Kite platform; directly competes with Religare Dynami for active retail traders on price and execution.
• Groww: Leading Indian discount broker with mobile-first equities, derivatives, and MF platform; targets the same beginner-to-active retail segment as Religare's Leap and Elite plans.
• Angel One (Angel Broking): Pan-India full-service-to-discount broker offering equities, F&O, commodities, MFs, and IPOs with a sub-broker network; the closest hybrid physical-digital peer to Religare.
• Motilal Oswal Financial Services: Full-service Indian broker with strong research franchise and sub-broker distribution; comparable product breadth (equity, derivatives, MFs, insurance) and the former employer of Religare's new MD.
• Sharekhan (BNP Paribas): Full-service Indian broker with extensive sub-broker and branch network serving retail and active traders; the closest full-service distribution peer to Religare.

Broad incumbents

• ICICI Securities: Bank-affiliated full-service broker and investment bank offering trading, research, IPO distribution, and institutional services at scale; broad incumbent with overlapping retail offerings.
• HDFC Securities: Subsidiary of HDFC Bank offering trading, demat, and distribution services across asset classes; established incumbent with bank-led customer acquisition.
• Kotak Securities: Bank-affiliated broker offering equities, derivatives, MFs, and IPOs to retail and institutional clients; a deep-pocketed incumbent competing in the same product set.

Emerging players

• 5paisa: Discount broker offering low-cost equities, derivatives, MFs, and insurance on a digital platform; competes with Religare Leap plan on price for cost-sensitive active traders.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/religareonline
• YouTubeyoutube.com/channel/UCdTDJ8pkvtPdPlP4zb59W5w
• Facebookfacebook.com/religarebrokingindia
• LinkedInlinkedin.com/company/religare-broking-ltd
• Instagraminstagram.com/religarebrokingltd

Compliance7 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

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 Religare Broking