On November 6, 2023, Zerodha, a well-known brokerage firm, faced another technical glitch, inconveniencing a portion of its users. The glitch had a direct impact on users’ ability to access executed orders within their order book on the Kite trading platform. Some users also encountered difficulties accessing their holdings and fund pages. Zerodha acknowledged the issue and, by 12:09 PM, confirmed that it had been successfully resolved.
In response to the glitch, frustrated users took to social media to express their discontent, emphasizing the critical importance of platform reliability, particularly when it involves hard-earned investments.
This incident is not the first technical hiccup experienced by Zerodha, as on October 31, 2023, users encountered challenges with order execution and position exits.
Zerodha had previously drawn attention when the BSE’s Grievance Redressal Committee (GRC) directed the platform to compensate a trader with INR 8,225 for losses incurred during a technical glitch in July 2023. Zerodha contested the GRC’s decision, deeming it a mistake.
Despite these challenges, Zerodha reported strong financial performance. In the fiscal year 2022-23, the firm achieved a 38.5% growth in revenue, reaching INR 6,875 crore, accompanied by a 39% growth in profits, totaling INR 2,907 crore.
Notably, fintech start-up Groww has surpassed Zerodha as India’s leading brokerage. As of September 2023, Groww boasted 6.63 million active investors, while Zerodha had 6.48 million, according to NSE data. This shift underscores the movement of users from Zerodha to other fintech brokerage platforms.”
