You may have heard of Superman.

But ever heard of Super App?

The one app for all your investing and trading needs.

Along with investing and trading in 5000+ Stocks, Futures & Options Angle One's Super App let's you invest in:

• Mutual Funds
• US Stocks
• ETF's (Exchange Traded Funds)
• Currencies
• Commodities
• Bonds
• Apply in IPO's

But....other apps also....

Ruko Zara...Sabr Karo

Angle One's Super App also let's you:

• Trade 4x the capital using Margin Trading Facility
• Get Personal Loans up to 5 lacs
• Get Motor or Vehicle Insurance
• Invest in Sovereign Gold Bonds

With over 7.6 Million Active Clients, open your Account quickly at Angel One - The 3rd largest Discount Broker in India.

Weather you are an investor or a trader, download the Angle One Super App for Super Investment options and Super Trading Tools.

#RahoSuper

Sources:

• Angle One Website
• Google Play Store
• Apple App Store
• Active User Data: FY2025 Q4 Investor Presentation

Calling Objectives

• First point of contact for Angle One - How and where?
• Why do they open account with Angle One?
• • What are they looking for?
  • Open account via Super App or Web?
• What do they love/don't love about the Super App?

Questions

• How did you come across Angle One? and what made you sign up?
• What type of an user are you?
• Why do you use Angle One? Why don't you use other competitor products?
• What did you most love about Angle One?
• • AHA moment during onboarding
• What makes you keep coming back to it?
• How frequently do you use?
• Would you switch to other product? Why?
• Do you refer?
• Problems faced.

Understanding your ICP

ICP Prioritization

• All the 3 ICPs have a high Adoption Rate because all of them are tech-savy and are clear with why they are looking for an investment and trading app.
• All 3 ICPs have high Appetite to Pay.
• Only ICP 1 and ICP 3 have high frequency of use case as ICP 1 is a fund manager and trader who uses the app on a day-to-day basis. ICP 3 as well uses the app on a day to day basis for trading and investing.
• • However, ICP 2 is mostly focuses on casual investing in mutual funds so his frequency is less compared to other 2 ICPs
• Distribution Potential
• • ICP 1 has a low Distribution Potential because not everyone wants to be a fund manager or a sub-broker
  • ICP 2 has a medium potential as the MF segment is not that old in Angel One App and generally users rely on Banks to invest in MF
  • ICP 3 has the highest potential as they are looking for brokerage services - which is investing and trading which is the primary service of the Super App
• TAM
• • ICP 1 - Not everyone wants to become a sub-broker
  • ICP 2 & 3 - Compared to investors/traders in Shares there are less number of users in MF space.

Hence, we choose ICP 2 and ICP 1 because

1. High frequency of use case adds more brokerage revenue and provides exposure to other products added by Angel One Super App
2. ICP 2 can be nurtured to explore other products there by increasing the frequency of use case
3. The TAM is higher than ICP 1 because mot many want to become a sub-broker or an AP for Angel One

The ICP aligns with Super App's CVP

Vision & Pillars

Core Products Offered

1. Stocks (Invest and trade)
2. F & O (trade)
3. Mutual Fund (invest, track, manage)
4. Commodity (trade)
5. IPO (invest)
6. ETF (invest, trade)
7. MTF (trade)
8. Motor Insurance (purchase, track)
9. SGB (invest)
10. FD (invest)
11. Personal Loans
12. In app advisory
13. In app learning
14. In app recommendations

Angel One's App started out with stock investing and trading. Over the years the app has added multiple products. This let's Angel One

• Onboard users who are looking for other product like someone looking for Motor Insurance or
• Provide products at all the stages of a users financial journey

Tools Offered as Per User

Super App Top Features

User Feedback

User feedback was taken from Google and Apple Play Stores, Quora, Calls, Mouthshut, Reddit and YouTube.

Good about the App

• Users are happy with the overall functionality and features of the app.
• Advanced tools for trading
• The UI/UX is simple and easy to understand for anyone.
• The app runs smoothly and does not lag

Bad about the App

There was very less negative feedback on the Super App. However, there was negative feedback about the service offerings of the company itself:

• High brokerage fee even though it calls itself a discount brokerage
• Delivery trades are not free
• Customer service is not good as things are mostly handled by the Authorized Persons

Core Value Proposition

Sources

• Angle One Website
• Angle One FY 24 Annual Financial Statement
• Groww figures
• Anchor Product - Groww
• Reviews
• Reddit Reviews
• Angel One FY 21-22 Report

Designing Acquisition Channel

Angel One's Super App is in Mature Scaling stage because of the following reasons

Strong Referral Channel

It has established a strong Referral Channel which is two fold. Regular users or retail users who refer and then the Authorized Persons and Digital Referral Associates (DRAs) who are authorized by Angel One to refer, onboard and manage the accounts that they refer. APs and DRAs receive 50% of the brokerage fee + onboarding fee of ₹150, while the regular users currently receive only ₹150 per referral. It currently has over 10,000 APs + DRAs.

