Indian Wealthtech – A $60 Bn opportunity by FY25

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Indian Wealthtech –
A $60 Bn opportunity by FY25
Paradigm shift in how India Invests!
Dec 2020

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Terms Used Definition
Wealthtech
• The Wealthtech is driven by Digital platforms which enable “End-To-End Digitization” of The Investment Value Chain making
the entire customer journey Digital.
Traditional Models
• These are models where the Brokerages reach out to customers majorly via agents or wealth managers and customer
onboarding takes place manually.
Digital First Models
• These are models where customer self onboards digitally on the brokerage platforms via an app/web and the entire customer
journey is digital.
Traditional Full Service
Brokers
• A traditional full-service broker offers a range of add-ons in addition to trading services & platform at stock exchanges. This
includes research reports, advisory and a relationship manager to help investors with trading.
Digital Stock Brokers
• These companies offer an online trading platform (Desktop/Mobile) for individuals but provide no form of advisory services
(financial reports, offline advisory and wealth managers) or add-on service like traditional full-service brokers.
Mutual Fund Distributors • They facilitate buying and selling of of mutual funds on through their platforms.
Robo Advisory based
Wealth Management
• These companies use AI/ML algorithms to recommend the best possible investment path given an individual’s financial
history. In India, we see this with respect to MF distributors, who use AI/ML to recommend the best MF investments for an
individual.
Demat Account
• A Demat account is an account to hold financial securities in electronic form. In India, Demat accounts are maintained by two
depository organisations, NSDL & CDSL.
MF Folio
• A MF Folio is a unique number identifying your account with the asset management company. A folio number also records
items such as investments, transaction history and contact details.
Metro Cities • These are top 8 cities in India with population at 4.5 Mn & above.
Tier 1 Cities • These comprise 30+ cities in India with population ranging from 1 Mn to 4.5 Mn.
Tier 2+ Cities (Bharat) • These comprise 120+ cities in India with population ranging from 0.3 Mn to 1 Mn.
Source(s): RedSeer Analysis
Glossary

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Indian Equity & MF market
The Indian Equity & MF market is expected to boom in India, driven
by bullish stock market and MF investments.

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Source(s): (1) IMF (https://www.imf.org/en/Publications/WEO/Issues/2020/09/30/world-economic-outlook-october-2020)
Due to COVID-19, the major economies of the world are expected to shrink in FY
21; Indian economy to see a V-shaped recovery by FY22
-10.3 -9.8 -8
-6 -5.8 -5.3
-4.3 -4.1
-1.5
1.9
8.8
5.9
3
4.2
2.8 2.3
3.1 2.8
6.1
8.2
India UK South Africa Germany Brazil Japan USA Russia Indonesia China
FY 21 FY 22
Real GDP Growth (Annual % change)
While all the major economies are currently struggling in the wake of COVID, China is the lone bright spot in FY21 as they have been
successful in controlling the spread and impact of COVID in last 6 months.
Note(s): (A) Based on IMF forecasts released in Oct 2020.
Indian GDP
India

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Despite the recent slowdown, the Indian economy is still expected to become the
4th largest economy globally by 2025…
2.0
3.0
4.1
FY 15 FY 20 FY 25F
Nominal GDP of India1
USD Tn
India’s Ascent in the ranking of the World’s largest economies1
CAN BRA ITA IND FRA UK GER JPN CHN USA
CAN BRA ITA UK FRA IND GER JPN CHN USA
ITA CAN BRA UK FRA GER IND JPN CHN USA
GDP 20151
USD Tn
GDP 20201
USD Tn
GDP 20251
USD Tn
CAGR
~9%
CAGR
~7%
xx Nominal GDP growth rate
4th largest economy
Source(s): (1) International Monetary Fund
Indian economy will continue to see ~7% growth in Nominal
GDP despite the recent slowdown…
…to become world’s 4th largest economy by 2025.
Indian GDP Forecasts
India
Note(s): (A) 1 USD = 75 INR

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…driven by continued rise of consumer spending, foreign investments and
infrastructural development backed by strong government stimulus
Drivers of Growth of Indian GDP
Growing
consumer
spending on
goods & services
 India will see 500 Mn people enter middle class
within the next decade.
 With a median age of 28 it will continue to add
young working age population4 in the earning
brackets, further driving consumption.
Rise in foreign
investments
 Despite a slowdown in the global economy,
foreign inflows are expected to as EODB is
improving – In last 6 years, India jumped from
142nd rank in 2014 to 63rd rank in 2019.
 India is among top 10 recipients of FDI5 globally.
Investment in
infrastructure
 Private sector deployed about 46% of their funds
in fixed assets last year compared with 18% in
the year before.
 Government will invest ~ USD 1.5 Tn in
infrastructure projects over next 5 years to lift the
COVID-hit economy.
Government
initiatives to boost
growth
A
B
C
$1.4
$2.1
$3.1
FY15 FY 20 FY 25F
Final Private Consumption India1
USD Tn
$45 $71
$112
FY 15 FY 20 FY 25F
FDI Flow India2
USD Bn
Source(s): (1) World Bank; (2) Ministry of Commerce & Industry; (3) World Bank; (4) Ministry of Statistics & Programme Implementation;
(5) UNCTAD ; (6) Finmin
$699 $869 $1,080
FY 15 FY 20 FY 25F
Gross Capital Formation India3
USD Bn
D
 Corporate tax rate rationalization – Earlier
in the year Government slashed corporate
taxes to boost business as the effective tax
rate came down from 35% to 25.17% for
existing companies.6
 COVID-19 special package – Roughly 10% of
Indian GDP – Government announced special
economic package of ~$ 270 Bn in May 2020 to
revive the Indian economy and industrial sector.6
 Specifically, for MSME, Govt. will infuse ~$7 Bn in
equity to boost liquidity in MSMEs.
Growth Drivers
India

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However, only 2% Indians invest in stocks resulting in stock market capitalization
at 76% of GDP & as a result presents significant headroom for growth
3%
7%
55%
UK
1%
Indonesia
1%
Brazil
2%
India China USA
Population participating in Stock markets by Country
% of population, 2020
Stock Market Capitalization as % of GDP1
% of GDP, 2018 to 2019 period
35%
47%
59%
65%
76%
97%
148%
China
Russia Indonesia Brazil India UK USA
92%
Global average
While developed economies currently stand at more than 100%
in stock market capitalization (% of GDP), India falls well behind.
As only 2% Indians invest in Stock markets, there is a significant
headroom for growth when compared to developed economies.
Source(s): (1) World Bank
Global benchmarks
Equities & MFs

