Billionaires And Fintech Heavyweights Place Bets With NCDEX's Equity Trading Plans

Billionaires and Fintech Heavyweights Place Bets with NCDEX’s Equity Trading Plans

By Business Connect Magazine
September 3, 2025

In a market-shaking blockbuster deal, big-ticket investors such as Radhakishan Damani, Ramesh Damani, and Madhusudhan Kela, along with fintech giants Zerodha and Groww, have invested crores in the National Commodity and Derivatives Exchange (NCDEX). The recent Rs 770 crore ($87.99 million) fundraise declares NCDEX’s daring shift from its agricultural commodity origins to a strong force in equity and derivatives trading, scheduled to be launched in 2026. Having received the in-principle approval of SEBI in July 2025, NCDEX is poised to overthrow the stranglehold of NSE and BSE and this galaxy of investors’ lineup speaks volumes about the market’s faith in its abilities.

A Powerhouse Investor Lineup

The fundraise has also drawn in some of India’s top financial minds and institutions, who each invested stakes in NCDEX at Rs 197.34 per share. Reclusive DMart billionaire Radhakishan Damani took a 1.41% stake for Rs 20.26 crore, while Ramesh Damani, Madhusudhan Kela, and Sunil Singhania each took a 0.85% stake for Rs 15 crore. Fintech companies Groww and Zerodha, which have democratized wealth creation, also entered the bidding war, with Groww acquiring a 2.82% stake for Rs 50 crore. Other big-ticket investors are Citadel Securities (Rs 17 crore), Tower Research (Rs 34 crore), Kotak Mahindra Life Insurance, JM Financial, and Acacia Partners.

Its unlisted market already hovers with excitement, as NCDEX’s share price rose 25% to Rs 415 over the last month, an indication of increasing hope about its future. NCDEX’s valuation after the fundraise reaches Rs 1,770 crore with the support of current holders such as NSE (15%), LIC, and NABARD (11.1% each).

NCDEX’s Ambitious Pivot

NCDEX, a veteran leader in India’s agri-commodity trade, is looking to grab a share of the big-ticket equity trade market. The exchange’s strategic realignment follows SEBI extending the prohibition on futures trading in seven major agricultural commodities up to March 2026 to control food inflation. With its commodity business restricted, NCDEX is tapping into its strong rural network—nurtured over decades of brokering agricultural trade—to bring in equity traders, especially from smaller cities and towns.

The exchange intends to introduce cash market trading initially, followed by derivatives, directly competing with NSE and BSE. Targeting high-frequency traders, brokers, and high-net-worth individuals, NCDEX hopes to find a niche in India’s competitive financial space. With its rural penetration, coupled with state-of-the-art technology, it may have a headstart in tapping retail investors outside the metro cities.

Why the Big Bets?

The involvement of marquee investors like the Damanis, Kela, Zerodha, and Groww highlights NCDEX’s potential to disrupt the status quo. Radhakishan Damani’s knack for spotting value-driven opportunities, paired with Zerodha and Groww’s tech-driven approach to retail investing, suggests a shared vision: NCDEX could redefine how equity trading reaches India’s heartlands. The participation of global players like Citadel Securities and Tower Research further underscores the exchange’s appeal to sophisticated, high-frequency trading firms.

Analysts regard NCDEX’s action as opportune, considering the increasing appetite among India’s retail investors for equity investments. With fintech platforms such as Zerodha and Groww already empowering millions of people to invest, their support of NCDEX signals a synergy that could upscale the exchange’s reach and technological capabilities.

What Lies Ahead?

NCDEX’s expansion into equity and derivatives trading is set to redefine India’s financial landscape. The exchange’s capacity to deploy its network in rural areas, combined with the financial heft and experience of its new backers, makes it a force to be reckoned with among established players. With its 2026 launch looming, attention will focus on how NCDEX reconciles its commodity trading heritage with its aggressive equity market ambitions.

This raise is not merely about money—it’s a vote of confidence for NCDEX’s mission to democratise wealth creation in India. With billionaires, fintech leaders, and global trading houses behind it, NCDEX is set to make waves.

Billionaires and Fintech Heavyweights Place Bets with NCDEX’s Equity Trading Plans