Latest news with #Thakkar
Mint
16 hours ago
- Business
- Mint
Evolution of Angel One: How Dinesh Thakkar is thinking beyond broking?
Next Story Dipti Sharma Angel One founder Dinesh Thakkar is shifting focus from pure broking to building a multi-engine, full-stack FinTech platform with a strong wealth management push. This is at a time when big names like Shriram-Sanlam, Jio-BlackRock, and Groww are stepping up their game in the wealth management space. Angel One's Dinesh Thakkar is reinventing broking with digital bets, a new leadership team, and a sharp focus on stable, annuity-style revenue. Gift this article From pioneering the use of walkie-talkies on Dalal Street to weathering the Ketan Parekh crash that nearly wiped out his capital, Dinesh Thakkar has seen it all. Now, the founder and chairman and managing director of broking firm Angel One is writing a new chapter—building a digital-first full-stack financial powerhouse. From pioneering the use of walkie-talkies on Dalal Street to weathering the Ketan Parekh crash that nearly wiped out his capital, Dinesh Thakkar has seen it all. Now, the founder and chairman and managing director of broking firm Angel One is writing a new chapter—building a digital-first full-stack financial powerhouse. Angel One isn't chasing a fixed revenue mix but expanding into wealth was a natural step, Thakkar told Mint in an interview. 'Broking is volume-driven, while wealth and asset management are relationship-led. They're anchored in client trust and continuity—resulting in stable, predictable revenue streams with annuity-like characteristics." This comes at a time when major players like the Shriram-Sanlam joint venture, the Jio-BlackRock AMC partnership, and Groww are making significant inroads into the wealth management space. Thakkar's firm recently appointed former Google tech leader Ambarish Kenghe as Group CEO and brought in ex-Kotak Cherry head Srikanth Subramanian to lead its wealth management vertical, Ionic Wealth by Angel One. Thakkar's goal is to build a "multi-engine, full-stack FinTech platform" that supports investors at every stage of their journey and earns their trust along the way. Ionic Wealth is aimed at India's 'emerging affluent"—investors with a net worth between ₹ 1 crore and ₹ 50 crore. 'This segment is long overlooked by traditional wealth managers and is one of the most under-served in India's wealth landscape," said Subramanian, the co-founder and CEO of Ionic Wealth by Angel One. 'We focus on quant-based strategies, global allocation, high-yield portfolios for second income, PIPE (public investment with private equity style) for long-term India exposure, and pre-IPO opportunities for short-term gains." Ionic Wealth has also secured the GIFT City Fund Management Entity license, furthering its ambitions in offshore and alternative investments. Neither Thakkar nor Subramanian shared any specific targets for Ionic Wealth. Revenue playbook The broking major's revenue playbook is shifting gears. That shift is about better margins, stronger client retention, and higher lifetime value. 'Our revenue model is fundamentally evolving. It is becoming more stable, recurring, and better aligned with how people actually plan and invest over time," says Thakkar. Total revenue from operations rose to ₹ 5,238 crore in FY25, up from ₹ 4,272 crore in FY24. Angel One's annual report FY24-25 highlighted that clients who have been with the broking firm for over five years continued to generate stable revenues. Angel One's stock has risen 25% in the past year. Analysts say a sustained market recovery will be important for the company to meet its target of 40–45% operating margin. However, growth in new areas like loan and fixed deposit distribution, wealth management, and asset management business could also help support its long-term performance. On Wednesday, the stock is down nearly 1% at ₹ 2,940.10 apiece on NSE. The stock had hit a 52-week high of Rs3,503.15 on 9 December 2024. Angel One, which had just 1.8 million customers over 25 years in its physical avatar, transformed radically post-2019 when it went fully digital. 'That year alone, we added nearly 2.5 million customers," said Thakkar. Today, Angel One boasts 31 million clients and a 15.4% share of active clients on the NSE, with ₹ 1.2 trillion in assets under custody. Angel One has seen a huge expansion in its client base over the years—adding just 600,000 clients in FY20, but surging to 9.3 million new additions by FY25, according to its March quarter investor presentation. As Subramanian put it, 'We've already seen 50% of transactions—like SIP mandates or portfolio reports—move to the app." Meanwhile, Angel One is also doubling down on brand muscle. 