I had shared this pre-Covid: "For all fintech startups focusing on investing
(including us), this is the real market size - a subset of 5.78crore. 1.5 cr
already invest, so >25% of the target audience. We can't look at 130 cr Indians
and assume only ~1% penetration."

Broking is super hot now, but this TAM (Total addressable market) hasn't
changed, if anything it has reduced. Btw, the revenue-generating active day
traders + F&O crowd is not more than ~1.5mil in spite of the spike in trading
This active crowd is unlikely to go up because most day and F&O traders stop
within 6 months. It's The law of jungle, the fittest survive. Btw, for all those
who scoff at day traders, in a world without them, there would be no liquidity &
really high impact + trading costs.

Posted by Nithin Kamath on LinkedIn
link: linkedin.com/in/nithin-kamath-81136242