Remitly vs Zerodha: Revenue, Profit and Business Model
Remitly had $1.6B of annual revenue in FY2025 and $67.9M of net income. Zerodha had ~$1B of annual revenue in FY2025 and ~$491.5M of net income.
Latest financial snapshot
Financial summary
Remitly
Revenue grew from $126.6 million in 2019 to $1.635 billion in 2025, and the company swung from a $117.8 million net loss in 2023 to $67.9 million of net income in 2025. FY2025 adjusted EBITDA was about $272 million and free cash flow about $283 million. In Q2 2026 revenue rose 20% to $495.2 million, send volume rose 27% to $23.5 billion, adjusted EBITDA reached a record $114.7 million, and net income of $205.9 million included a $140.6 million discrete tax benefit. Send volume growing faster than revenue points to a declining take rate as Remitly attracts larger, higher-value transfers. Remitly Global, Inc. is a major American digital financial services company specializing in international remittances, commanding a market valuation typically over $3 billion.
Zerodha
Zerodha reported revenue of ~$1.03 billion (₹8,847 crore) and net profit of ~$491 million (₹4,237 crore) in FY25, down from about $1.16 billion (₹9,993 crore) and ~$638 million (₹5,496 crore) in FY24 after SEBI's F&O changes. FY26 profit was ~$497 million (₹4,283 crore) on roughly flat revenue, helped by margin trading income.
Revenue and profit by year
Remitly
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $1.6B | $67.9M | 4.2% | +29.4% | Source |
| FY2024 | $1.3B | -$37M | -2.9% | +33.9% | Source |
| FY2023 | $944.3M | -$117.8M | -12.5% | +44.5% | Source |
| FY2022 | $653.6M | -$114M | -17.4% | +42.5% | Source |
| FY2021 | $458.6M | -$38.8M | -8.5% | +78.5% | Source |
| FY2020 | $257M | -$32.6M | -12.7% | +103.0% | Source |
| FY2019 | $126.6M | -$51.4M | -40.6% | — | Source |
Zerodha
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$1B | ~$491.5M | 47.9% | -11.5% | Source |
| FY2024 | ~$1.2B | ~$637.5M | 55.0% | +45.3% | Source |
| FY2023 | ~$797.7M | ~$336.9M | 42.2% | — | Source |
Where the revenue comes from
Remitly
- Transaction feesMajor
Upfront fees charged on eligible transfers depending on corridor, speed, funding method, and promotion.
- Foreign-exchange spreadsMajor
Revenue from the difference between exchange rates offered to customers and Remitly's underlying currency cost.
- Related financial servicesEmerging
Ancillary services around migrant finance, business payments, and account-based products.
Zerodha
- Brokerage (intraday and F&O)
~$318M (₹2,738 Cr) in FY26
Flat fee of up to ₹20 per executed order on intraday and derivatives trades. FY26 brokerage income fell about 11% from ~$356 million (₹3,066 crore) in FY25.
- Interest income
~$263M (₹2,269 Cr) in FY26
Interest earned on client margin funds and the company's own reserves; down about 4% year on year in FY26.
- Margin trading facility (MTF)
~10% of FY26 revenue
Launched in December 2024. Kamath said the MTF book reached about $1.04 billion (₹9,000 crore), with customers borrowing around $696 million (₹6,000 crore).
- Demat annual maintenance charges
~$20.9M (₹180 Cr) in FY26
Annual charges on demat accounts, up from ~$18.6 million (₹160 crore) in FY25. Accounts opened from 1 June 2026 get the first year free.
Business model and strategy
Remitly
How it makes money
Remitly earns most of its revenue on each transfer a customer sends: a transaction fee that varies by corridor, speed and funding method, plus a foreign-exchange spread between the rate Remitly pays for currency and the rate shown to the customer. Costs sit mainly in payout-partner and payment-processing fees, marketing, fraud and transaction losses, compliance and customer support.
Growth strategy
Under CEO Sebastian Gunningham, Remitly is pursuing three paths: adding send and receive corridors, moving upmarket to higher-value senders and small businesses, and broadening into products beyond one-off transfers, including Remitly Flex, a wallet and card, and the Remitly One membership. Management has also credited AI-driven operating efficiencies with funding growth investment while lifting margins.
Competitive advantage
Remitly's edge is corridor-level execution: licenses in many send markets, a payout network covering bank deposit, mobile wallet and cash pickup in a large number of receive countries, and risk models trained on years of remittance data. That combination lets it promise delivery times and keep fraud losses in check, which matters to customers who send money to family on a recurring schedule.
Zerodha
How it makes money
Zerodha earns most of its money from trading and from client funds. Brokerage is charged only on intraday and futures and options orders, capped at ₹20 per executed order, while equity delivery trades are free. The second large stream is interest income, mainly on client margin money and on its own cash reserves.
Growth strategy
With retail derivatives activity slowing under SEBI's F&O rules, Zerodha is shifting its focus from adding traders to growing customer assets. Its levers are margin trading funding, the integration of mutual funds into Kite, Zerodha Fund House's passive funds, and new businesses in asset management, lending and insurance.
Competitive advantage
Zerodha keeps costs low through in-house technology, a team of fewer than 1,100 people and no advertising spend, which lets it stay highly profitable even as trading volumes slow.
Questions about Remitly vs Zerodha
Which company has higher revenue — Remitly Global, Inc. or Zerodha?
Remitly Global, Inc. had $1.6B (FY2025), while Zerodha had ~$1B (FY2025). By latest annual revenue, Remitly Global, Inc. is the larger business, with Zerodha showing a smaller revenue base.
What is the market cap of Remitly Global, Inc. vs Zerodha?
Remitly Global, Inc. has a market capitalisation of $4.5B. A public market cap figure for Zerodha was not available (it may be privately held).
How does revenue per employee compare for Remitly Global, Inc. and Zerodha?
Remitly Global, Inc. has $454k / employee in revenue per employee, while Zerodha has $933k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do Remitly Global, Inc. and Zerodha make money?
Remitly Global, Inc. and Zerodha generate revenue in fundamentally different ways. Remitly Global, Inc.: Remitly earns most of its revenue on each transfer a customer sends: a transaction fee that varies by corridor, speed and funding method, plus a foreign-exchange spread between the rate Remitly pays for currency and the rate shown to the customer. Zerodha: Zerodha earns most of its money from trading and from client funds.
Is Remitly Global, Inc. bigger than Zerodha?
By last reported revenue, Remitly Global, Inc. ($1.6B (FY2025)) is the larger company compared to Zerodha (~$1B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Remitly vs Zerodha overview