Inside Zerodha’s Quiet Bet on Private Credit — Why Brokers Are Becoming Lenders
As public markets stall, India’s largest broker is lending to startups that banks won’t touch. We map the risk and the upside.
By Ananya RaoDec 12, 2026 • 9 min read
Slide 1 of 5: Capital Markets — Inside Zerodha’s Quiet Bet on Private Credit — Why Brokers Are Becoming Lenders
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RBI Liquidity Framework: Inside the Overnight Corridor Shift and Banking Margins
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TECHNOLOGY
The UPI Profit Paradox: Why PhonePe and Google Pay Cannot Monopolize Monetization
With 85% transaction share but zero interchange fees, payment giants construct merchant lending moats to survive.
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NPCI Clears Credit on UPI for Small Merchants, Big Banks Push Back
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NEWS
Fintech Founders Meet FM: GST on Payment Firms on the Table
Industry delegation presents impact assessment on 18% tax demand on payment processing surcharges.
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TECHNOLOGY
RazorpayX Crosses ₹10,000 Cr in Disbursals, Eyes Full NBFC License for Enterprise Credit
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STARTUPS
Sequoia’s Last India Call: What Peak XV’s Portfolio Cleanup Reveals About 2026 Venture Returns
Venture giant marks down secondary blocks, cleans balance sheets, and prepares legacy portfolios for market reality.
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—EDITORIAL BOARD SELECTION
Opinions
The Venture Debt Trap: Why Lending Each Other’s VC Money Creates Systemic Contagion
A forensic discussion with three veteran financiers on circular liquidity, hidden default covenants, and collateral cascades.
Kabir Seth
8 min read•
TechnologyInstitutional
The UPI Profit Paradox: Why PhonePe and Google Pay Cannot Monopolize Monetization
With 85% transaction share but zero interchange fees, payment giants construct merchant lending moats to survive.
Rohan Mehta
8 min read•
Capital Markets
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Market regulator issues blueprint for optional real-time settlement on primary exchanges.
Karan Desai
3 min read•
EDITORIAL DESK • CURATED ANALYSIS
Editor's Pick
DOSSIERDOCKET #FB-RES-2026-Q4
ResearchInstitutional Research Dossier: The ₹4,200 Crore Inter-Startup Lending Web and Credit Risk
Finbytes Research investigates cross-collateralized loans between venture-backed tech companies and secondary exposure.
Key Quantitative Findings • Primary Sources
- Startups sitting on 2021 bull-run cash piles are generating 16–18% yields through uncollateralized lending to other VC-backed entities.
- Reported net credit costs average 1.8% because venture sponsors continue to bail out distressed borrower cap tables.
- Prolonged venture funding winter threatens an unmodeled inter-startup contagion loop across unregulated holding companies.
Kabir Seth•
DOSSIERDOCKET #FB-RES-2026-Q3
ResearchInstitutional Research Dossier: Peak XV’s Portfolio Restructuring and Mark-to-Market Realities
Comprehensive examination of 140 venture investments, liquidity waterfalls, and governance resets across South Asian tech.
Key Quantitative Findings • Primary Sources
- Secondary sales surged in 2026 as institutional limited partners prioritized liquidity over deferred markups.
- The valuation reset has impacted 72 growth-stage startups renegotiating aggressive governance and liquidation covenants.
- Board mandates enforce strict founder salary caps and real-time loan default guarantee transparency.
Kabir Seth•
Opinions & Dialogues
IN-DEPTH LEADERSHIP CONVERSATIONS
Opinions
The Venture Debt Trap: Why Lending Each Other’s VC Money Creates Systemic Contagion
A forensic discussion with three veteran financiers on circular liquidity, hidden default covenants, and collateral cascades.
Kabir Seth
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Opinions
Founder Salary Cap Returns: Reconciling High Burn Rates with Public Market Governance
Why pre-IPO boards are enforcing fixed executive compensation structures before approving red-herring prospectuses.
Ananya Rao
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Opinions
The Big Story: Finbytes Dialogue Challenges Conventional Financial Dogma
Debating monetary policy transmission, public subsidies in fintech, and realistic hurdle rates for domestic venture funds.
Kabir Seth
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