Bangalore-based online broking firm, Zerodha is looking at a three-fold growth in revenues.
Buoyed by a steady rise in new trading accounts and untapped potential in North India, Bangalore-based online broking firm Zerodha is looking at a three-fold growth in revenues to Rs 60 crore in 2013-14 and is in talks with US-based brokerages to upgrade technology and simultaneously raise about $1 million, according to its founder and CEO Nithin Kamath.
He told Deccan Herald, “We are adding about 1,500 trading accounts every month and will end the current year with about 23,000 accounts, up from about 10,000 last year. Given this and our expansion plans over the coming months, we are confident of taking our revenues from an expected Rs 20 crore this fiscal to about Rs 50 to 60 crore next year.”
Besides, the firm is also looking for a strategic investor who would double up as a technology partner. “We are in talks with US-based brokerages. The amount to be raised would be in the range of about $1-1.50 million. We will be finalising the deal soon.”
He said that Zerodha will open a support centre in Ahmedabad this month and also in Surat, Kolkata and New Delhi in this calendar year.
Currently, about 70 per cent of its traders are based in South India. Zerodha operates on a profit margin of about 60 to 70 per cent and has a 70-member team including support centres in Hyderabad, Kochi and Hubli, apart from two offices in Bangalore.
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