Research by: Vipul Kumar Singh, & Sandeep Puri 




In January 2019, the low-cost brokerage house Zerodha emerged as India’s largest broker by number of customers. From 2014 to 2018, Zerodha’s client addition had grown by 200–300 per cent annually; however, the company now needed a strategy to maintain and defend its leadership position. It needed to tap India’s retail broking segment for continued growth. And in a market swamped with nearly identical products, Zerodha needed a strategy to avoid being confused with similar firms and to consistently be consumers’ first choice. Could it stay ahead of its rivals with product innovation? 



Learning Objective 

This case is designed for use in an MBA-level marketing course in a segment on competitive advantage, strategic management, or marketing strategies for a market leader. The case can also be used in courses on entrepreneurship, financial technology (fintech), and the marketing of financial services to discuss the strategies of a stockbroking service provider. Since the case has an interdisciplinary flavour, instructors may want to augment the case discussion with their own course-specific material to enrich the learning experience. Students will discuss a market leader’s strategic options, evaluate the alternatives, and devise strategies for maintaining and strengthening a leadership position. After completion of the case, students will understand 

  • Indian investors’ investment preferences and concerns; 
  • the problems faced by the Indian stockbroking industry and approaches to manage those problems; 
  • the low-cost and high-volume business model of discount stockbroking companies; 
  • how to analyze business opportunities and the Blue Ocean Strategy; and 
  • how to analyze the marketing strategies of a market leader. 


Issues: Stocks, Market positioning, Financial intermediaries, Blue ocean strategy, Customer acquisition, Marketing strategy, Innovation, Entrepreneurship 


Disciplines: Marketing,  Entrepreneurship,  International 


Industries: Finance and Insurance 


Setting: India, 2019 


Intended Audience: MBA/Postgraduate 


To cite this case: Singh, V. K., & Puri, S. (2019). Zerodha: Sustaining a leadership position in India. Ivey ID: 9B19A048. London, Canada: Ivey Publishing. 


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