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Over the years, there has been a steady growth in Indian equity markets, MF
Folios & Demat accounts
As a result, both Demat account and MF Folios have grown at
decent pace over last few years.
Mar-19
Mar-17
Mar-16 Mar-20
Mar-18 Oct-20
Indian share market is steadily rising since last 5 years driven by
high investor confidence in Indian markets.
Total Demat Accounts and MF Folios in India
Mn, FY16 - 20
48
55
71
83
90
25
28
32
36
41
FY19
FY17
FY16 FY18 FY20
Total Demat Accounts
Total MF Folios
~13%
~17%
CAGR
(FY 16 – 20)
Source(s): (1) Sector Reports; (2) NSDL; (3) CSDL; (4) AMFI
25341
29620
32968
38672
29468
38973
7738
9173 10113
11624
8597
10899
Sensex & Nifty 50 (YoY)
2,3
4
Growth
Equities & MFs
Sensex
Nifty
~10%
~8%
CAGR
(FY 16 – 20)

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Despite the COVID impact, the Sensex & Nifty have been resilient and have
bounced back after dipping by ~40% in March
Pre COVID Post COVID
Source(s): (1) NSDL & CDSL; (2) RedSeer Analysis
Aug
May Jun
Jan Feb Jul
Mar Apr
Total Demat
Accounts
Total MF Folios
40,723 38,297
29,468
33,718 32,424
34,916
37,607 38,628 38,068
11,962 11,202
8,598 9,860 9,580 10,302 11,073 11,388 11,248
0
10,000
20,000
30,000
40,000
50,000
Sept
Feb Apr
Sensex
Jan Jul
May
Mar Jun Aug
Nifty
Sensex & Nifty in CY 20
Sensex & Nifty made a resounding comeback after the COVID impact and have been growing strong. MF folios and Demat accounts
have also experienced consistent growth throughout the year.
88 88 89 90 91 91 92 92 93
39 40 40 41 42 43 44 44 45
0
10
20
30
40
50
60
70
80
90
100
COVID Impact
Equities & MFs
Total MF Folios & Demat accounts in CY 20
(Mn)
• COVID-19 led to volatility in the market which brought investor to buy
stocks at a relatively low price (crash of blue-chip stocks).
• People are looking for new sources of income because of the pandemic.
• Increase in investors from Tier 2 & 3 cities (low ticket size investors).
Sept

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Wealthtech Market
A $20 Bn market poised for significant growth by 3x to reach ~$60
Bn by FY25.

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2010 - 16 2017 2018
2020 (Post-COVID) 2019
2020 (Pre-COVID)
• 2010: Zerodha started operations
• 2011: Upstox opened for public use
• 2012: Scripbox founded
• 2013-16: More players primarily
focused on retail investors
• SEBI allowed investment up to
~$ 714 per mutual fund per
financial year through digital
wallets.
• Zerodha launched COIN, a
direct mutual fund platform.
• Wealthtech becomes the 4th
largest funded sub-sector within
Fintech.
• Upstox & 5 paisa gained more
clients than Reliance & Edelwiess.
• Paytm received SEBI approval &
started operation as a MF
aggregator.
• Zerodha surpasses ICICI Securities
to become the largest discount
broker in India 2019.
• Indwealth launched its operations
with HNIs as target customers &
received funding from Tiger Global.
• PayU acquires fisdom to enter
wealthtech market.
• Zerodha applies for AMC license.
• Cubewealth launches cross border
SaaS service and marketplace
called Cube Cloud.
• Equity markets make record
breaking recovery after one of the
worst crashes in history.
• Retail participation in Indian
equities surge to a 15-year high.
• Paytm money launches app for
mutual funds investments.
In India, Wealthtech has been generating quite a buzz in last few years with
multiple players entering the sector
Source(s): (1) RedSeer Analysis
Timeline
Wealthtech

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Wealthtech:
welθ·tech
“The End-To-End Digitization Of The Investment Value
Chain Making The Entire Consumer Journey Digital!”
Wealthtech is driven by Digital platforms which enable “End-To-End Digitization”
of the investors’ investment journey
Definition
Wealthtech
Self onboarding
Digitally on App/ Web
Invest Digitally Redeem Digitally

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Wealth customers, primarily, include millennials…
Millennials Middle aged working
professional
High Net worth Individuals
Consumer Persona
Gender • Male • Male • Male
Age • 25-40 years • 40-55 years • 35- 55 years
Time spent on
Smartphone
• 5 hours daily • 4 hours daily • 2 hours daily
Online shopping • 90% shops online • 30% shops online • 20% shops online
App used
Online Payments • 90% payments online • 20% payments online • 30% payments online
Insurance Products
Equities Mutual Funds Equities Mutual Funds Equities Mutual Funds
Gold Govt. bonds/ FDs Gold Govt. bonds/ FDs Gold Govt. bonds/ FDs
Average Investment • $ 1500 • $ 7000 • $ 30,000
User Speaks
“I am glad I never had to interact with any
human being to start my Demat account.
SIPs, trading, etc. are done within one click.”
“I have to maintain a balance between my
investments and EMIs. My kids are growing
fast, I had to do my best to take care of
them. I have multiple investments due to
my busy schedule its very difficult to
manage all of them”
“ Monitoring my wealth is a pain for me. I want
to focus on my business and expect my money
to grow. I don’t have time to meet wealth
managers regularly. “”
Growth Drivers
Wealthtech

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Overall
Number of people who invest in equity & mutual fund online
Millennials have turned up as a powerful cohort which will drive digital investments in India.
Source(s): (1) RedSeer Analysis, Survey
Growth Drivers
Wealthtech
24%
100%
52%
20%
32-40
25-31
18-24
4%
More than
40 yrs
Overall
N= 50
With 95% confidence level and
15% margin of error
`
Nov-2020
…who constitute ~70% of the investors using these platforms as per our recent
survey

