Introduction
India’s wealth and investing landscape have undergone a dramatic transformation over the past decade. What began with discount broking platforms like Zerodha has now expanded into a comprehensive WealthTech ecosystem, encompassing stockbroking, mutual funds, US equities, thematic portfolios, cryptocurrency, and digital advisory services.
FY 2024 highlights how these startups are not only growing in scale and revenues but also shaping long-term investing behaviour. From bootstrapped profitability (Zerodha, Fyers, Upstox) to VC-backed blitzscaling (Groww, INDmoney, Smallcase, CoinSwitch), the sector reflects two distinct models of success. Bengaluru continues to dominate the map with 7 of the top 10 players, reinforcing its position as India’s fintech capital.
Company Profiles
1. Zerodha Broking Limited (Zerodha)
- City: Bengaluru
- Founding Date: 25 Sep 2018
- FY 2024 Revenue: ₹ 9,994 Cr
- Latest Valuation: ₹ 100 Cr (as of 30 Mar 2019)
- About the company: Founded by Nithin Kamath and Nikhil Kamath, Zerodha is India’s largest retail brokerage and a bootstrapped fintech pioneer. Known for discount broking, it transformed trading accessibility with low-cost equity and derivatives platforms. Beyond broking, Zerodha has diversified into mutual funds (Coin), education (Varsity), and tech platforms like Rainmatter. Its sustainable growth with high profitability makes it a benchmark for bootstrapped startups in India.
2. Billionbrains Garage Ventures Limited (Groww)
- City: Bengaluru
- Founding Date: 09 Jan 2018
- FY 2024 Revenue: ₹ 3,145 Cr
- Latest Valuation: ₹ 60,256 Cr (as of 13 June 2025)
- About the company: Founded in 2018 by Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal (ex-Flipkart team), Groww is one of India’s fastest-scaling investment platforms. It enables retail investors to access stocks, mutual funds, ETFs, and US equities through an intuitive app. With a millennial-first approach, Groww has built scale via simplicity, aggressive user acquisition, and heavy VC backing. Its valuation rise reflects confidence in India’s retail investing wave, though it continues to balance scale with profitability.
3. Upstox Securities Private Limited (Upstox)
- City: New Delhi
- Founding Date: 10 Feb 2021
- FY 2024 Revenue: ₹ 1,252 Cr
- Latest Valuation: ₹ 944.1 Cr (as of 21 Mar 2024)
- About the company: Upstox, founded by Ravi Kumar and Kavitha Subramanian, is a fast-growing discount broking platform offering equities, commodities, derivatives, and mutual funds. Known for its aggressive pricing and digital-first onboarding, it competes closely with Zerodha in the retail broking sector. Upstox has leveraged heavy marketing spends, IPL sponsorships, and partnerships to capture a younger customer base. While profitable, it balances scaling with large customer acquisition costs.
4. Fyers Securities Private Limited (Fyers)
- City: Bengaluru
- Founding Date: 30 Oct 2018
- FY 2024 Revenue: ₹ 296.8 Cr
- Latest Valuation: ₹ 4.2 Cr (as of 30 Mar 2023)
- About the company: Founded by Tejas Khoday and Himanshu Joshi, Fyers is a Bengaluru-based discount broker offering equities and derivatives trading. It has built a strong reputation among active traders with advanced charting, research tools, and APIs for algorithmic trading. Despite a smaller scale compared to Zerodha or Upstox, Fyers focuses on a niche, tech-savvy retail investors, sustaining profitability while keeping costs lean.
5. Paytm Money Limited (Paytm Money)
- City: Noida
- Founding Date: 20 Sep 2017
- FY 2024 Revenue: ₹ 195.7 Cr
- Latest Valuation: ₹ 258.9 Cr (as of 12 Sep 2019)
- About the company: Paytm Money, founded under the leadership of Madhur Deora, is the wealth management arm of One97 Communications. It enables users to invest in stocks, mutual funds, and NPS at a low cost. With Paytm’s ecosystem advantage, it drives cross-sell from payments to investing. The platform focuses on first-time investors and SIP penetration, though it faces intense competition from Groww and Zerodha. Its strengths lie in distribution, scale via the Paytm super app, and regulatory access.
