Overview

Zerodha transformed retail investing in India when it introduced flat-fee discount broking in 2010. The Bengaluru-based company, now one of India’s largest brokerages by active clients, is extending its disruptive approach to merchant banking.

The company has received regulatory approval for a Category-I merchant banking licence. This allows Zerodha to operate as a full-service issue manager and corporate adviser.

While merchant banking includes corporate advisory and capital-raising services, Zerodha’s immediate ambition is to manage public issues and participate in India’s active IPO market.

The key question is whether Zerodha’s technology-led, low-cost and retail-focused strengths can create a sustainable advantage in merchant banking—a business traditionally driven by institutional relationships, corporate networks and dealmaking expertise.

Key Highlights

• The Move: Zerodha has secured a Category-I merchant banking licence.
• The Ambition: The company plans to manage public issues and advise businesses.
• The Opportunity: India’s growing IPO market offers a promising new business segment.
• The Challenge: Merchant banking depends heavily on corporate relationships and institutional credibility.
• The Central Question: Can Zerodha successfully move from discount broking to dealmaking?

Source and Date

Source: The Morning Context
Date: 11 September 2026


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