Brokerage firm Zerodha plans three million user base in three-years

Zerodha, technology-driven zero brokerage firm, has set target to have three million user base in three years.

The company's user base grew by 204 per cent in 2017-18 compared to the last fiscal. It has now a user base of over 0.6 million.

According to Karthik Rangappa, vice president (Research & Educational Services), the company plans to have three million customers on board in the next three years (say by 2020).

Coin, the company's mutual fund platform that let the customer buy mutual funds online, completely commission-free, directly from asset management companies, has more Rs 6 billion assets under management. 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.

In Odisha, Zerodha has offices in Bhubaneswar and Cuttack. It has grown at a rate of 239 per cent for (FY 2017-18) with a client base of over 13000 and touch point of two partner offices.

In Bhubaneswar, Zerodha has over 3000 clients and has grown at a rate of 304 per cent for 2017-18.

To manage the growing needs of its clients, Zerodha currently has 22 branches, 94 partner offices and six support/call & trade offices in India.

"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", Nithin Kamath, founder and chief executive officer, Zerodha, said.