 "Zerodha")
During FY24, Zerodha’s revenues stood at Rs 8,320 crore
Zerodha co-founder Nithin Kamath on Wednesday revealed that the brokerage firm achieved a profit of Rs 4,700 crore in the financial year 2023-24 (FY24) and that its customers hold over Rs 5.66 trillion in demat accounts.
“Our net worth is over 40 per cent of customer funds, which makes us among the safest brokers, not just in India but in the world,” Kamath highlighted in a post on X (formerly Twitter).
He added that “our customers have accumulated more than Rs 1 trillion in unrealised gains.” Kamath attributed this growth to the roaring bull market, increased retail participation, a thriving initial public offering (IPO) market, and the “trust of its clients.”
During FY24, Zerodha’s revenues stood at Rs 8,320 crore. Kamath mentioned that the company will now focus on decreasing its reliance on futures and options (F&O) for revenue.
Market share of active accounts declines
Zerodha stated that many of its recent users were from tier-2 and tier-3 cities. “While our market share of active accounts (clients who traded at least once in the year) is good, it has decreased over the last two years. We think this is due to the fact that we were the only ones to charge account opening fees, which we have now made free,” the company said.
Zerodha addresses technical glitch incidents
Recently, many Zerodha users reported technical glitches while using the application. In response, Zerodha stated that it was working to improve the stability and reliability of its systems. According to the firm, it encountered five technical issues on its platform between October 2023 and July 2024, with the longest disruption occurring on November 6, 2023, lasting 44 minutes and affecting up to 3.5 per cent of its customers.
This particular incident had the highest impact among all reported issues. The report indicated that for other incidents, less than 2 per cent of customers were impacted.
The company’s overall team size stands at 1,200.
First Published: Sep 25 2024 | 2:47 PM IST
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