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599
366
244
~140
4
Access to Internet
Active Internet Users
Online Services Users
Online Shoppers
Wealthtech Platform Users
Total population with access
to internet
Uses social media, google, but
doesn’t transact online
Transacts for services e.g.
banking/recharge, but no products
Atleast one transaction on
online retail platforms in a year
100%
61%
41%
Trades equities or buys MFs on
Wealthtech platforms at least once a year
23%
0.7%
Average Premium =
$100
971
680
506
404
12
11%
16%
10%
CAGR (FY 20-25) FY25
FY20
100%
70%
52%
42%
1.2%
38%
25%
557 ~939
11%
# Smartphone Users (m)
There exist ~4 Mn Wealthtech investors in India today and they are expected to
multiply by ~3x to reach ~12 Mn by FY25
Wealthtech Funnel – FY 20
Number of Users, Mn
Note(s): (A) Users include MF and Equity buyers on Wealthtech platforms who buy at least once a year.
A
Opportunity
Wealthtech

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CUSTOMERS GETTING DIGITAL
–
HIGH AWARENESS & HIGH USAGE OF DIGITAL
PLATFORMS FOR INVESTMENT
 According to our survey, there is a high awareness
among investors about digital platforms across equity
and mutual fund investments.
 At the same time, Digital platforms also witness high
usage as illustrated from our survey results.
RISE IN BHARAT INVESTORS & MILLENNIALS
–
RISE OF POWER COHORTS WILL DRIVE WEALTHTECH
MARKET
 ~15% of investors in equity markets come from Bharat
(Tier2+ cities).
 Rise in such investors from Bharat will further drive the
adoption of digital platforms
 Millennials form more than 70% of investors who invest
digitally come from the age group of 25-40 years.
HIGHER CUSTOMER SATISFACTION FOR DIGITAL
PLATFORMS
–
HASSLE-FREE CUSTOMER JOURNEY LEADING TO
BETTER CUSTOMER EXPERIENCE
 Digital platforms smoothen the consumer journey &
reduce the hassles across the investment value chain,
right from onboarding to purchase to redemption.
 As a result, customers are highly satisfied with Digital
platforms when compared to the traditional players.
COVID IMPACT
–
POST COVID HAS SEEN AN INCREASE IN INVESTORS,
INVESTMENTS & USAGE ON DIGITAL PLATFORMS
 Post COVID, in last 6 months, while ~25% of respondents
started digitally investing in equities, ~40% started
digitally investing in MFs.
 Also, Post COVID saw an increase in average
investments via digital platforms as well as growth in
usage across these platforms.
INVESTMENTS POURING IN WEALTHTECH
–
INCREASING INTEREST AMONG INVESTOR COMMUNITY
LEADING TO LARGE INVESTMENTS
 The investments in the Indian Wealthtech has grown at a
CAGR of ~40% in last 5 years with investors pouring in
millions of dollars in the upcoming digital platforms.
This growth will be driven by 5 key drivers as explained below
A
D
C
E
Growth Drivers
Wealthtech
B

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78%
22%
No
Yes
According to our survey, there is high awareness among investors about digital
platforms across equity and mutual fund investments
While 80-90% are aware about Discount brokerages and Digital MF distributors, 60% are aware about Robo advisors.
Q. Are you aware of the following investment services available online?
N= 50
92%
8%
No
Yes
60%
40%
No
Yes
Discount Brokerages
Digital Mutual Fund
Distributors
Robo Advisors
15% margin of error
`
Nov-2020
Growth Drivers
Wealthtech
Note(s): (A) Robo advisory based wealth management recommend the best MF investments to an investor based on the financial history with the help of AI/ML.
A

20
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At the same time, Digital platforms also witness high usage as illustrated from
our survey results below
45%
71%
75%
75%
77%
78%
78%
80%
85%
88%
88%
89%
90%
55%
29%
25%
25%
23%
22%
22%
20%
15%
12%
12%
11%
10%
Zerodha
Paytm money
Upstox
5 paisa
Hdfc Securities…
Icici Securities…
Indmoney
Groww
Scripbox
Zerodha coin
Iifl Securities…
Angel Broking…
Sharekhan Ltd.
Don't use Currenlty Use
Q. Which platforms do you currently use for investments in Equity/ MF?
N= 50
Nov-2020
15% margin of error
`
High usage of
digital first
platforms is
enjoyed by
Zerodha, Paytm
money, Upstox and
5 paisa.
Growth Drivers
Wealthtech
A
Digital
First
Traditional
Digital
First
Traditional

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Rise in investors from Bharat (Tier 2+ cities) will further drive the adoption of
digital platforms
~15%
~85%
In last 2-3 years, there has been an increasing interest among retail
equity investors in Bharat (Tier 2+ cities).
Some of the trends observed in Bharat are detailed
below…
Growth Drivers
Wealthtech
B
100%
BHARAT
(TIER 2+)
METRO &
TIER 1
OVERALL
Rise in small ticket
investors from Bharat
form ~1.5 Mn active
clients on stock trading
platforms. By FY25,
Bharat, is expected to
drive ~25% of the total
active clients.
~10 Mn
# Active clients in Equity markets (Digital + Traditional), FY20 (Mn) –
Split by city Tier
• For Upstox, 80% the customer base
comes from Tier 2+ cities such as
Nashik, Jaipur, Guntur, Patna,
Kannur, Tiruvallur and Nainital,
among others.
• For 5 paisa, 70% of the customer
base comes from Tier 2+ cities.
• Angel Broking has added more
than 0.1 Mn new accounts in
Mar,2020 and out of them 80% are
from Tier 2+ cities.
• FY19 saw an increase in retail
investors in Tier 2+ cities such as
Rajkot, Vadodara, Lucknow, Nagpur
& others with ~68% of the new
investor registrations in FY 19
coming from Tier 2+ cities.
Indicative
Note(s): (A) Active clients are those who are active on trading platforms in a year.

