Zerodha is India’s largest stockbroker with over 2.7 million accounts. It remains bootstrapped bootstrapped Zerodha’s boundaries One of the most promising equity trading startups has grown from one strength to another. But it did not anticipate the challenge that is staring it in the face now Read more , and there isn’t a venture capitalist who doesn’t wish they had it in their portfolio. But about six or seven years ago, investors weren’t keen on it.
In Zerodha’s shadow, Upstox chases an elusive Robinhood dream
The Tiger Global-backed stockbroker has become the second-largest in India. But for a venture-funded business, stockbroking alone won't cut it. Upstox now wants to pull off a jack-of-all-trades Robinhood, but India is no ideal setting
Zerodha, the largest stockbroker, blazed the path as a discount broker and that too as a bootstrapped company. Even though Upstox took a similar approach, it couldn't see similar results
What helped Upstox break into the top league was that it could spend on growth hacks, thanks to the backing from Tiger Global
Now, as Upstox wants to switch from being a trader-focused product to a retail one, it’ll find itself wedged between a price war and the inability to monetise at the same time
Stockbrokers find that an Indian Robinhood model is far from feasible in India