'During this year's IPL, Angel One was among the top three most visible brands. That kind of visibility matters; it builds awareness, trust, and preference, especially among younger, digital-first investors," Thakkar added. Also read: IPO street is lighting up as hopes swell, global worries fade The wealth playbook As competition heats up in the broking and wealth space with several players offering low cost products, Group CEO Kenghe said the idea isn't to push products, but to empower investors to make their own informed choices. 'We've created a variety of instruments, but we don't tell clients what to pick," he said. He explained that Angel One is focussed on educating them so investors can decide what works best, and that, he believes, is what helps them stick to the platform. Are you reliable? You are up all the time? Are you fast? Are you safe? Are you simple? - that people often ignore and this is what matters the most for customers' stickiness, Kenghe added. Quoting the famous Ford anecdote, Kenghe said: 'If Ford had asked people what they wanted, they'd have said faster horses. By that they meant something that was easier to maintain, didn't get sick, didn't need feeding all the time, and didn't smell bad. So, instead, he gave them cars. We aim to understand what users truly need—not just what they say. Then we simplify things, stay transparent, and do right by them. When you do that, people naturally stick around." Headwinds from F&O volatility While Angel One is diversifying, broking—particularly futures & options (F&O) trading—remains central to its business. In Q4 FY25, F&O made up 77% of gross broking revenue. But it's not been smooth sailing. With Sebi proposing curbs on derivatives trading, retail-heavy brokers like Angel One have felt the heat. The group's average daily turnover (ADTO) for both cash and F&O fell from ₹ 40 trillion in Q3 FY25 to ₹ 32 trillion in Q4—a 20% drop. Industry-wide, combined ADTO on NSE and BSE declined 26%. Broking revenue growth moderated to ~13% in FY25 from 40% the previous year, according to a CRISIL report dated 29 April. Still, Thakkar remains optimistic: 'Volumes are recovering. We've crossed 5 million daily trades again." Despite the dip in trading volumes during Q3 and Q4 of FY25, the group has held its strong position in the equity broking space and is among the top three players in terms of active client base and second largest in terms of incremental active client additions as on 31 March, 2025, the report highlighted. Also read: Angel One's March quarter hit by new Sebi curbs on F&O trading Road ahead Thakkar said he's not chasing global expansion yet: 'India is a massive opportunity. We want to go deeper here first." That said, Angel One is looking at bringing international products to Indian investors and is open to joint ventures. He's also open to new licenses. 'If the RBI allows a banking license, that's something we'd explore. But even a fully digital license could help us serve retail customers better." The real challenge, he said, is not spotting big opportunities—but finding the right people who share the vision. Also read: Brokers seek time to prepare for same day settlement Topics You May Be Interested In Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
Mint
17 hours ago
- Business
- Mint
From walkie-talkies to WealthTech: How Dinesh Thakkar is thinking beyond broking for Angel One
From pioneering the use of walkie-talkies on Dalal Street to weathering the Ketan Parekh crash that nearly wiped out his capital, Dinesh Thakkar has seen it all. Now, the founder and chairman and managing director of broking firm Angel One is writing a new chapter—building a digital-first full-stack financial powerhouse. Angel One isn't chasing a fixed revenue mix but expanding into wealth was a natural step, Thakkar told Mint in an interview. 'Broking is volume-driven, while wealth and asset management are relationship-led. They're anchored in client trust and continuity—resulting in stable, predictable revenue streams with annuity-like characteristics." This comes at a time when major players like the Shriram-Sanlam joint venture, the Jio-BlackRock AMC partnership, and Groww are making significant inroads into the wealth management space. Thakkar's firm recently appointed former Google tech leader Ambarish Kenghe as Group CEO and brought in ex-Kotak Cherry head Srikanth Subramanian to lead its wealth management vertical, Ionic Wealth by Angel One. Thakkar's goal is to build a "multi-engine, full-stack FinTech platform" that supports investors at every stage of their journey and earns their trust along the way. Ionic Wealth is aimed at India's 'emerging affluent"—investors with a net worth between ₹1 crore and ₹50 crore. 'This segment is long overlooked by traditional wealth managers and is one of the most under-served in India's wealth landscape," said Subramanian, the co-founder and CEO of Ionic Wealth by Angel One. 