Worldpay vs Zerodha: Revenue, Profit and Business Model
Worldpay had $4.9B of annual revenue in FY2023. Zerodha had ~$1B of annual revenue in FY2025 and ~$491.5M of net income.
Latest financial snapshot
Financial summary
Worldpay
Worldpay's ownership has changed repeatedly. Vantiv listed on the NYSE in 2012, bought the UK's Worldpay Group in 2018, and was acquired by FIS in 2019 in a deal valued at about $43 billion including debt. FIS later recorded a $17.6 billion goodwill impairment on its merchant business and, in early 2024, sold a 55% stake to GTCR at an enterprise value of about $18.5 billion. Worldpay's revenue was about $4.9 billion in 2023. In April 2025 Global Payments agreed to buy Worldpay for $24.25 billion in cash and stock while selling its Issuer Solutions business to FIS; both transactions closed in January 2026, leaving GTCR with about 15% of Global Payments' equity.
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
Worldpay
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2023 | $4.9B | — | — | +2.7% | Source |
| FY2022 | $4.8B | — | — | +6.2% | Source |
| FY2021 | $4.5B | — | — | — | 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
Worldpay
- Enterprise
Not formally reported
Payment processing and acquiring for large enterprise and e-commerce merchants.
- SMB
Not formally reported
Small and mid-sized business merchants.
- Integrated & Platforms
Not formally reported
Software platforms that embed payments in their own products. Worldpay earns a share of each transaction's value plus per-transaction and service fees.
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
Worldpay
How it makes money
Worldpay earns fees on payments it processes and acquires for merchants: a share of each transaction's value plus per-transaction and service fees, with interchange and card scheme fees passed through to issuers and networks. Its customers include large enterprise and e-commerce merchants, small and mid-sized businesses, and software platforms that embed payments into their own products.
Growth strategy
Under Global Payments, growth plans center on cross-selling: offering Global Payments' Genius POS to Worldpay's small business clients, and Worldpay's enterprise and e-commerce services to Global Payments' clients, while expanding payments embedded in software platforms.
Competitive advantage
Worldpay's main strengths are scale, a large base of enterprise and e-commerce merchants, acquiring capabilities in many countries and currencies, and distribution through software partners. Combined with Global Payments, it gains Global Payments' SMB products such as the Genius POS system and a wider geographic footprint.
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 Worldpay vs Zerodha
Which company has higher revenue — Worldpay, Inc. or Zerodha?
Worldpay, Inc. had $4.9B (FY2023), while Zerodha had ~$1B (FY2025). By latest annual revenue, Worldpay, Inc. is the larger business, with Zerodha showing a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
How does revenue per employee compare for Worldpay, Inc. and Zerodha?
Worldpay, Inc. has $576k / 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 Worldpay, Inc. and Zerodha make money?
Worldpay, Inc. and Zerodha generate revenue in fundamentally different ways. Worldpay, Inc.: Worldpay earns fees on payments it processes and acquires for merchants: a share of each transaction's value plus per-transaction and service fees, with interchange and card scheme fees passed through to issuers and networks. Zerodha: Zerodha earns most of its money from trading and from client funds.
Is Worldpay, Inc. bigger than Zerodha?
By last reported revenue, Worldpay, Inc. ($4.9B (FY2023)) 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 Worldpay vs Zerodha overview