If you want the short version: Zerodha suits people who want a genuinely low-cost, brand-trusted entry point but are comfortable with a leaner revenue-share ceiling and minimal hand-holding.
Angel One suits those willing to put in a larger upfront security deposit in exchange for one of the industry’s higher revenue-share ranges and strong relationship-manager support.
Upstox sits in between — low investment, decent revenue share, and a performance condition that keeps you accountable early on.
None of the three is universally “best” — the right choice depends on how much you’re ready to invest upfront versus how much ongoing support you need. Let’s compare all three properly.
Why This Comparison Actually Matters
Choosing a broker to partner with isn’t just about brand recognition — it directly decides your investment, your revenue share, and your day-to-day support for years to come.
Zerodha, Angel One, and Upstox are three of the most searched broker names for this exact reason: they represent three genuinely different approaches to the sub-broker/Authorized Person business model — from Zerodha’s famously lean, no-frills structure to Angel One’s higher-touch, higher-payout franchise approach.
One important clarification before we compare: Zerodha officially states it doesn’t run a traditional “sub-broker” or “franchise” model — it only offers the Authorized Person (AP) program, in line with SEBI’s post-2018 terminology.
Angel One and Upstox use similar AP-based structures too, even though “franchise” remains the more commonly searched term for all three.
Zerodha Authorised Person Program Explained
Zerodha built its brand on being India’s largest discount broker, and its partner program reflects that same low-cost philosophy.
- Investment: No mandatory security deposit for the standard AP model — commonly cited exchange-related charges are around ₹11,000, with an optional office setup cost of roughly ₹30,000–₹60,000 if you choose to operate from a physical space.
- Revenue share: Typically ranges from 20% to 50%, structured in slabs — the more brokerage your clients generate, the higher your share climbs.
- Support: Back-office tools, marketing material, and platform access are provided, but Zerodha is known for a relatively hands-off, self-service approach rather than dedicated relationship management.
- Best for: People who already have a network of potential traders/investors and are comfortable growing the business independently, prioritising brand trust and low upfront cost over hand-holding.
Angel One Sub Broker Franchise Explained
Angel One (formerly Angel Broking) has built one of the largest Authorised Person networks in India, with a franchise structure that leans more traditional.
- Investment: A refundable security deposit typically in the range of ₹50,000 to ₹1,00,000, with optional office/operational costs of roughly ₹40,000–₹75,000 if you’re running a larger setup. No separate exchange charges are typically levied.
- Revenue share: Among the higher ranges in the industry — commonly cited between 50% and 70%, with the exact slab depending on your client base size, product mix, and business volume.
- Support: Dedicated relationship manager support, client acquisition assistance, dealer/product training, and access to a franchise-specific app for tracking operations.
- Best for: Those ready to commit a larger upfront investment in exchange for a stronger revenue-share ceiling and more structured, hands-on support from the broker.
Upstox Authorised Person Program Explained
Upstox positions itself as a modern, tech-first discount broker, and its AP program reflects a lean but performance-linked structure.
- Investment: Generally no mandatory security deposit, though commonly cited exchange-related charges are around ₹3,000, with an optional office setup cost of roughly ₹30,000–₹60,000.
- Revenue share: Typically in the 30% to 50% range, combined with a separate Account Opening Incentive (AOI) paid per successfully onboarded client.
- Performance condition: Upstox’s AP program has historically included a minimum brokerage-generation requirement (commonly cited around ₹15,000/month by the third month) to retain AP status — worth confirming the current terms directly, since performance conditions like this can change.
- Best for: Digitally comfortable partners who want a low-cost entry and don’t mind a performance benchmark that keeps early momentum in check.
Investment & Security Deposit Comparison
| Broker | Security Deposit | Additional Setup Costs | Total Approx. Starting Investment |
| Zerodha | None (standard AP model) | ~Rs 11,000 exchange charges + optional Rs 30,000-60,000 office setup | ~Rs 11,000 – Rs 71,000 |
| Angel One | Rs 50,000 – Rs 1,00,000 (refundable) | Optional Rs 40,000-75,000 office/operational setup | ~Rs 90,000 – Rs 1,75,000 |
| Upstox | None (standard AP model) | ~Rs 3,000 exchange charges + optional Rs 30,000-60,000 office setup | ~Rs 3,000 – Rs 63,000 |
Revenue Share / Commission Comparison
| Broker | Typical Revenue Share Range | Notable Structure Detail |
| Zerodha | 20% – 50% | Slab-based; share rises with client brokerage volume generated |
| Angel One | 50% – 70% | Among the industry’s higher ranges; varies by product mix and deposit level |
| Upstox | 30% – 50% | Combined with a separate Account Opening Incentive (AOI) per client onboarded |
Support & Technology Comparison
| Broker | Relationship Manager Support | Training/Onboarding | Back-Office & App Access |
| Zerodha | Limited/self-service oriented | Basic onboarding resources | Back-office and platform tools provided |
| Angel One | Dedicated RM support | Dealer/product training available | Franchise app with operational tracking |
| Upstox | Moderate support | Onboarding guidance provided | Partner dashboard for referrals and earnings |
Which One Should You Choose? A Quick Decision Framework
Choose Zerodha if: You want the lowest-cost entry with strong brand trust, and you’re confident acquiring and managing clients with minimal broker support.
Choose Angel One if: You’re willing to invest more upfront for a higher revenue-share ceiling and want structured, hands-on support as you build your client base.
Choose Upstox if: You want a lean, tech-forward setup with a moderate revenue share, and you’re comfortable working toward an early performance benchmark to lock in your AP status.
A practical tip: revenue-share percentages and investment terms across all three brokers are periodically revised and often negotiable based on your existing network and expected volumes — always confirm current terms directly with the broker before signing your Authorised Person agreement.
Frequently Asked Questions
Which broker offers the highest revenue share for sub-brokers — Zerodha, Angel One, or Upstox?
Among the three, Angel One commonly offers the highest revenue-share range (roughly 50%–70%), compared to Zerodha’s 20%–50% and Upstox’s 30%–50% — though actual terms vary by individual negotiation and business volume.
Which broker has the lowest investment requirement to start as a sub-broker?
Upstox and Zerodha both generally require no mandatory security deposit under their standard AP models, making them lower-cost entry points compared to Angel One’s ₹50,000–₹1,00,000 refundable deposit.
Can I become a sub-broker with more than one of these brokers at the same time?
Generally, no — most brokers, including Upstox, require exclusivity for a given trading segment, meaning you can’t simultaneously operate as an Authorized Person for two competing brokers in the same segment.
Does Zerodha officially call this a “franchise” program?
No. Zerodha explicitly states it doesn’t operate a sub-broker or franchise model in the traditional sense — it only offers the Authorized Person (AP) program, consistent with SEBI’s current terminology.
Is a higher revenue share always the better choice?
Not necessarily. A higher revenue share often comes with a higher upfront investment, and sometimes stricter performance conditions — the better choice depends on your available capital, existing client network, and how much support you need to grow the business.
Final Verdict
There’s no single winner here — Zerodha, Angel One, and Upstox each optimise for a different type of partner.
If capital efficiency and brand trust matter most to you, Zerodha is hard to beat. If you want the strongest revenue-share ceiling and don’t mind a larger upfront commitment, Angel One is the stronger pick.
And if you want a modern, digitally native setup with a fair middle ground on cost and payout, Upstox fits well.
Whichever you choose, treat the registration process and revenue-share agreement with the same seriousness as any other business partnership — it’s the foundation your entire sub-broker income will be built on.