
Zerodha’s Tijori bet goes beyond broking: building investor intelligence tools
Subscribe to enjoy similar stories. Discount broking firm Zerodha's $5 million bet on research platform Tijori will help it move beyond retail trading and strengthen its products for cash-market and mutual fund investors, a top company official said. Zerodha's platform was dominated by active traders for nearly six to seven years since its inception in 2010.
However, since 2016, the customer base has begun shifting significantly towards cash-market investors, Somnath Mukherjee, VP of corporate development at Zerodha, told Mint. Today, over 80-85% of Zerodha’s customers are focused purely on cash equities and mutual funds. According to its website, Zerodha has 1.6 crore customers and approximately ₹6 trillion in equity assets, claiming to handle roughly 15% of daily retail exchange volumes.
This shift comes as equity investments have been booming—powered by household savings, rising retail participation, and domestic mutual funds with ample dry powder. A mix of increasing income, easier digital onboarding, and relatively muted returns from traditional products has nudged more investors into the markets. Mutual fund data reflects this shift.
Growth or equity-oriented schemes have steadily risen since the April-June 2023 quarter, climbing from ₹18,358.08 crore to a massive ₹1,18,986.10 crore in October-December 2024. After that peak, inflows cooled off to ₹94,073.13 crore in January-March this year and ₹66,869.42 crore in April-June. But the momentum appears to be returning, with July-September 2025 seeing ₹1.06 trillionin inflows. Zerodha's stake in Tijori will help a growing cohort of mutual fund investorsmake more informed, research-backed decisions, Mukherjee said.
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