Chandigarh, March 13th, 2018: Zerodha, India’s leading technology-driven brokerage firm, today announced its overall growth numbers for this financial year and shared details on its direct mutual fund platform – Coin.
Zerodha currently has a user base of over 7 lakhs across India, as compared to the last financial year. Zerodha has grown tremendously in the past one year, adding clients at a rate of249% (FY 17-18).
Coin is India's first direct MF + Equity platform that let the customer buy mutual funds online, completely commission-free, directly from asset management companies. The mutual fund bought through Coin will be in demat form, with a convenience of one portfolio across equity, mutual fund, currency. One can start, stop or modify SIPs anytime they want and the first Rs. 25,000/- worth of investments would be free.
Speaking more on the development, Nithin Kamath, Founder & CEO, Zerodha, said, “The year 2017 was quite a year for us as a business. We became the largest retail broker in India by turnover on all the exchanges and segments, biggest in India by monthly new client additions and largest standalone direct mutual fund platform in Coin. With our technology team taking the lead, we have many new products in the pipeline for launch in the next quarter. I am hopeful that with new offerings and continue to wow our existing and new clients, we will be able to grow at a much faster this financial year.”
Coin has facilitated over Rs 1000 crore worth of investment till now and it is by far the biggest in the market.
“For an informed investor, buying mutual funds directly is the best option. SIP of Rs 5000 monthly invested for 25 years in direct vs distributor can potentially save Rs 28 lakh as commissions. Buying direct mutual fund in demat also gives the convenience of a single portfolio view,” Nithin added.
In Punjab, Zerodha has offices in Chandigarh, Amritsar and Ludhiana. It has grown at a rate of 247% for (FY 17-18) with a client base of over 7500 and touchpoint of 1 branch office and2 partner offices. In Chandigarh, Zerodha has over2000 clients with 1 branch office and has grown at a rate of312% for FY 17-18. To manage the growing needs of its clients, Zerodha currently has 22 branches, 94 partner offices and 6 support/call & trade offices in India.
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