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9% 8%
47% 43%
28%
30%
16% 19%
2017 2027
50-64
36-49
18-35
15-17
34% 33%
31%
26%
14%
India Brazil China USA UK
Millennial Population
as a % of country’s total population
Globally, India has the largest millennial population… … who also form the largest working cohort in India.
Moreover, digital savvy Millennials, who are the Wealthtech power users as
defined earlier will continue to drive > 40% of working age population
Share in working age population in India
(by age group)
Growth Drivers
Wealthtech
B
• More than 80% of Millennials
have internet connection in India.
• Among them, ~90% are use
mobile to access internet

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HNIs customers are
approached by wealth
managers.
After multiple meetings,
HNIs customers get
onboarded by wealth
management companies
HNIs rely on wealth
management firms or
relationship managers for
quality expert advice &
are happy to pay for
advisory fees.
Wealth managers
manage HNI financial
portfolio and charge
commissions or
brokerage fees.
Customer redeem and
track his investment as
per his requirement in real
time.
Customer learn about
investing and visits
Wealthtech website/app
and explores the
investment opportunities
available.
Onboarded digitally by
going through the KYC
process and opened his
Demat account.
Compares the ROI on
different options & chooses
the best option to suit his /
her needs.
Customer invested the
required sum online and
pays the brokerage charges
along with the investment.
Customer redeem his
investment as per his
requirement or maturity in
real time.
Digital platforms smoothen the consumer journey & reduce the hassles across
the investment value chain, right from onboarding to purchase to redemption
Investments via Brokers/ Wealth Managers
Customer learn about
investing & explores the
different investment
opportunities available
through broker.
Visits the nearest branch to
open a Demat account &
submit all the necessary
documents for KYC to agent.
Onboarded & paid the
necessary commission AMC
charges.
Rely on agents for
investment advice. On the
advice of agents explore
different investment
opportunities.
Customer invested the
required sum as per advice of
agents & pay the required
brokerage charges along with
the investment.
Customer redeem his
investment from banks in 5-7
days.
1
2
1
2
3
4
1
2
4
3
4
Retail/HNI investor HNI investor
5
Investments via Digital platforms
3
Growth Drivers
Wealthtech
5
6
5
C
Retail investor

24
© RedSeer
-9%
-23%
18%
55%
73%
23%
Promoter (9-10)
Neutral (7-8)
Detractors (0-6)
This leads to high customer satisfaction with Digital brokerage models when
compared to the traditional models
Digital First Models Traditional Models
Customers are highly satisfied with Digital brokerage models as compared to Traditional full-service brokerage models driven by
overall better customer experience, smoother customer journey and lower brokerage fees.
64% 0%
N=30 N=31
Nov-2020
Q. On a scale of 0-10 (with 10 being most likely), how likely would you recommend the below platforms to your friends/ relatives?
15% margin of error
`
Growth Drivers
Wealthtech
Note(s): (A) Traditional models are Full-service brokerages which are majorly driven by brokers/ wealth managers.
C

25
© RedSeer
12%
6%
6%
15%
12%
18%
30%
greater than 2 yrs
1 year - 2 years
6months - 1 year
4- 6 months
2- 4 months
1- 2 months
Less than 1 month
Post COVID, in the last 6 months, there has been an increase in “New investors”
who have started digitally investing in equities and MFs
Q. Since how long you have been investing in equity via digital platforms? Q. Since how long you have been investing in Mutual funds via digital
platforms?
8%
5%
3%
14%
24%
22%
24%
greater than 2 yrs
1 year - 2 years
6months - 1 year
4- 6 months
2- 4 months
1- 2 months
Less than 1 month
N= 50
Nov-2020
Nov-2020
15% margin of error
`
15% margin of error
`
~25% of respondents started digitally investing in equity in last 6
months, post COVID breakout
~40% of respondents started digitally investing in mutual funds
in last 6 months, post COVID breakout
25% of the
respondents started
digitally investing in
equities In last 6
months, Post COVID.
40% of the
respondents started
digitally investing in
MF, in last 6 months,
Post COVID.
D
Growth Drivers
Wealthtech
N= 50

26
© RedSeer
Moreover, Post COVID saw an increase in average investments via digital
platforms as well as growth in usage across these platforms
40%
20%
32%
2%
6%
Strongly decreased
Slightly decreased
Remained the same
Slightly increased
Strongly Increased
Q. Post COVID, have your investments in Equity & MF via digital platforms
increased, decreased or remained the same?
Q. Post COVID, has your usage of digital platforms for investments on a monthly
basis increased, decreased or remained the same?
30%
22%
24%
12%
12%
Strongly decreased
Slightly decreased
Remained the same
Slightly increased
Strongly Increased
N= 50 N= 50
15% margin of error
`
15% margin of error
`
Growth Drivers
Wealthtech
Nov-2020 Nov-2020
D
~30% of
respondents said
that “Additional
source of income”
and “low returns
from Fixed deposits
and bonds” are the
reasons for
investment in
equities post COVID.
More than 50% of respondents have seen an increase in
investments via digital platforms, post COVID.
~60% of respondents have seen an increase in usage of digital
platforms for investments, post COVID.

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© RedSeer
At the same time, there is a continued interest among investors in the Indian
Insurtech sector with investments rising by 5x in last 5 years
28
7
23
43
137 140
2015 2016 2017 2018 2019 2020
Investments in Wealthtech (Digital First platforms)($ Mn)
The investments in the Indian Wealthtech sector has grown at a
CAGR of ~40% in last 5 years…
…with investors across the globe pouring in millions in promising
digital platforms in India.
Top investors in Wealthtech B
Funded Companies B
Note(s): (A) Investments for 2020 are on an annualized basis. (B) Selected logos have been displayed as examples.
38%
Growth Drivers
Wealthtech
E
A

28
© RedSeer
FY 25
$20 Bn
FY 20
Driven by the above drivers, the Wealthtech market in India is expected to grow
by 3x, rising from ~$20 Bn (FY20) to ~$63 Bn (FY25)
Source(s): (1) SEBI (2) AMFI (3) RedSeer Analysis
26%
$3.4 Bn
$16.7 Bn $44 Bn
$19 Bn
$63 Bn
41%
22%
CAGR
FY 20-25
While Equity investment on Wealthtech platforms are expected to grow by 2.6x, MFs are expected to grow by 5.6x over the next 5
years.
Mutual Fund FY20 FY25 CAGR
# Wealthtech Investors (Mn) 1.1 5.3 37%
Avg investment per year ($) 3044 3529 3%
Equities FY20 FY25 CAGR
# Wealthtech Investors (Mn) 2.8 7 19%
Avg investment per year ($) 5954 6563 2%
Mutual Funds (AUM)
Equities
Wealthtech market - Total investments via Digital platforms ($ Bn)
Opportunity
Wealthtech

29
© RedSeer
Decoding the Business Models
Digital brokerage models to lead the transformation of the Indian
Wealthtech sector!

