Zerodha @17.5 million clients, Groww @16.9 million: How retail investing built billionaires

Zerodha did more than bring stock trading online. By making investing simpler, cheaper and more technology-driven, the Bengaluru-based brokerage helped change how millions of Indians participate in financial markets. Founded in 2010, Zerodha built its business around a low-cost model that challenged the traditional brokerage industry.

The company offers zero brokerage on equity delivery and direct mutual fund investments, while its technology platforms have created a wider investing ecosystem. Kite is used for trading, Coin for direct mutual fund investments, Console for portfolio management and Varsity for financial education.

Zerodha’s retail investing revolution

Zerodha’s approach helped lower the cost and complexity of investing for retail investors. According to Bloomberg News, the brokerage industry in India was largely dependent on physical branches, telephone calls, paperwork and third-party software when Zerodha emerged. The Kamath brothers used a free trading platform from the National Stock Exchange and lower brokerage rates to attract retail investors.

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Bloomberg News reported that Zerodha’s client base grew from 30,000 in 2013 to 800,000 in 2018. The platform now has more than 17.5 million clients.

The company also took a different route from many technology startups by not raising external capital and instead growing through its own revenues. This bootstrapped approach helped Zerodha become one of India’s most profitable fintech companies.

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The success of the platform has translated into substantial personal wealth for its founders. According to Bloomberg News, Nithin and Nikhil Kamath have a combined net worth of $9.9 billion. The brothers began trading in Indian equity markets as teenagers in the late 1990s before founding Zerodha in 2010.

Groww takes retail investing further

Zerodha is not the only platform to benefit from the expansion of retail investing. Groww, founded by Lalit Keshre and three colleagues, brought a consumer-technology approach to investing.

The platform initially focused on distributing mutual funds but expanded into stocks, exchange-traded funds, initial public offerings and futures and options trading as users demanded more products.

According to Bloomberg News, Groww had 16.9 million active users and total assets of nearly $38 billion as of June 2026. Keshre’s net worth was listed at $1.1 billion.

Source: Bloomberg News

How retail investing changed India’s wealth landscape

The growth of Zerodha and Groww comes as Indian households increasingly participate in equity markets. Bloomberg News reported that customers are increasingly moving money away from bank deposits and towards equity markets and wealth management.

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The broader shift has also made financial services one of India’s most valuable sectors. According to Bloomberg News, financial firms account for 25% of the 500 biggest companies on the National Stock Exchange.

However, the boom comes with risks. Bloomberg News noted that retail investors are losing money on speculative trades, while a parallel rise in household debt, partly fuelled by digital lending apps, is putting pressure on family finances.

The rise of Zerodha and Groww therefore represents more than the growth of two brokerage platforms. It shows how lower-cost access, technology and rising retail participation have reshaped India’s investment landscape, while creating substantial wealth for the entrepreneurs behind these platforms.