Indian online brokerage platform Zerodha went down early morning on Monday after it was hit by a technical glitch. The issue was resolved later during the day. Zerodha is the second-biggest online brokerage platform in India.
The company acknowledged the issue on social media platforms. “Due to a connectivity issue, some of our users were intermittently facing issues with order placement on Kite.This issue is now resolved. We regret the inconvenience caused,” Zerodha said on X, formerly Twitter.
Some affected traders were seen asking for compensation for the loss on social media platforms.
Incidentally, earlier this year, Zerodha Co-founder and CEO Nithin Kamath had said that it is impossible for tech companies like theirs to have zero glitches as the business is time sensitive and caters to a large number of users. In the year 2023 alone, Zerodha admitted to at least eight technical glitches with issues varying from those relating to login on Kite app, display of orders and positions as well as order placements.
To minimise the impact of any potential issues, he said that the company has made significant architectural changes over the years. “This is one of the reasons why any incidents that happen affect a small % of users. But, given the demographics of our customers, we tend to get disproportionately large social media attention and press coverage. The exchange data however indicates that we have the least complaints among the top brokers as a percentage of our active customers at the exchanges. All that said, minimising the probability of any issues is always at the absolute top of our list of priorities,” Kamath had said.
Groww too went down last month
Almost a week ago, another online broking platform Groww’s services were also hit by a technical glitch on its trading app. The company’s founder Lalit Keshre apologised for the same later. “Technical issues happen in our industry, and we have also faced them in the past; the last major one was on April 6, 2023. And each one of them still hurts and remains like a scar. However, this time, it hurt a lot more,” he wrote
According to NSE data, Groww is India’s largest broker with 76 million active clients in December vs Zerodha’s 67.3 million client base. The two biggest brokers control over 1/3rd of the market share. Angel One is the third largest and owns about 14.8% of the market share.
The company acknowledged the issue on social media platforms. “Due to a connectivity issue, some of our users were intermittently facing issues with order placement on Kite.This issue is now resolved. We regret the inconvenience caused,” Zerodha said on X, formerly Twitter.
Some affected traders were seen asking for compensation for the loss on social media platforms.
Incidentally, earlier this year, Zerodha Co-founder and CEO Nithin Kamath had said that it is impossible for tech companies like theirs to have zero glitches as the business is time sensitive and caters to a large number of users. In the year 2023 alone, Zerodha admitted to at least eight technical glitches with issues varying from those relating to login on Kite app, display of orders and positions as well as order placements.
To minimise the impact of any potential issues, he said that the company has made significant architectural changes over the years. “This is one of the reasons why any incidents that happen affect a small % of users. But, given the demographics of our customers, we tend to get disproportionately large social media attention and press coverage. The exchange data however indicates that we have the least complaints among the top brokers as a percentage of our active customers at the exchanges. All that said, minimising the probability of any issues is always at the absolute top of our list of priorities,” Kamath had said.
Groww too went down last month
Almost a week ago, another online broking platform Groww’s services were also hit by a technical glitch on its trading app. The company’s founder Lalit Keshre apologised for the same later. “Technical issues happen in our industry, and we have also faced them in the past; the last major one was on April 6, 2023. And each one of them still hurts and remains like a scar. However, this time, it hurt a lot more,” he wrote
According to NSE data, Groww is India’s largest broker with 76 million active clients in December vs Zerodha’s 67.3 million client base. The two biggest brokers control over 1/3rd of the market share. Angel One is the third largest and owns about 14.8% of the market share.