30
© RedSeer
Note(s): (A) Selected company logos displayed. (B) Discount broker does not provide investment advice whereas full-service broker provides research and advisory as
well as brokerage service.(C) Robo advisory based wealth management use AI/ML to recommend the best MF investments for an individual. (D) HNIs are investors
with more than 2Cr investible capital.
Driven by the immense opportunity, multiple business models have come up
targeting various customer cohorts
B2C Retail
HNID
Discount stockbroker &
Mutual fund distributor
Robo advisory based wealth
management (Mutual fund)
Business Models
Wealthtech
Indian Wealthtech Business Models
(Selected example logos have been displayed to substantiate the framework below, basis their service lines.)
These companies target both
the clients- HNI & B2C Retail
Traditional Full-service models
Digital First models
Full-service stockbroker &
Mutual fund distributors

31
© RedSeer
Indian Wealthtech Business Models
(Selected example logos have been displayed to substantiate the framework below, basis their service lines.)
Note(s) Discount broker does not provide investment advice whereas full-service broker provides advice as well as brokerage service.
These models monetize through various routes such as Commission-based
fees, upfront fees while onboarding & Advisory based fees
Upfront fees +
Commission-
based fees
Advisory
based fees
Discount stockbroker &
Full-service stockbroker &
Robo advisory based wealth
management (Mutual fund)
Monetization
via
Investors
Business Models
Wealthtech
Traditional Full-service models
Digital First models
Advisory based fees + Upfront
fees + Commission-based fees

32
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Note(s): (A) Selected company logos displayed.
Business Models
Wealthtech
Digital brokerage models seem to be on a growth path and have gained
significant market share…
Growth (FY19-20 CAGR)
60% 350% 650%
Market
Share
by
#
Active
Clients
0%
15%
Digital brokerage models not only have a high growth, they also seem to enjoy high consumer base. Whereas, Traditional Full service
stock brokers are facing challenges as they are consistently losing market share & their growth has been slowing down as well.
Digital brokerage models are
experiencing higher growths
and are expected to grab
higher market share in the
next couple of years
5%
10%
30%
Most of the Traditional Full-service stock
brokerage models are finding it challenging
as they have been consistently losing
market share over last 3 years

33
© RedSeer
…displacing some of the leading brokerages, driving ~25% of the overall market
and more than ~90% of the Digital only market
The top 9 players drive ~60% market share in India with Zerodha leading the
market with ~14% share.
Source(s): (1) Expert Interview (2) RedSeer Analysis
50%
40%
4%
3.5%
1%
4.4%
6%
4.9%
5%
5.2%
5%
5.6%
1%
6.0%
7% 6.5%
10%
9.7%
11% 14.3%
~ 9 Mn
Others
~10 Mn CAGR
FY 19-20
18%
361%
9%
31%
52%
628%
12%
23%
63%
60%
of
the
market
FY 19 FY 20
Market share (Digital & Traditional brokerages) by # of active clients (Mn)
Business Models
Wealthtech
Market share (Digital i.e., online only platforms)
by #of active clients (Mn)
12%
16%
21%
51%
~2.8 Mn
Others
~90%
of
the
market
FY 20
Among Digital only market, the top 3 players drive
~90% of the market
Note(s): (A) Active clients are those who are active on trading platforms in a year.

34
© RedSeer
0.54
0.98
1.6
2.3
0.8
0.88
1.08
1.16
0.6 0.65
0.73 0.78
0.04 0.1
0.68
1.01
0.36
0.41 0.63
0.93
FY 18 FY 19 FY 20 FY 21
Zerodha ICICI Securities HDFC Securities Upstox Angel broking
A
Growth of Active clients of Top Five brokerages (Mn)
While Digital brokerage players like Zerodha have grown at a CAGR of ~60 % in last 3 years, Traditional Full service models like ICICI
securities have seen a CAGR of ~13% during the same period.
Specifically, Digital brokerage players like Zerodha and Upstox have witnessed a
phenomenal growth in last 3 years
Note(s): (A) FY 21 includes number up to 1st Sept, 2020
CAGR
FY 18-21
62%
13%
193%
37%
13%
Business Models
Wealthtech

35
© RedSeer
This growth is driven by high customer stickiness due to higher customer
satisfaction (as explained earlier) and less brokerage fees
Digital Brokerage Models
(Discount stockbroker)
Traditional Full-service Brokerage Models
Demat Account AMC ₹ 250-300 ($ 3.5-4.3) ₹700 ($10)
Equity Delivery Brokerage (Free) 0.55%
Equity Intraday Brokerage
₹20 ($ 0.3) per executed order or .03%-.05%
whichever is lower
0.275%
Equity Futures Brokerage
₹20 ($ 0.3) per executed order or .03%-.05%
whichever is lower
0.05% to 0.03%
Equity Options Brokerage ₹20 ($0.3) per executed order ₹95 ($1.3)to ₹35 ($0.5) per lot
Currency Futures Trading Brokerage
₹20 ($ 0.3) per executed order or .03%-
0.05% whichever is lower
0.05% to 0.03%
Currency Options Trading Brokerage
₹20 ($ 0.3) per executed order or .03%
whichever is lower
0.25% to ₹65 ($0.9) per lot
Digital brokerage models charge less brokerage fees compared to traditional full-service brokerage models. As a result, it attracts
more customers on its platform.
Relative strength
Worst Best
Business Models
Wealthtech

36
© RedSeer
This has led to significantly better LTV : CAC ratio (94x) for Digital brokerage
models leading to higher profitability per customer
LTV vs. CAC (FY20)
Digital Brokerage
Models
(Discount broker)
Traditional
Full-service
Brokerage
Models
Remarks
Average fees & commission
Year 1 (INR)
~5,000 ($67) 10,000 ($133)
• Discount brokers work on low commission models as
compared to full-service brokers.
Retention Rate Year 2 95% 80%
• Customer stickiness is better in discount brokers because
of low fees and better customer experience.
Retention rate Year 3 90% 60%
Lifetime Value for 3 years
(INR)
14,025 ($187) 22,800 ($304)
• LTV for full-service is more due to high avg. fees &
commission.
CAC
(as a % Lifetime value for 3
years)
1% 9%
• CAC for full-service brokers majorly includes the
commission paid to agents & other marketing expenses.
• While CAC for discount brokers include performance
marketing & call center expenses.
• Since commissions to agents is a high component for full-
service brokers, discount brokers is placed favorably on
CAC%.
CAC/ customer (INR) 150 ($2) 2000 ($27)
• When compared to full-service brokers, discount brokers
have lower CAC because of the D2C route.
LTV:CAC ratio 93.5 11.4
• Hence for Discount brokerage models, the value of
customer is 94 times more than the cost of acquiring it.
Relative strength
Worst Best
Business Models
Wealthtech

