Zerodha’s Nikhil Kamath gives mind-blowing $197 billion business idea: ‘But requires cultural shift,’ he cautions

Zerodha Co-Founder Nikhil Kamath is of the opinion that the time is now ripe for Indian entrepreneurs to venture into preventive healthcare. Not that they are not doing so, but not doing so in adequate numbers. As Kamath pointed out in a recent tweet on X, urban India is increasingly prioritises health and longevity. And this reality requires new businesses.

In a detailed post on Thursday, Kamath highlighted the shift in India’s healthcare approach, which has historically been reactive, focusing more on treatment than prevention.

“Everything health-related in the last decade felt like it was too early. This seems to be changing now, with health and longevity becoming mainstream in urban India. The timing might be right now for entrepreneurs to build something in health,” Kamath wrote.

Backing his argument with data, Kamath pointed out that India’s preventive healthcare market is projected to reach $197 billion by 2025, with fitness and wellness alone contributing nearly $98 billion.

The sector has doubled in size over the past four years, driven by an increasing consumer focus on health and longevity.

However, as Kamath points out, while preventive healthcare is rising, but not when it comes to spending on it. Kamath's statistics show that Indians who are conscious about their health spend between between ₹4,000-₹10,000 annually on fitness and wellness. However, there is an important caveat. Within this chunk, the wealthiest 35% account for 98% of this expenditure.

As Kamath argues: fitness and wellness services are the dominant categories in this segment, with market share being a whopping 51%.

Despite the growing interest in health, India continues to lag in structured fitness habits. The country has 96,278 gyms, but membership numbers remain dismal.

“Compared to the U.S., where 21.2% of adults have gym memberships, India is at just 0.2%—the lowest globally. Even among those who sign up, more than half fail to attend regularly,” Kamath noted.

According to him, overcrowding, poor maintenance, parking issues, and a lack of group workout options discourage many Indians from hitting the gym, with 44% preferring home-based workouts instead.

Culture of fitness, according to Nikhil Kamath

Fitness culture in India remains in its nascent stages, with 29% of the population classified as inactive and 56% exercising only occasionally. The top motivations for exercising include staying healthy, feeling good, and reducing stress. Walking is the most popular activity, with 38% of women and 34% of men engaging in it regularly. Other activities like running, cycling, yoga, and sports see significantly lower participation.

Kamath also highlighted seasonal gym trends, stating, “New Year’s resolutions drive a 12.5% surge in gym memberships, but the enthusiasm is short-lived—80% of new members quit within five months.”

The COVID-19 pandemic triggered a massive shift in fitness engagement, with a 1300% spike in live fitness content consumption worldwide. However, India still trails in key fitness adoption metrics.

Kamath pointed out that “India sells only 114 fitness wearables per 10,000 people, compared to the global average of 645 (-82% gap). Gym memberships are even lower, with just 46 gym-goers per 10,000 people, compared to the global average of 244 (-81% gap).”

One potential avenue for growth is increasing women’s participation in gyms, currently at 45%. Kamath also highlighted government efforts like the “Fit India Movement,” which aims to close the fitness gap and push preventive health into the mainstream.

Beyond fitness, unhealthy lifestyles in India have direct financial consequences.

Kamath noted that “46% of Indians lead unhealthy lifestyles, which directly impacts their financial well-being.”

As per Kamath's statistics, most households, at least over 30%, spend their hard-earned money combating non-communicable diseases (NCDs).

Summing up his argument, Kamath emphasised the urgent need for a cultural shift.

“A cultural shift towards fitness is needed before the cost of inaction becomes irreversible,” he stated.