| Mutual Fund Distribution | Distribution of diversified mutual fund schemes via a B2B2C platform serving retail investors nationwide. | Extensive MFD network in 21 states, technology platforms enabling seamless distribution, leading market position. | Retail investors through 33,308 mutual fund distributors; primarily B2C via intermediaries with some B2B elements. | Equity mutual fund commissions and SIP-driven assets. | 9000 | 81 | Commission from asset management companies based on assets under management and new sales. | Commission-based recurring revenue tied to AUM and transaction volumes. | Rising SIPs, equity market growth, financial inclusion, and technology penetration. | FundzBazar, PrudentConnect |
| Insurance Distribution | Distribution of life and general insurance products via subsidiary Gennext and the B2B2C platform. | Exclusive agency licenses, cross-sell leverage with mutual fund clients, digital platforms. | Retail customers via insurance point of sales persons (POSPs), many overlapping with mutual fund distributors. | Retail term and health insurance products. | 1300 | 12 | Commission-based revenue from insurance premium collections and policy sales. | Recurring and non-recurring commissions per policy sold or renewed. | Increasing insurance penetration, cross-selling to MFD clients, regulatory focus on retail insurance. | Policyworld, Gennext Insurance Brokers |
| Stock Broking and Allied Services | Equity and derivatives brokerage services to retail customers enabled by owned stock broking subsidiary. | Technology-enabled platform integration, trusted brand among retail investors. | Retail investors trading equities and derivatives. | Retail brokerage on equities and derivatives trading. | 300 | 3 | Brokerage and fees from trades executed on client accounts. | Transaction-based brokerage fees and service charges. | Retail participation in equity markets, rise in online trading. | FundzBazar Stock Broking |
| Other Financial Products | Distribution of PMS, AIFs, unlisted securities, fixed deposits, loans, and NPS products. | Diverse product portfolio, integrated distribution platform, existing client base cross-selling. | Retail and HNI investors seeking diversified financial products. | PMS and AIF solutions. | 300 | 4 | Commission, fees, and interest income depending on product type. | Mixed commission and fee-based, some transactional. | Investor demand for diversified products, digital onboarding, expanding product suite. | Smallcase, CreditBasket |