37
© RedSeer
This also leads to stronger unit economics for Digital brokerage models vs.
Traditional Full-service brokerage models
Unit Economics
FY20
Digital Brokerage Models
(Discount broker)
Revenue
(Revenue per customer is constant as Zerodha
charges flat fees & not a % of GTV)
100%
Direct Cost
(as a % of Revenue)
(Direct Cost includes Tele-sales team,
commission to Tele-sales team,
Documentation is outsourced to third party)
(30%)
Software/Server
(as a % of Revenue)
(9%)
Contribution Margin
(as a % of Revenue)
~61%
Source(s): (1) Expert Interview (2) Redseer Analysis
Digital brokerage models in a very short period have been able to achieve better unit economics when compared to Traditional Full-
service brokerage models which have been around for more than couple of decades.
Business Models
Wealthtech
Unit Economics
FY20
Traditional Full-
service Brokerage
Models
Revenue
(Revenue consists of revenue from
operations)
100%
Direct cost
(as a % of Revenue)
(Custodian, depository, call center charges,
employees/managers & other expenses )
(38.7%)
Fees & commission expense
(as a % of Revenue)
(14.9%)
Contribution Margin
(as a % of Revenue)
~46%

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© RedSeer
Indian Digital brokerage Models
(Discount brokers)
Indian Digital brokerage Models
(Discount brokers)
Global Digital brokerage Models
(Discount brokers)
Valuation FY20 ~$1 Bn A ~$80 Mn A $11.2 Bn A
Valuation/ Revenue
Multiple FY20
7.4x ~10x B ~60x
Users Growth CAGR
(FY 18-20)
~70% ~300% 47%
#Users (Mn) 2.3 ~1 13
CAC ($) ~$2 $2-3 ~$25
PAT ($ Mn) 47 1.73 B N/A
Digital brokerage model – Indian vs. Global
Business Models
Wealthtech
Note(s): (A) Valuations are basis media reports. (B) Upstox financials are basis FY19.
Globally, above merits have led to higher valuations for Digital brokerage models
and Indian players are expected to follow on similar lines

39
© RedSeer
Our report authors can be reached out for any queries…
Abhishek Chauhan
Associate Partner
Internet & Private Equity
abhishek@redseerconsulting.com
Anand Vardhan Verma
Senior Consultant
Fintech & Retail
anandvardhan@redseerconsulting.com
Prakhar Sahu
Associate Consultant
Fintech
prakhar@redseerconsulting.com

41
© RedSeer
Zerodha
Profile
Founded • 2010
HQ • Bangalore
Total Funding • No Funding
Offerings
• Kite
• Console
• Coin
• Kite Connect API
• Varsity Mobile
• Pulse
User Base (till
date)
• 2.2 Mn customers
• 15% of overall trading volumes in India
Key Business
Metrics (FY 20)
• Net Profit: $ 80 Mn
• Revenue: $ 200 Mn
Business Model
• Zerodha is an Indian financial services company that
offers offers retail and institutional broking, distribution,
and trading services. The company also develops tools
for market data research and analysis
• Zerodha works on 'Low margin and high-volume model.'
• Zerodha works on the concept of discount broking i.e., it
charges reduced commission or low brokerage on
transactions that attract the investors especially the
beginners to use this platform
Route to monetization
• The firm makes money from fees on futures, options and
intraday equity transactions.
Customer acquisition strategies
• Zerodha spends $ 0 on customer acquisition. They rely on
word of mouth.
Zerodha – Profile & Business Model Details
Growth Story
2010 2015 2018 2019 onward
Zerodha was
founded by Nithin
Kamath
Zerodha launches direct mutual fund
platform 'Coin’ in 2017 and adds
clients at 349% rate during FY 18-19
RBI gives Zerodha a licence to lend
Zerodha applies for Mutual Fund
licence
Zerodha replaces biggies as largest
broker in India
• Sentinel
• Smallcase
• Streak
• Sensibull
• Golden Pi etc.
Zerodha scarps fee for cash trades,
going zero brokerage and goes
vernacular with launching Kite in
various regional languages

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© RedSeer
IndMoney
Profile
Founded • 2018
HQ • Gurugram
Total Funding
• $56.9 Mn
• Funded by Tiger Global Management, Steadview
Capital, etc.
Offerings • Wealth Management
User Base (till
date)
• `2000 HNI clients
Key Business
Metrics
(FY 20)
• Total Revenue- $ 0.5 Mn
Business Model
• The company, in the stealth mode at present, operates a
financial advisory platform that uses AI and machine
learning to allow users to manage their investments,
liabilities, future cash flows and taxation
• INDWealth monetization technique is via advisory fees.
Since they recommend commission free product, the
advisory fees keep their business afloat
• Advisory fees charged to it’s HNI Clients.
Customer Acquisition strategies
• INDwealth acquires customer through their relationship
managers and wealth managers.
INDMoney – Profile & Business Model Details
Growth Story
2018 2019 2020 onward
2020
$12 M
2019
$15M
2018
$30M
Largest funding round raised by a homegrown
startup that is yet to be launched for public
Launched its Android/IOS apps Raised Series C from Steadview, Tiger Global etc. to
focus on customer acquisition and marketing campaigns

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IIFL
Profile
Founded • 1995
HQ • Mumbai
Total Funding • Market Cap- $ 185 Mn (IPO)
Offerings
• Retail broking
• Institutional broking
• Investment Banking
• Financial product distribution
User Base (till
date)
• 0.225 Mn active customers
Key Business
Metrics (FY 20)
• Net Profit: $ 31 Mn
• Revenue: $ 105 Mn
Business Model
• IIFL is one of the key capital market players in the Indian
financial services space, IIFL securities is a one stop shop
for investors. The company offers retail and institutional
broking, financial products distribution, investment
banking and advisory services.
• IIFL works on the concept of full-service broking i.e., its a
full-service broker offers a range of add-ons in addition to
trading at stock exchanges. This includes research
reports, advisory and a relationship manager apart from
helping you buy and sell shares
• IIFL makes money from brokerages on equity delivery,
F&O and intraday equity transactions and AMC, paid
research reports, advisory, etc.
• IIFL works for both retail & institutional customers. They
acquire customers through multiple channels.
IIFL – Profile & Business Model Details
Growth Story
1995 2011-12 2017 2019 onward
IIFL was founded
as Probity
research and
services Pvt. Ltd
IIFL acquired Samasta Microfinance
Ltd
Demerger and subsequent listing of
5paisa Capital Ltd
IIFL Securities Limited & IIFL Wealth
Management Limited were demerged &
independently listed. IIFL Holdings Limited
was renamed as IIFL Finance Limited.
IIFL incorporated the IIFL Asset
Management Company
Announced the real estate fund

