New Delhi: Zerodha has witnessed an almost tenfold rise in women users over the past decade. But what truly caught co-founder Nithin Kamath’s attention is a surprising trend emerging within this growing group of investors.
In a post on X (formerly Twitter), the CEO of India’s largest brokerage reflected on how far things have come. “I still remember that around 2014-15, only 2-3% of our customers were women. Today, that number is about 30%,” he shared. (Also Read: Good News for Car Buyers! Bank of Baroda Lowers Auto Loan Rates Ahead Of Festive Season)
I still remember that around 2014–15, only 2–3% of our customers were women. Today, that number is about 30%. When I saw this spike, I was surprised and wanted to understand what had changed. So we ran a small survey among a couple of hundred customers.
Roughly 50% of the women… pic.twitter.com/fmLm42sntp
— Nithin Kamath (@Nithin0dha) August 28, 2025
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A Growing National Trend
This change isn’t just limited to Zerodha—it mirrors a broader shift across India. Back in 2014, women held only 21 per cent of borrower accounts and had limited access to formal financial services. Fast forward to early 2025, and women now own 39.2 per cent of all bank accounts, with rural India accounting for 42.2 per cent of that figure, according to data from the Ministry of Statistics and Programme Implementation (MoSPI).
The big shift began in 2014, when the Modi government launched the Pradhan Mantri Jan Dhan Yojana (PMJDY). It kicked off one of the world’s largest financial inclusion campaigns, leading to the opening of over 540 million bank accounts—more than half of which are now held by women. (Also Read: Reduction In GST Rates Have Higher Multiple Effect On Economy, Than Cut In Income Tax: Report)
According to government data and the 2023 Inclusive Finance Report, the gender gap in bank account ownership has almost vanished—dropping from 17 per cent in 2011 to nearly zero today.
Between 2021 and 2024, the number of demat accounts held by men jumped from around 2.66 crore to over 11.53 crore. Women also saw impressive growth, with their accounts increasing from nearly 67 lakh to about 2.77 crore during the same time.
SEBI Pushes for More Women Investors
The Securities and Exchange Board of India (SEBI) is planning to offer extra financial incentives to distributors and fund houses to encourage first-time women investors, according to its chairperson.
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