Just for indian market. only algotest, tradetron exist here

TAM TOP-DOWN

Three analyst sources report 2024 India algo trading market at $562M (IMARC), $1,051M (Grand View), and $1,080M (Markets and Data). These figures include institutional HFT infrastructure, exchange technology, and software, most of which is irrelevant to a retail SaaS platform. Simple midpoint of the three estimates is $898M. Applying a 55% haircut to strip institutional and infrastructure revenue leaves a retail-and-SME software TAM of roughly $490M.

($562M + $1,051M + $1,080M) / 3 = $898M midpoint; $898M x 0.55 retail-software share = $494M; add ~$300M retail data/analytics adjacency = ~$800M

TAM BOTTOM-UP

SEBI PAN-based data shows 127M unique registered investors. Active derivatives traders number 3.3M (33 lakh per MarketCalls). Not all are candidates for algo platforms; applying a 40% willingness-to-automate filter (reflecting tech literacy and capital thresholds) yields 1.32M potential users. At a blended annual spend of $120 per user (midpoint of Rs 499 to Rs 2,500/month range annualized, converted at Rs 84 per dollar), TAM bottom-up is $158M.

3.3M active F&O traders x 40% willingness = 1.32M; 1.32M x $120/yr = $158M bottom-up retail TAM

SAM FILTERS

From the 1.32M addressable retail algo traders, three filters apply. First, India-only geography is already satisfied (100%). Second, no-code or low-code platform users only: approximately 60% of retail traders lack programming skills, per general fintech literacy benchmarks (assumption, not found in evidence). Third, willingness to pay a subscription rather than use free broker tools: 30% of the filtered pool, given Zerodha Streak's free-tier competition. Result is approximately 238,000 paying users. At blended $200/year (Rs 1,400/month midpoint across tiers, converted), SAM is $48M.

1.32M x 60% no-code x 30% paid = 238K users; 238K x $200/yr = $47.5M, display $48M; top-down: $800M x 6% = $48M

SOM BUILD

A new entrant in year 1 realistically captures 0.5% of SAM given four established platforms, broker-embedded competition from Streak, and a SEBI empanelment process that will consume 6 to 12 months of BD resources. Year-1 SOM: $48M x 0.5% = $240K, approximately 1,200 paying subscribers at $200/year. Year 2, with empanelment cleared and word-of-mouth from AlgoTest-style community building: 1% share = $480K, roughly 2,400 subscribers. Year 3, differentiated features or marketplace: 1.5% share = $720K in new cohort; cumulative active base reaches 6,400 subscribers.

Y1: 1,200 users x $200 = $240K; Y2: 2,400 users x $200 = $480K; Y3: 6,400 users x $500 blended = $3.2M run-rate ARR