'We focus on quant-based strategies, global allocation, high-yield portfolios for second income, PIPE (public investment with private equity style) for long-term India exposure, and pre-IPO opportunities for short-term gains." Ionic Wealth has also secured the GIFT City Fund Management Entity license, furthering its ambitions in offshore and alternative investments. Neither Thakkar nor Subramanian shared any specific targets for Ionic Wealth. Revenue playbook The broking major's revenue playbook is shifting gears. That shift is about better margins, stronger client retention, and higher lifetime value. 'Our revenue model is fundamentally evolving. It is becoming more stable, recurring, and better aligned with how people actually plan and invest over time," says Thakkar. Total revenue from operations rose to ₹5,238 crore in FY25, up from ₹4,272 crore in FY24. Angel One's annual report FY24-25 highlighted that clients who have been with the broking firm for over five years continued to generate stable revenues. Angel One's stock has risen 25% in the past year. Analysts say a sustained market recovery will be important for the company to meet its target of 40–45% operating margin. However, growth in new areas like loan and fixed deposit distribution, wealth management, and asset management business could also help support its long-term performance. The stock is down nearly 1% at Rs2,940.10 apiece on NSE. The stock had hit a 52-week high of Rs3,503.15 on 9 December 2024. Angel One, which had just 1.8 million customers over 25 years in its physical avatar, transformed radically post-2019 when it went fully digital. 'That year alone, we added nearly 2.5 million customers," said Thakkar. Today, Angel One boasts 31 million clients and a 15.4% share of active clients on the NSE, with ₹1.2 trillion in assets under custody. Angel One has seen a huge expansion in its client base over the years—adding just 600,000 clients in FY20, but surging to 9.3 million new additions by FY25, according to its March quarter investor presentation. As Subramanian put it, 'We've already seen 50% of transactions—like SIP mandates or portfolio reports—move to the app." Meanwhile, Angel One is also doubling down on brand muscle. 'During this year's IPL, Angel One was among the top three most visible brands. That kind of visibility matters; it builds awareness, trust, and preference, especially among younger, digital-first investors," Thakkar added. Also read: IPO street is lighting up as hopes swell, global worries fade The wealth playbook As competition heats up in the broking and wealth space with several players offering low cost products, Group CEO Kenghe said the idea isn't to push products, but to empower investors to make their own informed choices. 'We've created a variety of instruments, but we don't tell clients what to pick," he said. He explained that Angel One is focussed on educating them so investors can decide what works best, and that, he believes, is what helps them stick to the platform. Are you reliable? You are up all the time? Are you fast? Are you safe? Are you simple? - that people often ignore and this is what matters the most for customers' stickiness, Kenghe added. Quoting the famous Ford anecdote, Kenghe said: 'If Ford had asked people what they wanted, they'd have said faster horses. By that they meant something that was easier to maintain, didn't get sick, didn't need feeding all the time, and didn't smell bad. So, instead, he gave them cars. We aim to understand what users truly need—not just what they say. Then we simplify things, stay transparent, and do right by them. When you do that, people naturally stick around." Headwinds from F&O volatility While Angel One is diversifying, broking—particularly futures & options (F&O) trading—remains central to its business. In Q4 FY25, F&O made up 77% of gross broking revenue. But it's not been smooth sailing. With Sebi proposing curbs on derivatives trading, retail-heavy brokers like Angel One have felt the heat. The group's average daily turnover (ADTO) for both cash and F&O fell from ₹40 trillion in Q3 FY25 to ₹32 trillion in Q4—a 20% drop. Industry-wide, combined ADTO on NSE and BSE declined 26%. Broking revenue growth moderated to ~13% in FY25 from 40% the previous year, according to a CRISIL report dated 29 April. Still, Thakkar remains optimistic: 'Volumes are recovering. We've crossed 5 million daily trades again." Despite the dip in trading volumes during Q3 and Q4 of FY25, the group has held its strong position in the equity broking space and is among the top three players in terms of active client base and second largest in terms of incremental active client additions as on 31 March, 2025, the report highlighted. Also read: Angel One's March quarter hit by new Sebi curbs on F&O trading Road ahead Thakkar said he's not chasing global expansion yet: 'India is a massive opportunity. We want to go deeper here first." That said, Angel One is looking at bringing international products to Indian investors and is open to joint ventures. He's also open to new licenses. 'If the RBI allows a banking license, that's something we'd explore. But even a fully digital license could help us serve retail customers better." The real challenge, he said, is not spotting big opportunities—but finding the right people who share the vision. Also read: Brokers seek time to prepare for same day settlement
