Several users of Indian investment tech unicorn Zerodha reported issues in placing stock trade orders on its trading platform Kite across both the app and website. Users claimed that their orders were stuck in ‘open pending’ state for a long while, with some users also claiming they were unable to cancel orders due to the glitch, voicing their complaints on Twitter.
The company’s website was reported for issues with mobile brokerage and trading during early trading hours on Thursday (April 27). The fintech unicorn has since issued a statement regarding the matter, claiming that the issue has been resolved.
Zerodha claimed that the issue surfaced due to the disconnection of one of their exchange lines. For now, the ‘open pending’ orders of users will lapse or get cancelled. The customers will then have to place new orders. An official statement from Zerodha reads, “A few customers’ orders were in the “open pending” state. They are now lapsed/cancelled, and these customers can place new orders now. Despite having multiple connections to the exchange, a disconnection on one line caused some of our customers’ orders to go into the pending state. This issue has since been resolved.”
The investment tech unicorn was recently in the news as founder and CEO Nithin Kamath tweeted last week that the company had made its ‘largest-ever’ referral payout to its customers, without revealing the amount. “Over one million customers have referred their friends and family, and today, we just made our largest referral payout to our customers,” Kamath had tweeted.
Zerodha also teamed up with fellow investment tech startup smallcase to mark its foray into the mutual funds business. The two startups launched a joint venture in the form of an asset management company to run the mutual funds business. Zerodha, founded in 2010 by Nithin and Nikhil Kamath, is bootstrapped and has been profitable since its first year of operations.
It is India’s most profitable fintech startup, having posted an 87% year-on-year (YoY) surge in its net profits in FY22 to INR 2,094 Cr, while operating revenue grew 82% INR 4,963.7 Cr during the year.