IPL Advertisements & Digital Ads

Angel One will spend somewhere over to ₹120 Crore for this IPL Season to advertise Angel One's Super App with it's Super App campaign along with other paid ads on Google, Instagram, Facebook, YouTube and other platforms like Chittorgarh, InvestorGain website.

From this we can conclude that Angel One's Super App is in Mature Scaling Stage as they have an established refferal channel and 3+ paid ad channels

Competitor Analysis

Angel One has 3rd largest Active Client Base in India after Groww at 1st and Zerodha at 2nd. The competitor analysis will be based on these two.

Trends & Tailwinds

Rise of the Indian Retail investor: Both A Trend & Tailwind that is Propelling Growth

Today, armed with smartphones and highspeed mobile internet, young Indians are increasingly looking at asset classes beyond the traditional safe havens of real estate, gold or fixed deposits for their investing aspirations. Let's look at these in detail:

Increasing Smartphone Penetration

76.6% of Indian population today owns a smartphone, that is a staggering 1.12 billion active cellular users. A report by Deloitte in 21-22 indicated that the population of India is expected to possess one billion smartphones by 2026. India achieved this in 2025 itself.

Increased Access to Cheap Mobile Internet

The smartphone usage combined with high speed internet at cheaper rates, takes a user online where they get access to social media, digital resources, learning and investment opportunities.

Shift in Investment Mindset

The diminishing returns from traditional risk-free assets have established equities as a prime investment choice, particularly among new-age investors who have taken cognizance of the fact that equities have grown at 14.7% CAGR over the past 20 years.

Other Trends & Tailwinds that Compliment the Growth

Size of Market - A Top Down Approach

Total Addressable Market (TAM)

I have considered the entire working-age population as potentially needing financial services, even if they don't currently have a Demat account.

TAM = Total Working Age of Population X Average Revenue Per User

= 1,000,000,000 X ₹1559

= ₹1.559 trillion

Serviceable Addressable Market (TAM)

This is the size of the market that Angel One can cater to with it's current products and services as the registered PAN card holders have already shown interest in financial services and also as per our assumption, have a bank account.

SAM = PAN Card holders X Average Revenue Per User

= 656,000,000 X ₹1559

= ₹1.02 trillion

Serviceable Obtainable Market (TAM)

This is the share of the market that Angel One captures. Currently it captures 15%.

SOM = 15% of SAM

= ₹153.37 billion

Another approach would be to calculate SAM using Demat Account holders but this would give an incorrect SOM since, we are not just considering investor and traders in Stocks but also in other financial products offered by Super App. It also suggests that, we are only looking to market to individuals who hold a Demat account thus limited our market and product potential.

The ARPU calculation is approximate. The actual ARPU is around 10-15% lesser than the actual as we have not accounted for paid financial services like wealth management offered by Angel One.

Sources:

• ARPU calculation (Total revenue/total no. of users) - Total Revenue of FY 2024 = 34,637.40 million, Total users = 22.2 million. As per Annual Financial Statement
• Mobile Data
• Angel One Annual Report FY 21-22
• 13 years of Zerodha
• The dramatic transformation of Indian stock markets

Search Overview

Problems

• Relatively Less Organic Traffic: In comparison to Zerodha, which has almost 1/3rd the organic keywords of Angel One, the Organic Traffic should have been 3 times that of Zerodha at around 15M. In comparison to Groww, the organic traffic is not even 50% of Groww.
• Underperformance in Traffic Share: 80% of the traffic share is taken Groww. Thing to notice is that Angel One spends a great deal on Paid Ads, even then this share is not even 30% (since Angel One is top 3rd player). In comparison to Zerodha, Zerdoha is doing better when you consider the fact that it does not do any paid ads.
• Type of Traffic: In the non-branded traffic segment, Angel One fares well over others. However, both it's competitors receive 100% of their traffic from organic search and not paid search.

Goals

• Focus on expanding their organic keyword plan to bring in customers from all product lines and all audience types.
• Grow their traffic share YoY by at least 5-10%
• Spend on Content Strategy rather than Paid Search to give long term benefit.

