Company Intelligence Profile
Zerodha Capital Private Limited
Bengaluru-based RBI-registered retail NBFC in the Zerodha Group offering loan-against-securities (LAS), rated ICRA AA-(Stable)/A1+.
AI-generated summary from public filings and may contain errors. Verify against the detailed sections below.
Company Identity
Confirmed| Registered name | Zerodha Capital Private Limited |
|---|---|
| CIN | U67100KA2014PTC073653 |
| PAN | Not obtained |
| Status | Active |
| Listing | Unlisted (private limited) |
| Incorporated | 14 February 2014 |
| ROC | RoC-Bangalore (Karnataka) |
| Sector (NIC) | 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. |
| Registered address | 192A, 4th Floor, Kalyani Vista, 3rd Main Road, J.P. Nagar 4th Phase, Bangalore South, Karnataka 560078 (older MCA address on file: No.153/154, 4th Cross, 4th Phase, J.P. Nagar, Bangalore 560078) |
| Authorized capital | ₹13.5 crore |
| Paid-up capital | ₹7.87 crore (equity); note: ~₹2.9 crore of compulsorily convertible preference shares (CCPS) also outstanding per ICRA, May 2025) |
Business Overview
Confirmed- 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
Directors & DINs
Partial / conflictingDirectors as listed on Tofler/TheCompanyCheck (DINs single-source, treat as unverified/partial):
| Name | DIN | Role | Appointed |
|---|---|---|---|
| Nithin Kamath | 03142935 | Director appointed 24 Dec 2015; DIN reported as 03142935 [unverified] | 24 Dec 2015 |
| Nikhil Kamath | 03142938 | Director appointed 24 Dec 2015; DIN reported as 03142938 [unverified] | 24 Dec 2015 |
| Seema Patil | 03441620 | Director appointed 14 Feb 2014; DIN reported as 03441620 [unverified] | 14 Feb 2014 |
| Karthik Rangappa | 03596015 | Additional/Director appointed 01 Nov 2023; DIN reported as 03596015 [unverified] | 01 Nov 2023 |
| Shivachalianda Rajkumar Abhilash | - | Director appointed 20 Dec 2024; DIN not obtained | 20 Dec 2024 |
Financials
ConfirmedStandalone, audited (Amount in ₹ crore), source ICRA rationale dated 28 May 2025:
- FY2023 (FY ended 31 Mar 2023): Total income 5.4; PAT 2.8; Total managed assets 84.4; gearing 0.1x; CRAR 94.6%; RoMA 4.5%
- FY2024 (FY ended 31 Mar 2024): Total income 12.4; PAT 7.3; Total managed assets 226.3; gearing 0.4x; CRAR 70.0%; RoMA 4.7%
- 9M FY2025 (unaudited, to 31 Dec 2024): Total income 25.3; PAT 8.8; Total managed assets 410.4; gearing 1.4x; CRAR 35.8%; RoA 3.7% (annualised)
Net worth ~₹170 crore as on 31 Dec 2024 (incl ~₹2.9 cr CCPS). LAS book ~₹381 cr as on 31 Dec 2024. EBITDA: not applicable/not disclosed for an NBFC. Reporting basis: STANDALONE (ICRA and CARE both analysed standalone). Directory sources (Tofler/TheCompanyCheck) list FY2024 revenue growth ~130-135% YoY, consistent with the ICRA figures above.
Funding
Partial / conflicting- 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)
Charges / Loans
Partial / conflicting- Multiple open secured charges for bank/NBFC borrowings
- As reported by Tofler/TheCompanyCheck: ICICI Bank ~₹110 cr, Aditya Birla Capital/Finance ~₹75 cr, Federal Bank ~₹75 cr, HDFC Bank ~₹50 cr and others
- aggregate open charges ~₹410-430 cr
- satisfied charges ~₹175 cr. ICRA notes the lender base expanded to five lenders (from one in Mar 2024)
- Rated debt programmes: NCDs ₹100 cr, bank lines ₹300 cr, commercial paper ₹100 cr. Figures partial (directory-sourced
- exact charge-holder amounts not from a primary filing)
Credit Ratings
ConfirmedICRA (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.
Competitors
Partial / conflicting- 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
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