India’s WealthTech ecosystem has evolved from a discount-broking disruption story into a full-stack digital wealth revolution. Over the past five years, retail participation in equities and mutual funds has surged, SIP inflows have hit record highs, and millions of first-time investors now use app-first platforms to manage money.
As of 2025–26, India has over 150+ million demat accounts, monthly SIP contributions exceeding ₹20,000 crore, and mutual fund industry AUM above ₹60 lakh crore. WealthTech startups are at the center of this transformation — driving access, lowering costs, and reshaping how Indians invest.
Below is a deep dive into the top WealthTech startups in India, including their latest publicly reported user numbers, funding data, AUM scale, profitability trends, and strategic direction.
1. Zerodha — The Profitable Pioneer
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Founded: 2010
Founders: Nithin Kamath, Nikhil Kamath
Business Model: Discount brokerage + ecosystem products
Funding: Bootstrapped
Profitability: Consistently profitable
2025 Snapshot
- Over 75 lakh active clients
- Handles ~15–20% of India’s daily retail trading volumes
- Customer assets reportedly account for ~10% of India’s retail & HNI equity holdings
- Among India’s most profitable fintech companies
Zerodha pioneered the zero-commission equity delivery model and flat-fee intraday pricing. Unlike VC-funded competitors, it scaled profitably without external capital.
Strategic Edge
- Strong in derivatives and active traders
- Education engine via Varsity
- Expanding into asset management and long-term investing
Zerodha’s disciplined growth model has made it a benchmark for sustainable fintech profitability.
2. Groww — The Scale Champion
4Founded: 2016
Business Model: Investment super app
Latest Valuation (2025): ~$7 billion
Recent Funding: $200 million round
2025 Snapshot
- 1+ crore active investors
- One of the largest demat account contributors on NSE
- FY25 revenue crossed ₹3,000 crore
- FY25 net profit reported above ₹1,800 crore
Groww started as a mutual fund investment app and expanded into stocks, F&O, US equities, fixed deposits, and asset management.
Strategic Edge
- Clean, beginner-friendly UI
- Strong Tier 2 and Tier 3 penetration
- Expanding proprietary AMC offerings
Groww represents the “investment super-app” model and is widely seen as IPO-ready.
3. Upstox — The Volume Player4
Founded: 2009
Backers: Ratan Tata (early investor), Tiger Global
Active Clients: 1 crore+
Upstox has aggressively expanded in derivatives and intraday trading.
2025 Highlights
- Among top brokers in active client additions
- Focused on high-performance trading infrastructure
- Expanding into long-term wealth products
Upstox competes directly with Zerodha and Groww in brokerage but is strengthening advisory and investment verticals.
4. Angel One — The Public Market Contender
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Founded: 1996
Status: Publicly listed
Active Clients: 2+ crore
Angel One transitioned from traditional brokerage to a tech-led discount model.
2025 Metrics
- Strong digital onboarding
- Significant derivatives market share
- High operating leverage as a listed entity
Angel One’s public disclosures provide transparency into CAC, ARPU, and margin trends across WealthTech.
5. smallcase — Portfolio Productization Leader
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Founded: 2016
Business Model: Thematic model portfolios
Partner Brokers: Multiple
smallcase allows investors to buy curated baskets of stocks and ETFs aligned to themes like EV, dividend yield, or IT.
2025 Snapshot
- Millions of transactions annually
- Integrated across major brokerages
- Expanding into fixed-income baskets
smallcase transformed advisory strategies into scalable investment products.
6. INDmoney — Financial OS Model4
Founded: 2019
Focus: Wealth tracking + cross-border investing
2025 Highlights
- Enables US stock investing
- Aggregates mutual funds, EPF, loans, deposits
- Positioned as “net-worth management app”
INDmoney is building a unified financial dashboard — increasing cross-sell and engagement.
7. Scripbox — Goal-Based Investing Specialist4
Founded: 2012
Model: Automated mutual fund advisory
Scripbox focuses on long-term goal-based investing and retirement planning.
Why It Matters
- Early robo-advisory mover
- Focus on disciplined SIP investing
- Strong advisory positioning for salaried professionals
8. Kuvera — Direct MF Advocate
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Kuvera built its reputation on direct mutual funds and tax optimization tools.
2025 Relevance
- Direct plan investing
- Family portfolio management
- Tax harvesting features
Investor-first transparency remains its key differentiator.
9. ET Money — Content + Commerce Model
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Backed by a major media network, ET Money leverages content distribution to drive investment product adoption.
2025 Strength
- Integrated insurance + MF + tax filing
- Lower customer acquisition costs via media reach
10. AssetPlus — Distributor-Led Scale
Recent Funding (2025): ₹175 crore
AUM Reported: ₹7,000+ crore
AssetPlus enables independent financial advisors with tech tools to scale mutual fund distribution.
Sector Trends in 2025–26
1. Retail Participation Boom
- 150M+ demat accounts
- Massive Tier 2/3 onboarding
- Derivatives volumes dominating exchanges
2. SIP Dominance
- Monthly SIP inflows at record highs
- Long-term wealth creation focus
3. Profitability Shift
Earlier growth-at-all-costs is shifting toward:
- Sustainable CAC
- Higher ARPU
- Cross-selling high-margin products
4. Product Convergence
Brokerage + AMC + Advisory + Lending is becoming standard.
What Defines a Winning WealthTech Startup?
- Low customer acquisition cost
- High retention (SIP stickiness)
- Multi-product ecosystem
- Regulatory compliance
- Trust & transparency
The next wave of winners will likely combine advisory intelligence with scalable tech infrastructure.
Conclusion
India’s WealthTech industry is no longer experimental — it is foundational to modern investing. Platforms like Zerodha and Groww have reshaped brokerage economics. smallcase redefined portfolio distribution. INDmoney and Kuvera improved transparency and planning. AssetPlus empowered advisors.
With rising financial literacy, expanding digital penetration, and increasing disposable incomes, WealthTech is positioned to become one of India’s most powerful fintech verticals over the next decade.
The sector now stands at a critical inflection point: profitability, product depth, and regulatory resilience will determine which startups evolve into enduring financial institutions.
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