Zerodha’s Big Bet on Tijori: A Strategic Move Beyond Trading Into Research, Institutions & AI‑Driven Wealth Tech

India’s largest discount broker, Zerodha, is making a decisive shift.
With over 80–85% of its 16 million customers now focused on cash equities and mutual funds, the firm is evolving far beyond its early trader‑dominated identity.

Its recent $5 million investment in Tijori, a fast‑growing research and analytics platform, marks a pivotal step toward expanding capabilities for retail investors, institutional clients, and AI‑driven research infrastructure.

A Structural Shift in India’s Investing Behaviour

From 2010 to roughly 2016, Zerodha’s platform was dominated by highly active traders.

But post‑2016, driven by digital onboarding, rising household savings, and awareness, the customer base transformed:

• 80–85% users now focus only on cash equities & mutual funds

• Zerodha handles ~15% of daily retail exchange volumes

• It manages ₹6 trillion+ in equity assets

Mutual fund inflow data supports this structural transition:

The message is clear: Indian investors are shifting steadily from traders to long‑term allocators.

Why Zerodha Invested in Tijori

According to Somnath Mukherjee, VP – Corporate Development at Zerodha:

“Tijori’s enterprise‑grade research platform can serve AMCs, PMS, AIFs and institutions—segments we want to build deeper offerings for.”

Key strategic reasons behind the deal

 Strengthen research tools for cash‑market and MF investors
Build institutional‑grade offerings beyond retail
 Unlock value-added services for AMCs through Coin
 Create a combined retail and enterprise ecosystem
 Leverage Tijori’s fast-growing AI‑driven analytics suite

Mukherjee confirmed the stake is “significant,” with scope to increase if the partnership performs well.

What Tijori Gains: AI Scale, Enterprise Clients & Global Push

Tijori is rapidly building AI-centric research engines capable of:

• Real-time corporate monitoring

• Expanding analyst coverage from 20 to over 100 companies

• Deep fundamental & sector analytics

• Enterprise dashboards for AMCs, PMS, AIFs

Co-founder Siddharth Hegde highlighted:

“AI won’t replace analysts; it will multiply their coverage and efficiency.”

Tijori’s future roadmap:

• 60–70% enterprise-driven revenue

• Expansion into the US market

• Reduced dependence on retail subscriptions

• Broader institutional partnerships enabled via Zerodha

With fresh capital, Tijori is not seeking further funding immediately.

A New Wealthtech Flywheel in the Making

This deal indicates a broader transformation in India’s wealth ecosystem:

Zerodha’s Evolution

• 2010–2016 → Trader-first platform

• 2017–2023 → Rise of retail investors, Coin MF platform

• 2024–2025: Enterprise ambitions, AI-powered research

Tijori’s Evolution

• Started as retail analytics

• Moving to institutional-grade products

• AI-powered global research engine

Together, they aim to build:

• A research-backed investment ecosystem

• Improved decision-making for 16M+ retail users

• Seamless enterprise products for AMCs, PMS & AIFs

• An India-led AI research engine with global ambitions

This collaboration signals a deeper shift:
Wealth-tech is no longer just about execution—it’s about intelligence, research, and institutional-grade tools for every investor.

Explore More Insights

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