The secured lending business (Loan against Securities), which began active retail operations in 2021, posted a revenue of Rs 36 crore, with a profit of Rs 12.25 crore in FY25, up from Rs 7.2 crore a year ago.
Representative image
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Stock trading and investing platform Zerodha is preparing to infuse Rs 100–125 crore (approximately $15 million) into its non-banking financial company (NBFC) arm Zerodha Capital (ZCPL) as part of its effort to expand the loan-against-securities (LAS) portfolio and widens access to non-broking users, people familiar with the company’s plans told Moneycontrol on May 29.
The capital infusion by the promoters – currently pending RBI approval – is expected to support ZCPL’s plans to scale up lending in a measured manner while maintaining its conservative risk posture.
While the firm declined to comment on the fundraise, Abhilash SR, the head of Zerodha Capital confirmed that the company is steadily ramping up operations and exploring to tap new clients.
The secured lending business, which began active retail operations in 2021, posted a revenue of Rs 36 crore, and a net profit of Rs 12.25 crore in FY25 which is up from Rs 7.2 crore the previous year, Abhilash said. The company attributes this growth to improved capital efficiency and its shift to external borrowing until recently, ZCPL had operated solely on internal funds.
This push comes at a time when India’s top online brokerages are aggressively diversifying beyond pure-play broking. Angel One is ramping up its unsecured credit distribution via a partner marketplace, with disbursals crossing Rs 700 crore, while Groww’s NBFC arm has built a Rs 965 crore unsecured personal loan book targeting salaried millennials.
With the regulatory environment tightening around futures & options (F&O) and restrictions on monetising idle client funds, digital investment platforms are increasingly turning to other segments that can be potential growth drivers.
Unlike its peers, Zerodha claims to be opting for a slower, secured, and fully in-house model.
“As of March 31, our LAS book had grown to nearly Rs 400 crore, with a 1.4x debt-to-equity ratio and a portfolio-level loan-to-value (LTV) under 40 percent. The average ticket size stood at Rs 6 lakh across around 6,400 active clients,” Zerodha Capital’s Abhilash said.
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“We’ve now begun working with a few banks and NBFCs for credit lines and plan to increase gearing to 3.5–4x before raising further equity.”
Moving Beyond Broking Users
Until now, ZCPL has exclusively catered to Zerodha Broking’s customer base, which may now change. The company is in advanced discussions to integrate APIs with CAMS (Computer Age Management Services), allowing users who hold mutual funds outside of demat accounts to pledge them for loans.
“The idea is to allow users with mutual funds in non-demat form to seamlessly pledge them via API integrations and draw loans through our platform,” said Abhilash, adding that initial rollout is expected in the coming months.
Zerodha views mutual fund–backed loans as a more scalable and stable secured credit product than equity-backed loans, due to their lower volatility. The company is also working on introducing term loans with tenures of up to three years. Currently, it only offers demand loans with a cap of one year.
“For the term product, customers will pay interest monthly and repay the principal at maturity. It’s being designed for more structured, longer-term liquidity needs,” he said.
Staying Away from Unsecured Credit
Despite the market’s growing appetite for digital credit, Zerodha has no plans to enter unsecured lending or participate in co-lending arrangements.
“Chasing revenue is not our objective. The focus is on building a responsible, risk-managed, and tech-driven lending business aligned with our long-term philosophy,” Abhilash said.
Zerodha’s LAS stack is fully built in-house and supports loans against mutual funds, ETFs, and listed stocks. The platform uses real-time risk engines to monitor LTVs and margin triggers, with disbursement beginning around 45 percent LTV.
While other fintech NBFCs are racing to scale via unsecured or partner-led lending, Zerodha sees little reason to follow suit. “Many NBFCs turn to co-lending because raising capital competitively is a challenge. That’s not an issue for us. If we need capital, the group can fund us directly,” said Abhilash.
A Clearer Push
ZCPL received its NBFC license in 2014 but began external lending only in 2021, following internal pilots for employee loans. The company has grown quietly so far, without marketing or publicity.
“We’ve reached where we are without any promotion. It’s entirely organic,” said the NBFC head. “Now, for the first time, we’re preparing to position this as a more visible and scalable product.”
Even with its expanding scope, Zerodha maintains that its lending business will grow deliberately. “There’s growing demand for liquidity without selling portfolio assets,” he said. “With more retail investors entering mutual funds and equities, LAS is a natural product to scale—but we’ll do it in a responsible, product-led way,” said Abhilash SR.