Robinhood vs Zerodha
Business model, scale, and a side-by-side Litmus framework score — which model wins, and for whom.
Both pioneered zero/low-cost trading, but Zerodha avoids PFOF and is structurally more profitable on margin.
At a glance
| Metric | Robinhood | Zerodha |
|---|---|---|
| Revenue | $4.5B (FY2025); $1.07B in Q1 2026 | ₹8,809 Cr (FY25) |
| Profit | $1.9B net income (FY2025); $346M in Q1'26 | ₹4,231 Cr (FY25 PAT) |
| Active users | 27.4M funded customers | ~7.3M active NSE clients |
| Employees | ~3,800+ | 1,200+ |
| Founded | 2013 | 2010 |
| HQ | Menlo Park, USA | Bangalore, India |
LLitmus Framework Score
Overall: Robinhood 82 · Zerodha 92
Customer Segment
88
95
Value Proposition
85
98
Marketing Channel
82
92
Engagement
80
88
Income Source
86
96
Asset Validation
83
90
Core Operations
78
85
Strategic Alliance
75
87
Expense Validation
84
94
Robinhood leads 0 modules, Zerodha leads 9. Overall edge: Zerodha.
Head to head
| Dimension | Robinhood | Zerodha |
|---|---|---|
| Revenue (latest FY) | $4.5B (FY2025) | ₹8,809 Cr / ~$1.05B (FY25) |
| Net margin | ~42% net (FY2025) | 48% net (FY25) |
| Order-flow model | PFOF on options/equities | No PFOF (banned in India); flat ₹20 |
| Funding model | VC-backed, NASDAQ-listed | Bootstrapped |
| Active users | 27.4M funded customers | ~7.3M active clients |
FAQ
Is Robinhood or Zerodha a better business?
Both pioneered zero/low-cost trading, but Zerodha avoids PFOF and is structurally more profitable on margin. It depends on what you optimise for — see the module-by-module breakdown above.
What is the difference between Robinhood and Zerodha's business model?
Robinhood operates in Fintech (Investing for Everyone), while Zerodha is Fintech (Invest in everything). Their revenue, scale and Litmus scores are compared in detail above.
Which is more profitable, Robinhood or Zerodha?
Robinhood: $1.9B net income (FY2025); $346M in Q1'26. Zerodha: ₹4,231 Cr (FY25 PAT).