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The discount broker’s slip in terms of active users does little to detract from the immense lead it enjoys in terms of revenue and profits. Besides, its mutual fund and private market plans only add to its appeal.

While rivals lost users, India’s largest broker leaned on lending and derivatives to deliver strong growth.
The AI startup’s $100 million ARR claim does not quite add up even as Dream11—forced out of real-money gaming—prepares to take its massive user base into stockbroking.
Ropes in US-based State Street as an investor in its AMC business—part of a diversification drive into longer-term growth lines.