Zerodha looks beyond retail, bets on Tijori to draw institutional investors

Discount broking firm Zerodha's $5 million bet on research platform Tijori will help it move beyond retail trading and strengthen its products for cash-market and mutual fund investors, a top company official said.

- Dipti Sharma

Zerodha’s platform was dominated by active traders for nearly six to seven years since its inception in 2010. However, since 2016, the customer base has begun shifting significantly towards cash-market investor Somnath Mukherjee, vice-president of corporate development at Zerodha, told Mint. Today, over 80-85% of Zerodha’s customers are focused purely on cash equities and mutual funds.

According to its website, Zerodha has 16 million customers and about ₹6 trillion in equity assets, and claims to handle roughly 15% of daily retail exchange volumes.

This shift comes as equity investments have been booming—powered by household savings, rising retail participation, and domestic mutual funds with ample dry powder. A mix of increasing income, easier digital onboarding, and relatively muted returns from traditional products has nudged more investors into the markets.

Today, over 80-85% of Zerodha’s customers are focused purely on cash equities and mutual funds.

Mutual fund data reflects this shift. Growth or equity-oriented schemes have steadily risen since the April-June 2023 quarter, rising from ₹18,358.08 crore to ₹1,18,986.10 crore in October-December 2024.