Zerodha, India’s leading technology-driven brokerage firm here on Wednesday 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 8.5 lakhs across India, and has grown tremendously in the past one year, adding clients at a rate of 329% (FY 18-19).
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.
While talking to media persons on the development, Karthik Rangappa, VP, Educational Services, Zerodha, said, “The year 2017 was quite a year for us as a business. We became the third largest brokerage house, 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 interesting products in the pipeline for launch in the next quarter. I am hopeful that with new offerings and also by continuing to wow our existing and new clients, we will be able to grow much faster this financial year.”