SERNET

What SERNET does

SERNET Financial Services Pvt Ltd is a Mumbai-based, founder-led (Bhavesh Vora) multi-platform financial services firm incorporated in 2004 that operates an integrated wealth ecosystem spanning five vertically-aligned sub-brands: Choice FinX (SEBI-registered trading platform for equities, F&O, currency, and commodities with 130K+ active clients and 2.5M+ app downloads), Tick Funds (AMFI-registered mutual fund distribution platform with ₹10,000 Cr AUM and 500K+ investors across 5,000+ schemes), Tushil (IRDAI-licensed insurance distribution platform offering products from 30+ insurers with 200K+ policies and ₹500 Cr in claims settled), WillGenie (estate planning, 5K+ wills, 1,200+ trusts), and Athena Credexpert (credit counselling, 10K+ cases resolved). The technology layer comprises iOS/Android mobile apps and web platforms with 256-bit encryption and biometric authentication, relying on exchange memberships (NSE, BSE, MCX) and depository participant registrations (CDSL, NSDL) for execution and custody infrastructure.

The firm monetizes through four streams: zero-brokerage equity delivery plus a flat ₹20 per executed order for intraday/F&O trades (transaction fees), AMC commissions on regular mutual fund distribution (affiliate/referral), insurance distributor commissions on Tushil-sold policies (affiliate/referral), and facilitation fees for estate planning services (professional services). Distribution is hybrid — self-serve mobile apps drive product-led growth, a 500+ empanelled partner network (CAs, CSs, finfluencers) handles mid-funnel acquisition, and dedicated relationship managers serve HNW individuals, family offices, and 200+ corporate clients through enterprise field sales. The go-to-market explicitly avoids spammy promotions, relying on content marketing, financial calculators, and a 94.5% client retention rate as primary growth levers.

SERNET is bootstrapped, profitable since 2014, and has never raised external funding; ownership remains with the Vora family. The company serves a 1500+ family base across 54 Indian cities and 18 countries (NRI segment), with primary customer segments including retail individuals, HNW individuals, NRI/foreign nationals, and non-individuals (family offices, MSMEs, and startups). Regulatory positioning is unusually broad — SERNET holds SEBI registrations as Stock Broker, Depository Participant, Research Analyst, and Investment Adviser, plus AMFI and IRDAI licences — providing an unusually wide operating perimeter for a sub-50-employee firm.

Name

SERNET

Legal name

SERNET Financial Services Pvt Ltd

Website

https://sernetindia.com

Company type

Private

Founded year

2004

Operating status

Operating

Headcount range

11–50 employees

Short description

SERNET Financial Services is a Mumbai-based, bootstrapped multi-platform wealth management firm offering trading (Choice FinX), mutual funds (Tick Funds), insurance (Tushil), estate planning, and credit counselling to retail investors, HNW families, and NRIs across 54 cities in India and 18 countries.

Ownership category

akta.pro rank

Product category

Wealth Management Services

NAICS

Portfolio Management and Investment Advice (523940), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Investment Advice (6282)

akta.pro primary industry

Alternatives & Multi-Asset Digital Wealth Platforms (PE/VC/Real Assets access) (FSAGAEAL)

akta.pro secondary industry

Managed Platforms & Wrap Programs for Private Clients (Model Portfolios, UMA/SMAs) (FSAAABAM)

Keywords

• Stock broking services
• Mutual fund distribution
• Insurance distribution
• Wealth management services
• Estate planning services

Headquarters

HQ city

Mumbai

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, Supply Chain

Revenue model

1. Brokerage - Equity Trading: Zero brokerage on equity delivery trades; ₹20 flat fee (or 0.03%, whichever is lower) per executed order for intraday and F&O trades across equity, currency, and commodity segments
2. Mutual Fund Distribution: Commission earned from AMCs for distributing regular mutual fund plans. Free direct mutual funds for investors. AMFI-registered MFD (ARN-274029)
3. Insurance Distribution: Commissions from 30+ insurer partners for distributing life, health, motor, and general insurance products through Tushil platform
4. Estate Planning Services: Facilitation fees for estate planning services including will drafting, trust setup, and succession planning through WillGenie partner

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels6 records

Core offering

SERNET operates a multi-platform digital financial services ecosystem offering equity, F&O, currency and commodity trading through Choice FinX; mutual fund, PMS, AIF, bonds and digital gold distribution through Tick Funds; and life, health, motor, travel and home insurance distribution through Tushil — complemented by WillGenie for estate planning (wills, trusts, succession, power of attorney) and Athena Credexpert for credit counselling and score improvement. The platforms serve retail investors, HNW individuals, NRIs, family offices and MSMEs across 54 cities in India and 18 countries.

Product overview

SERNET operates as a comprehensive financial services platform comprising three core product verticals: Choice FinX (trading platform), Tick Funds (investment/mutual fund platform), and Tushil (insurance platform), supported by supplementary services including WillGenie for estate planning and Athena Credexpert for credit counselling. The ecosystem serves 1500+ families across 54 cities and 18 countries, offering integrated access to equities, F&O, commodities, currency trading, mutual funds, bonds, digital gold, insurance, and estate planning through a unified digital experience with dedicated relationship management.