44
© RedSeer
Groww
Profile
Founded • 2016
HQ • Bangalore
Total Funding • $ 60 Mn
Offerings
• Mutual Funds
• Stocks
User Base (till
date)
Key Business
Metrics (FY 19)
• Net Profit: ($ 0.31 Mn)
• Revenue: $ 0.008 Mn
Business Model
• Groww is an India-based online investment platform that
targets first-time investors and millennials
• It offers investment in mutual funds and it is a discount
broker. i.e., it charges reduced commission or low
brokerage on transactions that attract the investors
especially the beginners to use this platform
• Groww makes money from commission from the funds
they sell & from fees on futures, options and intraday
equity transactions.
• Groww spends very less on customer acquisition. They
acquire customer via digital channel only.
Groww – Profile & Business Model Details
Growth Story
2016 2018 2019 onward
Groww was launched as an investing
platform where users can find the best
mutual funds to invest in and can invest
their money without any hassles.
Groww raises $ 1.6 Mn in and it launched direct
plan mutual funds for its customers.
It also raised $ 6.2 Mn funding from Sequoia
Capital.
Groww launched discount
brokerage service and start offering
trading & demat accounts to
customers.

45
© RedSeer
Upstox
Profile
Founded • 2009
HQ • Bangalore
Offerings • Trading & Demat account
User Base (till
date)
• 1 Mn customers
Key Business
Metrics (FY 19)
• Net Profit: $ 1.7 Mn
Business Model
• Upstox is an Indian financial services company that
offers retail and institutional broking, distribution, and
trading services. Upstox works on 'Low margin and high-
volume model.’
• Upstox works on the concept of discount broking i.e., it
charges reduced commission or low brokerage on
beginners to use this platform.
• Upstox makes money from fees on futures, options and
intraday equity transactions.
• Upstox relies on digital channel for customer acquisition.
They rely on word of mouth.
Upstox – Profile & Business Model Details
Growth Story
2010 2012 2016 2019 onward
Upstox was founded as RKSV
Securities India Pvt. Ltd., in
2010—a proprietary trading firm
focused on a niche clientele.
Upstox raised $ 4 Mn in series A
funding by Kalaari Capital and GVK
Darvix technologies.
Upstox becomes India’s second
largest broker, after Zerodha,
Upstox achieved 1.2 Mn customers
by October 2020.
The company was re-
branded as Upstox in 2012
and opened to the general
public.

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© RedSeer
Kuvera
Profile
Founded • 2016
HQ • Bangalore
Offerings
• Direct Mutual fund
• Loan on Investment
User Base (till
date)
Key Business
Metrics (FY 19)
• Net Profit: ($ 0.3 Mn)
Business Model
• Kuvera is an India-web based investment platform that
targets individuals & families.
• It offers investment in mutual funds and loans against
investments. It offers free financial planning to individuals
and families.
• Generate revenues through B2B services and market data
analytics.
• Kuvera acquires customers through Digital channel.
Kuvera – Profile & Business Model Details
Growth Story
2016 2018 2019 onward
Kuvera was started by Gaurav Rastogi &
Neelabh Sanyal as a web-based
investment platform that targets
individuals & families
Kuvera has “gamified” the mutual funds
investments for Indians by offering value-
added services like tax harvesting, family
account planning through loyalty coins.
Kuvera raised $ 4.5 Mn funding in series-A round
by Eight road ventures and completely re-
designed industry-leading fund detail page with
investor-friendly features.

47
© RedSeer
Paytm Money
Profile
Founded • 2017
HQ • Noida
Offerings
• Trading & Demat account
• Direct mutual fund
User Base (till
date)
Key Business
Metrics (FY 19)
• Net Profit: ($ 5 Mn)
Business Model
• Paytm Money is an Indian financial services company
that offers offers retail broking, distribution, and trading
services. The company also offers direct mutual fund
services
• Paytm money works on the concept of discount broking
i.e., it charges reduced commission or low brokerage on
beginners to use this platform
• Paytm makes money from commission from the funds
they sell & from fees on futures, options and intraday
equity transactions.
• Paytm Money acquires customers be leveraging user
base of its parent entity. i.e. Paytm
Paytm Money – Profile & Business Model Details
Growth Story
2017 2018 2019 onward
Paytm Money was launched as an
independent entity with focus on building
investments & wealth management products
& services for customers.
In 2020, Paytm Money entered
equity market and provides stock
broking services as a discount
brokerage to its customers.
Paytm Money received SEBI’s approval to act as
an Investment Adviser (IA) and launched
dedicated app (Android & iOS) for Mutual fund
investments for customers

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© RedSeer
Profile
Founded • 2014
HQ • Toronto
Total Funding
• $166.9 M (2018)
• Funded by Power FInancial Corporation, venture
capitalists etc.
Offerings
• Wealth Management
• Robo-advisory and Live Advisors
• Micro-Investing Service and Savings Account
• Brokerage Accounts
User Base (till
date)
• 75,000 Users
Key Business
Metrics
(FY 20)
• Over $3 Billion AUM
Business Model
• Enabling clients to invest their savings: tailored and
diversified portfolios comprised of exchange traded
funds.
• Aimed at making investing easier for millennials: No
minimum investment amount, fees lower than the
industry average.
• Provides access to human advisors: contact via phone,
email, text message, or video chat, unlike other
roboadvisors
• Management fee on assets that are not managed for free
(0.5% for clients investing <100,000, 0.4 for clients
investing >100,000)
• Leveraging technology to reduce costs
Customer Acquisition strategies
• Lower management fees than traditional advisors
• Introduction of Savings account
• Unconventional marketing strategies
Growth Story
Wealthsimple – Profile & Business Model Details
Wealthsimple
2014 2016 2018 2020 onward
Wealthsimple is
founded by
Michael Katchen
in Toronto.
introduced Roundup which
automatically invested the spare
change from debit and credit card
purchases.
Becomes the first regulated crypto
trading platform in Canada
Wealthsimple’s Savings Account
introduced