7. Finwizard Technology Private Limited (Fisdom)
- City: Bengaluru
- Founding Date: 2015
- FY 2024 Revenue: ₹84.3 Cr
- Latest Valuation: ₹767.6 (as of 29 Dec 2023)
- About the company: Founded by Subramanya S.V. and Anand Dalmia, Fisdom is a WealthTech platform offering mutual funds, insurance, stockbroking, NPS, and tax solutions. Unlike retail-first apps, Fisdom focuses on a B2B2C model, embedding its wealth solutions into banks and financial institutions such as Bank of Baroda, Karur Vysya Bank, and City Union Bank. This distribution-led strategy allows Fisdom to reach millions of customers through trusted partners, differentiating it from direct-to-consumer competitors like Groww and Zerodha.
8. Case Platforms Private Limited (Smallcase)
- City: Bengaluru
- Founding Date: 21 Jul 2015
- FY 2024 Revenue: ₹ 74.8 Cr
- Latest Valuation: ₹ 2,344.8 Cr (as of 09 Mar 2022)
- About the company: Founded by Vasanth Kamath, Anugrah Shrivastava, and Rohan Gupta, Smallcase revolutionised thematic investing by letting users buy curated baskets of stocks and ETFs. It integrates with brokers like Zerodha and HDFC Securities, enabling retail investors to participate in model portfolios. Despite modest revenue, its innovation in creating a new investing category has made it a key fintech brand in India’s WealthTech story.
9. Bitkuber Investments Private Limited (CoinSwitch)
- City: Bengaluru
- Founding Date: 09 Mar 2021
- FY 2024 Revenue: ₹ 73.8 Cr
- Latest Valuation: ₹ 613.0 Cr (as of 21 Jan 2022)
- About the company: CoinSwitch, founded by Ashish Singhal, Govind Soni, and Vimal Sagar Tiwari, is a leading crypto investing platform in India. It simplifies crypto trading for retail users with a focus on accessibility and liquidity aggregation. Having evolved into a broader fintech play with CoinSwitch Kuber, it raised large VC rounds during India’s crypto boom. Post regulatory tightening, the firm is diversifying into mutual fund distribution while navigating compliance and revenue volatility.
10. Banayantree Services Limited (ET Money)
- City: New Delhi
- Founding Date: 06 Jun 2016
- FY 2024 Revenue: ₹ 28.6 Cr
- Latest Valuation: ₹ 116.8 Cr (as of 30 Nov 2021)
- About the company: Founded by Mukesh Kalra, ET Money is backed by Times Internet. It offers a one-stop personal finance app covering mutual funds, insurance, NPS, and credit tracking. It has pioneered paperless investing and SIP setups at scale. While revenue remains modest, its strength lies in product trust, strong distribution via Times Group, and building a loyal user base for long-term financial planning. ET Money plays more in financial wellness than pure broking, positioning it uniquely in the ecosystem.
Conclusion
India’s WealthTech ecosystem has rapidly matured in less than a decade, with startups transforming how millions of Indians invest, save, and manage money. FY24 highlighted two clear paths:
- Bootstrapped profitability → led by Zerodha, Upstox, Fyers, proving that lean models can scale sustainably.
- VC-backed blitzscaling → driven by Groww, INDmoney, Smallcase, CoinSwitch, betting on customer acquisition and new product categories.
While Zerodha dominates revenues (₹9,994 Cr), players like Groww and INDmoney show that valuation leadership comes from growth narratives. Platforms like Fisdom and ET Money underscore the importance of B2B2C partnerships with banks, while Paytm Money leverages its ecosystem advantage to reach first-time investors at scale.As the market matures, the winners will be those who diversify beyond transactions, adding SaaS fees, advisory subscriptions, credit products, and ecosystem plays. The real race is no longer just about trading volumes but about becoming the default wealth partner for India’s 100M+ next-gen investors.
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