Differentiator

Problem solved

Functional benefit

Brands

• Choice FinX: Trading platform for stocks, commodities, currency, F&O with lightning-fast execution and advanced charting tools.
• Tick Funds
• Tushil
• WillGenie
• Athena Credexpert

Products and services

• Choice FinX

Quantifiable outcome

• 94.5% client retention rate
• +4 more outcomes

Named customers5 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

Feature4 records

Partnerships

Eleven partnerships are on record, tiered core.

• Choice Equity Broking Pvt. Ltd.coreStrategic or Co-development PartnerPrincipal partner for trading and broking services. SERNET facilitates trading services through this SEBI registered broker (Reg. No: INZ000160131). Provides the infrastructure for Choice FinX trading platform execution across equity, F&O, currency, and commodity segments.
• Srigoda Insurance Broking ServicescoreStrategic or Co-development PartnerPrincipal partner for insurance distribution through Tushil platform. Enables distribution of life, health, motor, and general insurance products from 30+ insurers with dedicated claims support.
• WillGeniecoreStrategic or Co-development PartnerPrincipal partner for estate planning services including legally valid will drafting, family trust setup, succession planning, power of attorney, and gift deed services.
• Athena CredexpertcoreStrategic or Co-development PartnerPrincipal partner for credit counselling and repair services. Provides CIBIL, Experian, and Equifax score analysis, credit report error identification, and personalised credit improvement roadmaps.
• CDSL (Central Depository Services Ltd.)coreTechnology or IntegrationDepository participant for holding securities in demat accounts. DP ID: 12089600. Provides depository infrastructure for client securities.
• NSDL (National Securities Depositories Ltd.)coreTechnology or IntegrationDepository participant for demat services. DP ID: IN302871. Alternative depository infrastructure partner.
• NSE (National Stock Exchange)coreChannel Partner/ Reseller/ DistributorMember of NSE for equity, F&O, and currency trading. Exchange membership enables access to Indian capital markets.
• BSE (Bombay Stock Exchange)coreChannel Partner/ Reseller/ DistributorMember of BSE for equity and F&O trading. Exchange membership for accessing Indian stock markets.
• MCX (Multi Commodity Exchange)coreChannel Partner/ Reseller/ DistributorMember of MCX for commodity trading including gold, silver, crude oil, and other commodities.
• Top AMCs (Asset Management Companies)coreChannel Partner/ Reseller/ DistributorAMFI-registered mutual fund distributor partnering with leading AMCs to provide access to 5,000+ mutual fund schemes through Tick Funds platform.
• 30+ Insurance CompaniescoreChannel Partner/ Reseller/ DistributorIRDAI licensed insurance distributor partnering with 30+ leading insurers for life, health, motor, and general insurance distribution through Tushil platform.

Scale indicators24 records

Recent moves10 records

Expansion highlights5 records

Direct peers

• Groww: India's leading discount broker with an integrated mutual fund platform, directly competing with SERNET's Choice FinX + Tick Funds combination on a multi-asset digital wealth thesis.
• Zerodha: India's largest discount broker and pioneer of zero-brokerage equity delivery. Directly competes with SERNET's Choice FinX on transaction pricing, trading technology, and retail onboarding.
• Angel One: Listed Indian retail broker offering discount brokerage alongside MF distribution and investment advisory; competes head-on with SERNET's combined trading + wealth platform.
• Upstox: VC-backed discount broker with expanding MF and digital wealth offering; competes with SERNET for the same Indian retail trading and investing customer.
• 5paisa: Discount broker and MF/distribution platform serving retail investors in India; competes with SERNET on pricing, multi-asset access, and digital onboarding.

Broad incumbents

• HDFC Securities: Bank-affiliated Indian retail broker providing trading, MF, and investment advisory services under the HDFC brand; competes with SERNET's multi-asset digital wealth stack.
• IIFL Securities: Established Indian brokerage and wealth management group with full-service plus discount offerings; broader portfolio overlap with SERNET's trading, MF, and HNW wealth verticals.
• ICICI Direct: Bank-affiliated Indian retail brokerage offering equities, MF, insurance, and loans; comparable to SERNET's integrated financial services platform, anchored by a large parent bank's distribution.
• Motilal Oswal Financial Services: Indian full-service broker with strong research, MF distribution, and HNW wealth management; overlapping with SERNET's PMS/AIF and advisory offerings for HNW clients.

Emerging players

• Kuvera: Indian direct-MF and goal-based investing platform; partial overlap with SERNET's Tick Funds but focused on the MF/distribution vertical rather than the full multi-asset ecosystem.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/sernetfspl
• LinkedInlinkedin.com/company/sernetfspl
• Instagraminstagram.com/sernetfspl

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

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 SERNET