Zerodha company profile: valuation, funding & revenue

This Zerodha company profile covers the company's valuation, revenue, funding rounds, investors and history. Zerodha works in fintech, with a focus on discount stockbroking and investing. It was founded in 2010 and is headquartered in Bengaluru, Karnataka, India. Every figure links to a public source, and anything the company hasn't disclosed is marked as such.

Revenue

₹8,847 crore revenue from operations, down 11.5% from ₹9,993 crore — Annual revenue from operations, FY2025 (consolidated filings, as reported), as of FY2025. Source: The Head and Tale.

Funding history

No funding rounds recorded from reliable sources.

Zerodha timeline

Key dates from the sources on this page, oldest first. Metric snapshots are listed after the funding events.

• 2010 — Zerodha is founded in Bengaluru by Nithin Kamath (CEO) and Nikhil Kamath.
• FY2025 — Net profit: ₹4,237 crore, down from ₹5,496 crore.
• FY2025 — Cash and bank balances: ₹22,679 crore.
• October 2025 — Active clients: About 7.58 million, 15.58% market share.

Investors

Overview

Zerodha is India's best-known discount stockbroker. It lets individuals buy and sell shares, futures and options, mutual funds, bonds and other securities through its Kite trading platform and Coin investment app, with simple, low fees. It pioneered the "flat fee" model in India: free delivery trades in equities and a small flat charge for intraday and derivatives trades, instead of the percentage commissions traditional brokers charged. That approach, combined with good technology and investor education, made it the country's largest broker for years.

Nithin Kamath, the CEO, and his brother Nikhil Kamath founded Zerodha in Bengaluru in 2010. What makes Zerodha unusual is that it never raised venture capital. It grew entirely from its own profits, and the founders and team own the company. That makes it one of the most profitable privately held technology companies in India.

How Zerodha makes money

Zerodha's revenue comes mainly from brokerage fees on intraday and futures and options (F&O) trades, along with interest on client funds and margin, account fees, and income from its investments. Equity delivery trades, where investors buy shares to hold, are free. In practice, active traders, especially in F&O, have generated much of its income. Its costs are low relative to revenue because it does very little paid advertising, relying on word of mouth and its educational content, and runs a lean team.

FY25 results

For the year to March 2025, consolidated filings reported by the press show:

• Revenue from operations: ₹8,847 crore, down 11.5% from ₹9,993 crore in FY24.
• Net profit: ₹4,237 crore, down roughly 23% from ₹5,496 crore.
• Total expenses: ₹3,238 crore, up slightly from ₹3,119 crore.
• Cash and bank balances: ₹22,679 crore.

A net profit of nearly half of revenue is extraordinary for any company. Even after the decline, Zerodha remains one of the most profitable financial businesses in India.

Why revenue fell: the F&O rules

India's securities regulator, SEBI, became concerned that millions of retail investors were losing money trading futures and options, which are complex and risky. Its studies found that the large majority of individual F&O traders lost money. From late 2024, SEBI introduced new rules to curb speculative trading, including larger contract sizes, fewer weekly expiries and stricter margin requirements. It also required brokers to charge uniform exchange fees, which removed a source of income for brokers like Zerodha. Trading volumes fell, and brokerage revenue with them. Zerodha warned publicly that FY26 revenue could fall further.

Zerodha's founders had themselves spoken about the risks of F&O trading for retail investors, and the company built tools and warnings to discourage reckless trading, even though those trades were a major source of revenue.

Active clients and competition

Zerodha had about 7.58 million active clients as of October 2025, giving it a market share of around 15.6%. Groww overtook it as India's largest broker by active clients in 2023, helped by a simpler app aimed at first-time investors and heavy marketing; Groww listed on the stock market in 2025. Angel One, Upstox and banks' broking arms are other major competitors. Zerodha's strengths are its trading platform, reputation for reliability, and loyalty among experienced traders.

Ownership and valuation

Because Zerodha has never raised outside capital, there is no funding round to set a valuation. Estimates in the media and rich lists vary widely, so we don't show one. The company is owned mostly by the Kamath brothers and other founders and employees. It has said it isn't planning an IPO. Its large cash reserves and steady profits give it no need for external capital.

Rainmatter and investments

Zerodha invests some of its profits through Rainmatter, which backs fintech startups, climate businesses and health initiatives in India. It has also invested in or built companies in asset management (Zerodha Fund House, a joint venture with smallcase) and other areas. These activities show how a bootstrapped company can use its profits to build an ecosystem rather than relying on venture funding.

What to watch next

Watch FY26 results to see how deep the impact of the F&O rules is, growth in long-term investing products such as mutual funds, its active client share versus Groww, and any new businesses.

Key facts at a glance

Zerodha is a Bengaluru discount stockbroker founded in 2010 by Nithin and Nikhil Kamath and funded entirely from its own profits. For FY25 it reported revenue from operations of ₹8,847 crore, down 11.5%, and net profit of ₹4,237 crore, down about 23%, after new SEBI rules reduced derivatives trading. It had about 7.58 million active clients in October 2025.

Lessons from a bootstrapped giant

Zerodha is often cited as proof that a technology company can reach enormous scale without venture capital. Several factors made that possible. It had a business that generated cash from early on, because each trade paid a fee. It kept costs low, avoided expensive marketing and grew through trust and education. And its founders were content to grow at the pace profits allowed. Most startups can't follow that path, because their products need years of investment before they make money. But for businesses that can generate cash early, Zerodha shows the benefits of keeping full ownership.

How regulation reshapes business models

Zerodha's results show how quickly regulation can change a business. A single set of rules on derivatives trading cut revenue across India's broking industry. For companies whose revenue depends on a regulated activity, regulatory risk is often the biggest single risk. When researching a company like this, read regulators' consultation papers and statements, not only the company's own reports. Our guide to finding private company revenue explains how filings with India's Registrar of Companies make Indian private company financials more accessible than in many other countries.

Questions to ask when choosing a broker in India

• What are the brokerage, account maintenance and other charges for the way you invest?
• How reliable is the platform during busy market hours?
• What research, education and risk warnings does it provide, especially for derivatives?

For long-term investors, low costs and a reliable platform matter more than trading features. Frequent traders should look closely at derivatives charges and margin rules, which changed significantly after SEBI's reforms.

Reading a broker's published charges page in full, rather than relying on advertised headline fees, avoids most surprises.

What this means if you're…

An Indian investor: compare brokers on fees, platform reliability, research tools and how they help you avoid unnecessary risk.

A founder: Zerodha shows the power of a cash-generating model and low-cost growth, if your business allows it.

An investor: watch how SEBI's rules affect the whole broking sector's revenue, including listed peers.

Latest developments (October 2026)

Zerodha's growth has stalled after record years. Net profit for the year to March 2026 rose about 1% to roughly ₹4,283 crore while revenue was flat, according to Inc42. Brokerage income fell about 11% after SEBI tightened rules on derivatives trading and ended exchange fee rebates, partly offset by margin trading income. Zerodha also received a SEBI licence for merchant banking, according to Inc42. See our largest bootstrapped companies guide.

Sources

Every figure on this page comes from the public sources below. Where sources disagreed, we used the company's own announcement or a primary news report. Private-company data changes; check the date beside each figure.

1. The Head and Tale
2. Entrackr