Yahoo
2 days ago
- Business
- Yahoo
Why First Solar (FSLR) Stock Is Trading Up Today
Shares of solar panel manufacturer First Solar (NASDAQ:FSLR) jumped 9% in the afternoon session after BMO analyst Ameet Thakkar highlighted positive news from the Senate's "One Big Beautiful Bill Act" (OBBBA). The analyst viewed the bill as a significant win for First Solar (FSLR) because it preserves a key tax credit. Thakkar added "OBBBA – is positive for First Solar (FSLR) as it removes the risk to reduction of 45X Advanced Manufacturing Production Tax Credit and that the company can continue booking $0.17/w of stacked credit vs falling to $0.07/w." Is now the time to buy First Solar? Access our full analysis report here, it's free. First Solar's shares are extremely volatile and have had 33 moves greater than 5% over the last year. In that context, today's move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business. The previous big move we wrote about was 13 days ago when the stock dropped 20.3% after a U.S. Senate panel proposed phasing out solar and wind energy tax credits by 2028, raising concerns about future profitability and project viability for solar companies. The phasing out is expected to begin as early as 2026, diminishing the financial incentives that have been critical drivers of growth in the renewable energy sector. First Solar is down 11.6% since the beginning of the year, and at $164.93 per share, it is trading 35.5% below its 52-week high of $255.75 from September 2024. Investors who bought $1,000 worth of First Solar's shares 5 years ago would now be looking at an investment worth $3,332. Here at StockStory, we certainly understand the potential of thematic investing. Diverse winners from Microsoft (MSFT) to Alphabet (GOOG), Coca-Cola (KO) to Monster Beverage (MNST) could all have been identified as promising growth stories with a megatrend driving the growth. So, in that spirit, we've identified a relatively under-the-radar profitable growth stock benefiting from the rise of AI, available to you FREE via this link. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Time of India
13-06-2025
- Business
- Time of India
Air India plane crash: Last-minute change in travel plans spares Vadodara man
Air India plane crash (Photo: AP) VADODARA: A providential change in travel plans due to an extended stay in Kolkata spared the life of Jayesh Thakkar, a prominent Vadodara-based businessman and organiser of the famed 'Maa Shakti' Navratri garba who was scheduled to board the ill-fated Air India AI-171 flight from Ahmedabad to London, reports Sachin Sharma. Thakkar, who frequents London - where he also operates an office - was in Kolkata and had planned to fly to Ahmedabad to catch the London-bound flight. However, an unexpected delay in his schedule forced him to change his travel route. "I got delayed in Kolkata due to work and realised I wouldn't make it to Ahmedabad in time for the flight. That's when I decided to change my itinerary," Thakkar told TOI. Instead, he routed his journey through Delhi, from where he planned to catch another flight to London. But as he landed in Delhi, news of the AI-171 crash broke. "I was stunned. It could have been me," he said. Thakkar immediately cancelled his trip and returned to Vadodara.
Time of India
12-06-2025
- Business
- Time of India
GST filing gets tougher: No room for error in GSTR-3B from July
Ahmedabad: From July onwards, taxpayers will no longer be able to edit auto-populated tax liability in their GSTR-3B returns — a major change in the Goods and Services Tax ( GST ) framework. The GST Network (GSTN) has rolled out this update, aiming to curb misuse and plug revenue leakages. However, tax experts warn that this will warrant higher accuracy from suppliers and could trigger cash flow challenges for buyers. Taxation experts say that to address discrepancies in GSTR-1 filings, a new form—GSTR-1A—has been introduced but it isn't real-time. This means any corrections made through GSTR-1A could delay Input Tax Credit (ITC) for buyers, potentially leading to working capital issues. "This is a major structural shift," said Deep Thakkar, chartered accountant and co-chairman of the Indirect Tax Committee at the Gujarat Chamber of Commerce and Industry (GCCI). "Currently, suppliers file GSTR-1, which auto-populates their GSTR-3B and also feeds into the buyers' GSTR-2B. If suppliers make an error or want to adjust their tax liability, they currently edit GSTR-3B directly. That option will no longer be available,," says Deep Thakkar, chartered accountant and co-chairman of the Indirect Tax Committee at the Gujarat Chamber of Commerce and Industry (GCCI). From July, if a supplier makes a mistake in GSTR-1, the only way to correct it is by filing GSTR-1A—before the GSTR-3B deadline, which is the 20th of every month. However, since GSTR-2B (used by buyers to file GSTR-3B) is generated on the 14th, late corrections may only reflect in the next month's ITC cycle, delaying credit and tying up funds. Explaining the rationale behind the decision being taken, a senior GST official said on condition of anonymity, "The decision to restrict editing in GSTR-3B has been in the pipeline for nearly 18 months. When a supplier files GSTR-1, the output tax liability gets auto-populated into the system and becomes part of the buyer's Input Tax Credit (ITC). This happens by the 10th of every month, with GSTR-3B due by the 20th. If a supplier defaults on tax payment, the entire recovery chain is impacted. Allowing edits in GSTR-3B was leading to misuse—essentially allowing ITC to be passed on without corresponding tax being paid. At some point, the system needs to be secured to protect government revenue." Chartered accountants claim that the decision while making way to curb fraudulent claims will certainly increase the compliance burden of taxpayers. "This change will certainly reduce fraudulent ITC claims and plug revenue loss. But it also increases the compliance burden. Even genuine mistakes in GSTR-1 can be rectified only through GSTR-1A which needs to be streamlined as it is essential to avoiding penalising honest taxpayers," said Thakkar. Another Chartered accountant Karim Lakhani echoed the concerns, stating, "The margin for error has shrunk dramatically. Every supplier will now need to file GSTR-1 with utmost accuracy. Any lapse can impact their clients' ability to claim timely ITC. This is one of the most significant changes to the GST regime since its inception." Ahmedabad: From July onwards, taxpayers will no longer be able to edit auto-populated tax liability in their GSTR-3B returns — a major change in the Goods and Services Tax (GST) framework. The GST Network (GSTN) has rolled out this update, aiming to curb misuse and plug revenue leakages. However, tax experts warn that this will warrant higher accuracy from suppliers and could trigger cash flow challenges for buyers. Taxation experts say that to address discrepancies in GSTR-1 filings, a new form—GSTR-1A—has been introduced but it isn't real-time. This means any corrections made through GSTR-1A could delay Input Tax Credit (ITC) for buyers, potentially leading to working capital issues. "This is a major structural shift," said Deep Thakkar, chartered accountant and co-chairman of the Indirect Tax Committee at the Gujarat Chamber of Commerce and Industry (GCCI). "Currently, suppliers file GSTR-1, which auto-populates their GSTR-3B and also feeds into the buyers' GSTR-2B. If suppliers make an error or want to adjust their tax liability, they currently edit GSTR-3B directly. That option will no longer be available,," says Deep Thakkar, chartered accountant and co-chairman of the Indirect Tax Committee at the Gujarat Chamber of Commerce and Industry (GCCI). From July, if a supplier makes a mistake in GSTR-1, the only way to correct it is by filing GSTR-1A—before the GSTR-3B deadline, which is the 20th of every month. However, since GSTR-2B (used by buyers to file GSTR-3B) is generated on the 14th, late corrections may only reflect in the next month's ITC cycle, delaying credit and tying up funds. Explaining the rationale behind the decision being taken, a senior GST official said on condition of anonymity, "The decision to restrict editing in GSTR-3B has been in the pipeline for nearly 18 months. When a supplier files GSTR-1, the output tax liability gets auto-populated into the system and becomes part of the buyer's Input Tax Credit (ITC). This happens by the 10th of every month, with GSTR-3B due by the 20th. If a supplier defaults on tax payment, the entire recovery chain is impacted. Allowing edits in GSTR-3B was leading to misuse—essentially allowing ITC to be passed on without corresponding tax being paid. At some point, the system needs to be secured to protect government revenue." Chartered accountants claim that the decision while making way to curb fraudulent claims will certainly increase the compliance burden of taxpayers. "This change will certainly reduce fraudulent ITC claims and plug revenue loss. But it also increases the compliance burden. Even genuine mistakes in GSTR-1 can be rectified only through GSTR-1A which needs to be streamlined as it is essential to avoiding penalising honest taxpayers," said Thakkar. Another Chartered accountant Karim Lakhani echoed the concerns, stating, "The margin for error has shrunk dramatically. Every supplier will now need to file GSTR-1 with utmost accuracy. Any lapse can impact their clients' ability to claim timely ITC. This is one of the most significant changes to the GST regime since its inception."
