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The newly minted unicorn has set a high bar for returns. As it battles a market slowdown and diversification challenges, a test awaits


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.
JioBlackRock’s entry into the stockbroking business means the pioneer versus late mover storyline will play out all over again. This time around, though, the challenge will most likely change Zerodha even if the earlier ones did not.