Keyword Gap Analysis

Problems

Angle One is not ranking for 566 keywords that either Groww or Zerodha are ranking for and nearly 20,000 keywords that Angel One has not worked on yet. Some of these keywords revolve around:

• IPOs
• Global Indices
• Candlestick Patterns
• Information on Mutual Funds

Solution

• Add keywords for various product types like Mutual Funds, Loans, Fixed Deposits, Insurance and sub-products like IPO's, Global Indices etc. This creates a wide keyword reach and targets searches from users who are in different stages of their financial journey.
• Create Topical Authority for example in case of Fixed Deposits, content can be created in the following way to create authority. Building Topical Authority boosts organic traffic. Combined with effective internal linking, this strategy can add tremendous value.
• • What is Fixed Deposits
  • Different types of fixed deposits
  • Why to invest in fixed deposits
  • Why not to invest in fixed deposits
  • Who should invest in fixed deposits
  • FD interest and maturity calculator
  • Comparison of FDs between various banks
• Re-write content or re-work content around the keywords that Angel One is weak for.
• Focus on the keywords that are untapped, these keywords can be used to increase rank quickly as non of the competitors are ranking for them either or even if they are ranking, they are far away.
• Reduce branded search further by creating content around non-branded search.
• As more and more people are moving towards regional searches, Angel One should focus on adding blog posts or keywords in regional languages.
• Create content for all the layers of a user funnel.
• • Top of the funnel (Informational): best mutual funds for long term
  • Middle of the Funnel (Consideration): HDFC mid cap mutual fund vs Quant Mid cap fund
  • Bottom of the Funnel (Transactional): Invest in HDFC mid cap mutual fund for 25% CAGR

YouTube Search

Popular Videos

Latest Videos

Problems

• In the Popular Videos category on YT:
• • The top 3-4 rows show campaign videos that are on an average 2-3 years old. This shows that none of the value based content videos are on popular enough.
  • In the case of Groww, videos that provide valuable learnings or content are on the top, so is the case for Zerodha.
• In the Latest Videos category on YT, the average view count of the first 4 videos is just 4000.
• • For Groww, the average view for first 4 videos is over 25k
  • For Zerodha it is about 1.8k

Solution

• Create content on topics that users are actively searching for
• Create content on trending topics
• The thumbnails of the videos are not attractive
• Create content on topics that is fresh, insightful and share worthy

The above strategies can lead to a healthy 5-10% YoY organic traffic growth and consequently app downloads and registration.

(Understand, where does organic intent for your product begins?)

​

Step 1 → Identify complementary products used by your ICP
Step 2 → Use the selection framework and compare the potential integrations it in a tabular form.

Step 3 → Collaborate with necessary stakeholders
Step 4 → Map the customer journey
Step 3 → Design the wireframe with the new integration
Step 3 → Run pilot tests before launching
Step 3 → Measure post-integration metrics

​

Current Referral Flow in Angel One Super App

The current referral program offers a voucher of ₹150 that can be redeemed against shopping partners.

• The referral touch-point is very tiny and not easily discoverable
• There is no platform currency of any sorts. There is only a voucher that can be redeemed.
• The vouchers is received in 2-7 days.
• A shareable link and a WhatsApp link can be shared. The WhatsApp link is prominent
• The message that is shared via WhatsApp is long and not well structured, which does not provide the CVP of Super App

New Referral Flow

AHA Moment

• Instant eKYC and dashboard availability to check out all the products and start investing (apart from those which take time like Demat Account). This gives them a sense of immediate achievement that they have opened a package and experienced what's inside
• Instant credit of Platform Currency instead of a 2-7 days to give immediate gratification to the users.

Platform Currency

Super coins are like the name suggest super in nature. They can be used to redeem against anything:

• Redeem against shopping partner integrations
• Redeem against brokerage fees and other fees charges in Angel One App for various services
• Redeem against Demat AMC

Biggest Benefit of Super Coin

Convert coins into in-app cash, that can be invested in any specific products to drive usage of that product.

Referral Tracking - How will they track?

The current way of sharing with WhatsApp link is right as most of the ICP is on the phone and WhatsApp is the primary source of communication in India.

The current app has a robust referral tracking mechanism in place. It provides a list of all the referrals and their onboarding journey.

Whom to Ask for Referral?

• Frequent users of Super App who open the app at-least 2-3 times a week.
• • Traders
  • Investors
• These users can be called our loyal users as they frequently use the app.
• The referral touch-point should be visible now and then, on the home screen of the app. It should not be frequently visible. No pop-ups should be sent.

Referral Landing Page for Non-users

In the new Referral Flow, a non-user will be taken to a landing page where it shows all the benefits of the Super App, along with it's features. This helps track user conversion

Why will they keep referring?

• The instant gratification of receiving Super Coins combined with fast onboarding will help them talk about the app to others.
• The instant receipt of Super Coins, and the ability to convert them into cash and invest them will start their investing journey. This will be loved by users.
• The notion of redeeming Super Coins against AMC and brokerage fees will let them keep referring. This will give them the realization that they are investing/trading free of cost without incurring AMC.

New Referral Sharing Message that goes with link

I have created a Super Investment Portfolio with Angel One Super App. It's time you create a Super Investment Portfolio as well. Save, Trade, Invest and Earn with me with Free Account Opening and Account Opening in just 5 minutes.