Zerodha Capital Private Limited

Business Overview

• Non-deposit-taking base-layer retail NBFC in the Zerodha Group.
• Commenced active lending in 2021, offering retail Loan Against Securities (LAS) against an approved list of stocks and mutual funds at a flat lending rate, LTV ~45%, ticket sizes ~₹5 lakh to ₹1 crore (avg ~₹6-7 lakh).
• Largely digital, low-touch operations leveraging the Zerodha broking client base, technology built in-house via Zerodha Technology Pvt Ltd.
• LAS book ~₹381 crore as on 31 Dec 2024 (up ~3.2x YoY)
• 2,500+ loans disbursed / AUM ~₹303.68 cr as on 30 Sep 2024. Nil GNPAs, negligible credit costs since inception.

Sector & Classification

Financial and insurance services — Investment & credit NBFC (non-deposit taking, base-layer retail NBFC; RBI registration N-02.00283). NIC group "Other financial activities" (K649). Some sources tag it under stock-broking services, but core activity is LAS lending.

Directors & Key Management

Directors as listed on Tofler/TheCompanyCheck (DINs single-source, treat as unverified/partial): - Nithin Kamath — Director (appointed 24 Dec 2015); DIN reported as 03142935 [unverified] - Nikhil Kamath — Director (appointed 24 Dec 2015); DIN reported as 03142938 [unverified] - Seema Patil — Director (appointed 14 Feb 2014); DIN reported as 03441620 [unverified] - Karthik Rangappa — Additional/Director (appointed 01 Nov 2023); DIN reported as 03596015 [unverified] - Shivachalianda Rajkumar Abhilash — Director (appointed 20 Dec 2024); DIN not obtained Note: DINs are from a single directory source and could not be cross-verified against a second registry (Falconebiz director pages did not load); Nithin/Nikhil Kamath also hold other well-known DINs in group companies, so possible confusion/error — flag before publishing.

GST Registrations

Not obtained for this entity. A distinct GSTIN specifically registered to "Zerodha Capital Private Limited" (CIN U67100KA2014PTC073653) could not be located on GST directory pages. WARNING (entity-confusion trap): GSTINs found under the "Zerodha" name belong to OTHER group entities and must NOT be attributed to this company — 29AABCZ2616B1ZK (Zerodha Broking Limited), 29AAACZ4586B1Z4 (Zerodha Commodities Private Limited), 29AAAFZ6602R1ZG (M/S. Zerodha, partnership). Home state would be Karnataka (code 29). Primary GSTIN: not obtained. PAN: not obtained. Number of registrations: not obtained.

Financials

Funding History

• Promoter/equity funded — no external VC/PE rounds.
• Held 98.94% by holding company Straddle Capital Private Limited, Zerodha promoters.
• Per ICRA (May 2025), the promoter group was in the process of investing ₹125 crore via compulsorily convertible preference shares (CCPS) to support growth.
• Debt funding from banks/FIs (see charges).
• Directors had additionally sanctioned ₹250 crore in lines.
• No priced external funding rounds found, Tracxn lists it as a legal entity, not a VC-funded startup.

Shareholding

• Straddle Capital Private Limited — 98.94%, holding company closely held by Zerodha promoters Nithin Kamath, Nikhil Kamath, Seema Patil. Remaining stake held by promoters/group. ICRA quotes 98.9%
• CARE quotes 98.94%. Ultimate promoters: the Kamath family.

Loans & Charges

• Multiple open secured charges for bank/NBFC borrowings. As reported by Tofler/TheCompanyCheck:
• Satisfied charges ~₹175 cr.
• ICRA notes the lender base expanded to five lenders, from one in Mar 2024.
• Figures partial, directory-sourced; exact charge-holder amounts not from a primary filing.

Related Parties

• Part of the Zerodha Group. Key related/group entities: Zerodha Broking Limited (ZBL) — flagship, largest domestic broker by earnings; FY2024 consolidated net profit ~₹5,496 cr
• Straddle Capital Private Limited — immediate holding company (98.94%)
• Zerodha Technology Private Limited — group technology entity. Common ultimate promoters/directors: Nithin Kamath, Nikhil Kamath, Seema Patil, also founders/directors of ZBL.

Credit Ratings

• ICRA, rationale dated 28 May 2025: [ICRA]AA- (Stable) for NCD programme ₹100 cr
• [ICRA]AA- (Stable)/[ICRA]A1+ for long-term/short-term bank lines ₹300 cr
• [ICRA]A1+ newly assigned for commercial paper programme ₹100 cr. Total rated ₹500 cr.
• CARE Ratings, press release 24 Jan 2025: CARE AA-
• Stable / CARE A1+ on bank facilities and CARE AA-
• Stable on NCDs — REAFFIRMED and then WITHDRAWN at the company's request, with lender NOCs. So the live rating is ICRA AA- (Stable)/A1+
• CARE ratings have been withdrawn.

Legal & Compliance

• No material litigation specifically involving Zerodha Capital Private Limited was found on Indian Kanoon or in news. Searches surfaced only unrelated NBFC/trademark matters. Status: none found, absence of found records is not proof of none.

Competitive Landscape

• Retail loan-against-securities (LAS) / capital-market-linked NBFC peers: Bajaj Financial Securities / Bajaj Finance, large-scale LAS, Mirae Asset Financial Services (India), mid-scale, digital LAS, Aditya Birla Finance, large diversified NBFC with LAS, Nuvama Wealth Finance (mid-scale), Sharekhan / BNP Paribas LAS (mid), IIFL Finance (large).
• Broker-affiliated lending peers also include ICICI Securities and 5paisa.
• Zerodha Capital remains modest/nascent scale relative to these.

Frequently Asked Questions

Sources

ICRA rating rationale, 28 May 2025 (icra.in/Rating/ShowRationalReportFilePdf/135393) — financials, net worth, shareholding, business, ratings; CARE Ratings press release, 24 Jan 2025 (careratings.com) — ratings reaffirmed & withdrawn, 98.94% Straddle holding; Tofler (tofler.in) — identity, directors/DINs, charges; TheCompanyCheck (thecompanycheck.com) — identity, capital, directors, charges; WebSearch/knowyourgst/mastersindia — group GSTIN disambiguation; Indian Kanoon search — legal.