Radhakishan Damani, Groww, Zerodha, Sunil Singhania, Citadel Among Big Names Backing NCDEX’s Fundraise

The National Commodity and Derivatives Exchange (NCDEX) has successfully raised Rs 770 crore from a group of distinguished investors ahead of its much-anticipated launch into the equity segment in 2026. The round attracted contributions from high-profile investors, including billionaire Radhakishan Damani and noted market veterans Ramesh Damani, Madhusudhan Kela, and Sunil Singhania. Leading brokers Zerodha and Groww, along with institutional and global players, also participated in the fundraising.

Sebi Approval Paves the Way for NCDEX Equity Expansion

Following its July receipt of in-principle approval from the Securities and Exchange Board of India (Sebi) to begin equity and equity derivatives trading, NCDEX turned to capital markets for funding. The Rs 770 crore raised will underpin the development of infrastructure and systems needed for its equity offerings, aiming to eventually rival established entities such as BSE and NSE.

Groww, Zerodha, Radhakishan Damani, Ramesh Damani, Madhusudan Kela and Sunil Singhania Join NCDEX Fundraise

• Groww acquired a 2.82% stake through a Rs 50 crore investment.
• Zerodha followed with Rs 17 crore for 0.96%.
• Radhakishan Damani invested Rs 20.26 crore to secure 1.41%.
• Ramesh Damani, Sunil Singhania, and Madhusudhan Kela each contributed Rs 15 crore, translating to a 0.85% stake apiece.

All investors participated in a preferential share issue priced at Rs 197.34 per unit. Notably, NCDEX's equity, in the unlisted market, has gained 25% over the last month, currently trading at Rs 415 per share on the Unlisted Zone platform.

Global Investors Join NCDEX Fundraising Round

Global investors also joined the NCDEX funding round, bringing significant foreign capital into the exchange. Citadel Securities, led by billionaire Kenneth Griffin, contributed Rs 17 crore, while Tower Research, a prominent US-based high-frequency trading (HFT) firm, invested Rs 34 crore.

The round also saw participation from domestic financial institutions such as Kotak Mahindra Life Insurance, JM Financial, and Acacia Partners. According to NCDEX sources, the fundraising was strategically aimed at attracting high-frequency traders, brokers, and high-net-worth individuals (HNIs) with active trading interests and strong market presence.

NCDEX is leveraging its established reach in rural and agri-commodity markets as it transitions into equity trading-starting with the cash segment, as mandated by Sebi, before moving into derivatives. Industry observers believe its grassroots presence could help attract equity traders from smaller towns, blending NCDEX's agricultural commodity strength with broader financial market aspirations.

The exchange will compete with platforms such as the Metropolitan Stock Exchange (MSE), which is also positioning itself for expansion into derivatives offerings.