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© RedSeer
Robinhood
Profile
Founded
• 2013 by William H. Harris, Rob Foregger, Paul
Bergholm and Louie Gasparini
HQ • Menlo Park, California, United States
Funding
• Total Funding: USD 1.5 billion
• Received a USD 280 million Series F funding on July
13, 2020
Offerings
• ETFs and options is offered through Robinhood
Financial LLC
• Cryptocurrency trading is offered through Robinhood
Crypto, LLC.
• Cash Management
User Base • 10 million users
Business Model
• Robinhood Financial is a stock brokerage application that
democratizes access to the financial markets
• The platform enables its customers to buy and sell U.S.
stocks, ETFs, and options with zero commission.
• The trading platform also aims to make people
comfortable storing money and trading stocks using its
application.
• It generates revenue from a broad range of sources,
including Gold membership fees, stock loans, and rebates
from market makers and trading venues
Changes in approach during COVID
• Since coronavirus struck, Robinhood has latched on to a
boom in retail investing in the US that has attracted
hundreds of thousands of investors to financial markets
for the first time, hoping to ride a 45 per cent rally in
stocks since the lows in March. But this formula has
proven tough to replicate overseas. It abandoned plans to
expand into the UK
Robinhood – Profile & Business Model Details

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© RedSeer
Personal Capital
Profile
Founded
• September 2009 by Bill Harris, Louie Gasparini, Rob
Foregger
HQ • San Francisco, California, U.S.
Funding
• Total Funding - $265.3 Mn
• Lead Investors- Institutional Venture Partners,
Venrock, Crosslink Capital, Corsair Capital, IGM
Financial
Offerings
• Personal Capital Cash
• Personal Strategy
• Tax Optimisation
User Base /
AUM
• 24,000+ Investment Clients in All 50 States
• Over $12.3B assets under Management as on May
2020
Business Model
• Client-first, hybrid business model.
• Users link their banks, brokerages, 401(k)s, mortgages,
credit cards, and loans.
• Analytics and planning advice is then automated through
a 401(k)-fee analyzer, retirement planner, mutual fund
analyzer, an investment checkup, and cash flow tool. A
free Personal Capital app has also been available to all
users with the same monitoring, analytic, and planning
functionalities as the web version.
• Managed accounts have been an available option for
clients with a minimum of $100,000 in assets and include
a team of financial advisors assigned to each account in
exchange for a fee.
Changes in approach during COVID
• In the wake of market volatility due to COVID-19, Personal
capital has launched the „Recession Simulator’ that
provides insights into the effects of past market
recessions.
• Despite unprecedented market volatility, the company has
experienced its best sales quarterly growth ever, driving a
23% annualized growth in net new assets in the first
quarter of 2020.
Personal Capital – Profile & Business Model Details

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© RedSeer
Unit Economics
FY20
INDmoney
Revenue
(Revenue per customer is constant as INDmoney
charges a flat advisory fees & not a % of GTV)
100%
Onboarding costs
(as a % of Revenue)
(Multiple client meetings, documentation)
(187%)
Execution cost
(as a % of Revenue)
(Order Management system, Depository, KYC etc.)
(63%)
Engagement Cost
(as a % of Revenue)
(Clients Meetings, push mail notification, calling etc.)
(125%)
Contribution Margin
(as a % of Revenue)
(275%)
Unit economics of INDmoney and Paytm Money
Unit Economics
FY19
Paytm Money
Revenue
(Charges commission from Mutual Fund
houses per mutual fund sold)
100%
Direct Cost
(as a % of Revenue)
Order Management system, Depository,
KYC push mail notification)
(1915%)
Other Cost
(as a % of Revenue)
(Include advertisement expense,
professional charges, marketing charges,
software charges,etc)
(1619%)
Contribution Margin
(as a % of Revenue)
(3474%)
Business Models
Wealthtech

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© RedSeer
Unit economics of Upstox and ICICI Securities
Unit Economics
FY19
Upstox
Revenue
(Revenue per customer is constant as Upstox
charges flat fees & not a % of GTV)
100%
Direct Cost
(as a % of Revenue)
commission to Tele sales team,
Documentation is outsourced to third party,
Custodian & depository charges)
(56%)
Software/Server
(as a % of Revenue)
(10%)
Contribution Margin
(as a % of Revenue)
~34%
Unit Economics
FY20
ICICI Securities
Revenue
(Revenue consists of revenue from operations )
100%
Direct cost
(as a % of Revenue)
(Custodian, depository, call center charges,
employees/managers & other expenses )
(38.3%)
Fees & commission expense
(as a % of Revenue)
(3.7%)
Contribution Margin
(as a % of Revenue)
~58%
Business Models
Wealthtech

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© RedSeer
Unit Economics
FY20
Kuvera
Revenue
(Charges commission from Mutual Fund houses
per mutual fund sold and market data analytics)
100%
Direct cost
(as a % of Revenue)
Order Management system, Depository, KYC
push mail notification etc.)
(120%)
Other Cost
(as a % of Revenue)
(Include advertisement expense, professional
charges, marketing charges, software
charges,etc)
(296%)
Contribution Margin
(as a % of Revenue)
(316%)
Unit economics of Groww and Kuvera
Unit Economics
FY19
Groww
Revenue
(Charges commission from Mutual Fund
houses per mutual fund sold)
100%
Direct Cost
(as a % of Revenue)
Order Management system, Depository, KYC
push mail notification etc.)
(44%)
Other Cost
(as a % of Revenue)
(Include advertisement expense, professional
charges, marketing charges, software
charges, etc.)
(64%)
Contribution Margin
(as a % of Revenue)
(8%)
Business Models
Wealthtech

56
© RedSeer
“Additional source of income” and “low returns from Fixed deposits and bonds”
are the top 2 reasons for post-COVID investment in equities
27%
27%
14%
14%
5%
5%
5%
3%
0%
Looking for additional sources of income to supplement my main income
While returns from FD & Bonds is low, equity investments is expected to
give me better returns
As I was WFH, I thought of exploring in equity investments
Friends/ family motivated me to start investment in equities
Market crashed in March due to Covid, I wanted to buy stocks at lower
price
Post Covid, other expenses have gone down, I was able to save more &
started investing
As market has been going up Post Covid, I want to make some money
Returns from equity is my main source of income
Due to loss of job during Covid, I took up investment in equities
N= 50
Q. What is the motivation behind investing in equities post-COVID? Nov-2020
15% margin of error
`
Post COVID, 54% respondent's motivation behind investment are “additional source of income” and “better returns as compared to
FD & bonds”

RedSeer.com
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Indian Wealthtech – A $60 Bn opportunity by FY25

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