Aniruddha Malpani, a Mumbai-based investor, has recently become the center of attention after publicly accusing Zerodha, India's largest brokerage firm, of a "scam" for allegedly restricting his access to his own funds. Malpani's অভিযোগ, made via social media platform X, অভিযোগ that Zerodha's ₹5 crore daily withdrawal limit is unfair and effectively allows the brokerage to use his money for free. The post included a screenshot showing an available cash balance of ₹429 crore in his Zerodha account, while his withdrawable balance was ₹18.46 crore, highlighting the discrepancy between his holdings and the withdrawal cap.
Zerodha responded publicly, advising Malpani to raise a support ticket to facilitate withdrawals exceeding ₹5 crore, referencing their existing policy for manual approvals on large transfers. Zerodha co-founder, Nithin Kamath, further clarified that the payout requests had already been processed and that the withdrawal limits and manual approvals are safeguards to ensure system integrity during large fund withdrawals.
Who is Aniruddha Malpani?
Dr. Aniruddha Malpani is not your typical investor. He is an IVF specialist who has been practicing medicine for decades. Malpani graduated from Grant Medical College (Sir J.J. Group of Hospitals) / KEM Hospital in Mumbai with numerous gold medals and pursued further education in Obstetrics & Gynaecology. Recognizing the potential of In Vitro Fertilization (IVF), he and his wife, Dr. Anjali Malpani, established Malpani Infertility Clinic to bring advanced IVF treatments to India. His clinic attracts patients from all over the world.
Beyond his successful medical career, Dr. Malpani is also an angel investor and the founder of Malpani Ventures, a venture capital firm that invests in early-stage startups across various sectors, including healthcare, financial technology, SaaS, consumer technology, and education technology. Malpani's journey into angel investing began around the dot-com boom (1999-2000). He learned from early failures and formalized his investment approach by co-founding Malpani Ventures with his wife. As of June 30, 2025, his equity portfolio is worth approximately ₹505 crore. Malpani Ventures has invested in health tech startups, including Plus91, Inventurus Knowledge Solutions, AllizHealth, and MultiBhashi.
Malpani is known for his candid and contrarian views and his commitment to ethical practices. He is also the founder and director of the 'Health Education Library for People,' India's first Consumer Health Education Resource Centre. He has authored books, including "How to Get the Best Medical Care" and "Decoding Medical Gobbledygook".
Malpani's support for the startup ecosystem includes investing in early-stage ventures, providing mentorship, connecting entrepreneurs with industry leaders, and encouraging innovation. He has invested in 32 companies, with recent investments including Nexxio, Mestastop, and Clodura.
The Zerodha Incident and its Aftermath
The dispute with Zerodha has ignited a debate about withdrawal limits and investor awareness. While some traders have sided with Malpani, questioning the withdrawal caps, others argue that such limits are standard practice for security reasons. Zerodha's policy limits default daily withdrawals to ₹5 crore to ensure compliance and security. Instant withdrawals, up to ₹2 lakh, are available under specific conditions.
This isn't the first time Malpani has been in the news for expressing his views. In 2020, WhiteHat Jr filed a defamation case against him, alleging that his tweets were defamatory and tarnished the company's image.
Despite controversies, Aniruddha Malpani remains a significant figure in both the healthcare and investment sectors, known for his outspokenness and his commitment to patient empowerment and ethical investing. He aims to invest ₹500 crores in startups over the next five years.
