Angel One isn’t chasing a set income combine however increasing into wealth was a pure step, Thakkar advised Mint in an interview.
“Broking is volume-driven, whereas wealth and asset administration are relationship-led. They’re anchored in consumer belief and continuity—leading to steady, predictable income streams with annuity-like traits.”
This comes at a time when main gamers just like the Shriram-Sanlam three way partnership, the Jio-BlackRock AMC partnership, and Groww are making important inroads into the wealth administration house.
Thakkar’s agency not too long ago appointed former Google tech chief Ambarish Kenghe as Group CEO and introduced in ex-Kotak Cherry head Srikanth Subramanian to guide its wealth administration vertical, Ionic Wealth by Angel One.
Thakkar’s aim is to construct a “multi-engine, full-stack FinTech platform” that helps traders at each stage of their journey and earns their belief alongside the way in which.
Ionic Wealth is aimed toward India’s “rising prosperous”—traders with a web price between ₹1 crore and ₹50 crore.
“This section is lengthy missed by conventional wealth managers and is without doubt one of the most under-served in India’s wealth panorama,” stated Subramanian, the co-founder and CEO of Ionic Wealth by Angel One.
“We deal with quant-based methods, world allocation, high-yield portfolios for second revenue, PIPE (public funding with non-public fairness model) for long-term India publicity, and pre-IPO alternatives for short-term features.”
Ionic Wealth has additionally secured the GIFT Metropolis Fund Administration Entity license, furthering its ambitions in offshore and different investments.
Neither Thakkar nor Subramanian shared any particular targets for Ionic Wealth.
Income playbook
The broking main’s income playbook is shifting gears. That shift is about higher margins, stronger consumer retention, and better lifetime worth.
“Our income mannequin is basically evolving. It’s changing into extra steady, recurring, and higher aligned with how individuals truly plan and make investments over time,” says Thakkar.
Complete income from operations rose to ₹5,238 crore in FY25, up from ₹4,272 crore in FY24. Angel One’s annual report FY24-25 highlighted that purchasers who’ve been with the broking agency for over 5 years continued to generate steady revenues.
Angel One’s inventory has risen 25% previously yr. Analysts say a sustained market restoration shall be necessary for the corporate to satisfy its goal of 40–45% working margin. Nevertheless, progress in new areas like mortgage and glued deposit distribution, wealth administration, and asset administration enterprise may additionally assist help its long-term efficiency.
The inventory is down almost 1% at Rs2,940.10 apiece on NSE.
The inventory had hit a 52-week excessive of Rs3,503.15 on 9 December 2024.
Angel One, which had simply 1.8 million clients over 25 years in its bodily avatar, reworked radically post-2019 when it went absolutely digital.
“That yr alone, we added almost 2.5 million clients,” stated Thakkar. At this time, Angel One boasts 31 million purchasers and a 15.4% share of lively purchasers on the NSE, with ₹1.2 trillion in belongings beneath custody.
Angel One has seen an enormous growth in its consumer base through the years—including simply 600,000 purchasers in FY20, however surging to 9.3 million new additions by FY25, in response to its March quarter investor presentation.
As Subramanian put it, “We’ve already seen 50% of transactions—like SIP mandates or portfolio studies—transfer to the app.”
In the meantime, Angel One can be doubling down on model muscle.
“Throughout this yr’s IPL, Angel One was among the many high three most seen manufacturers. That type of visibility issues; it builds consciousness, belief, and choice, particularly amongst youthful, digital-first traders,” Thakkar added.
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The wealth playbook
As competitors heats up within the broking and wealth house with a number of gamers providing low value merchandise, Group CEO Kenghe stated the thought isn’t to push merchandise, however to empower traders to make their very own knowledgeable selections.
“We’ve created quite a lot of devices, however we don’t inform purchasers what to choose,” he stated. He defined that Angel One is focussed on educating them so traders can resolve what works greatest, and that, he believes, is what helps them keep on with the platform.
Are you dependable? You might be up on a regular basis? Are you quick? Are you secure? Are you easy? – that folks usually ignore and that is what issues probably the most for purchasers’ stickiness, Kenghe added.
Quoting the well-known Ford anecdote, Kenghe stated: “If Ford had requested individuals what they wished, they’d have stated quicker horses. By that they meant one thing that was simpler to take care of, didn’t get sick, didn’t want feeding on a regular basis, and didn’t scent unhealthy. So, as a substitute, he gave them vehicles. We intention to know what customers actually want—not simply what they are saying. Then we simplify issues, keep clear, and do proper by them. While you do this, individuals naturally stick round.”
Headwinds from F&O volatility
Whereas Angel One is diversifying, broking—notably futures & choices (F&O) buying and selling—stays central to its enterprise. In This fall FY25, F&O made up 77% of gross broking income.
But it surely’s not been easy crusing. With Sebi proposing curbs on derivatives buying and selling, retail-heavy brokers like Angel One have felt the warmth.
The group’s common every day turnover (ADTO) for each money and F&O fell from ₹40 trillion in Q3 FY25 to ₹32 trillion in This fall—a 20% drop. Business-wide, mixed ADTO on NSE and BSE declined 26%. Broking income progress moderated to ~13% in FY25 from 40% the earlier yr, in response to a CRISIL report dated 29 April.
Nonetheless, Thakkar stays optimistic: “Volumes are recovering. We’ve crossed 5 million every day trades once more.”
Regardless of the dip in buying and selling volumes throughout Q3 and This fall of FY25, the group has held its sturdy place within the fairness broking house and is among the many high three gamers when it comes to lively consumer base and second largest when it comes to incremental lively consumer additions as on 31 March, 2025, the report highlighted.
Additionally learn: Angel One’s March quarter hit by new Sebi curbs on F&O buying and selling
Street forward
Thakkar stated he’s not chasing world growth but: “India is an enormous alternative. We wish to go deeper right here first.”
That stated, Angel One is bringing worldwide merchandise to Indian traders and is open to joint ventures.
He’s additionally open to new licenses. “If the RBI permits a banking license, that’s one thing we’d discover. However even a completely digital license may assist us serve retail clients higher.”
The true problem, he stated, is just not recognizing massive alternatives—however discovering the suitable individuals who share the imaginative and prescient.
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