Zerodha, a leading brokerage firm owned by the Kamath brothers, has been facing the anger of traders due to recurring technical issues.
On November 6, users experienced difficulties in viewing their executed orders, holdings, and fund pages on Kite, Zerodha's trading platform. It's worth mentioning that the incident was not isolated, as similar problems occurred on October 31, where users were unable to execute or exit orders.
While Zerodha acknowledged the issues and announced resolutions, the dissatisfaction among traders remains palpable. The company advised affected users to exit their positions as a precaution, but this has done little to quell the discontent.
The glitches have sparked frustration among investors, who have taken to social media to express their concerns. Traders have emphasized the importance of a reliable platform, especially when their investments are at stake.
Some have reported financial losses due to the inability to manage their positions effectively, with one user claiming a loss of Rs 4,000 and others asking for refunds for the services disrupted.
Zerodha continues to lead the discount brokerage market despite technical issues. Yet, Groww, a rising unicorn startup, has recently surpassed the Kamath-led firm in active Indian users.
NSE data as of September 2023 shows Groww with 6.63 million active users, slightly more than Zerodha's 6.48 million, indicating a shift towards platforms with more stability and reliability.
Financially, Zerodha still leads the pack, having reported a significant uptick in its financial performance, with revenues increasing by 38.5% and profits by 39% for the fiscal year 2022-23.