'We may be the only B2C company...': Nithin Kamath says Zerodha attained record growth without a single ad

Nithin Kamath, the CEO and co-founder of Zerodha, is visibly elated. Taking to the social media platform, X, today, he reflected on his journey and that of his company, Zerodha, saying that the latter exemplifies the incredible trust placed in his company by millions of investors.

Established over a decade ago in 2010 by the Kamath brothers, Nithin and Nikhil, Zerodha has since evolved into India’s leading stock brokerage platform, boasting a user base that has now surpassed 1 crore.

As of today, over 1.6 crore Indians trade and invest through Zerodha, marking a monumental achievement in the fintech space. Kamath recently revealed that nearly 30% of Zerodha’s users have come on board through referrals from existing customers. This organic growth speaks volumes about the company’s credibility and customer satisfaction, with users entrusting Zerodha with a staggering Rs 6 lakh crore worth of assets.

In a post on X, Kamath expressed his gratitude, saying, “All Zerodha investors today trust us with Rs 6 lakh crores of their assets.” He then highlighted a distinctive aspect of the company’s success: its unprecedented growth without any advertising. Kamath proudly pointed out that Zerodha may be the only Business-to-Consumer (B2C) company to reach such heights without relying on traditional advertising strategies.

“We’ve always stayed true to our philosophy of not pushing people to trade, avoiding spam, and creating a space that feels authentic,” he wrote. “Not advertising has allowed us to stay aligned with our values and avoid the pitfalls of aggressive marketing tactics.”

Kamath also shared his thoughts on the challenging nature of the Indian market. “India is a tough market to earn in, and even if we had advertised, we would have lost a significant chunk of our profits to platforms like Google and Facebook/Meta,” he explained. This sentiment is in line with a previous statement he made in an interview with Economic Times, where he likened advertising to a dangerous addiction, comparing it to the effects of cocaine: “Once you start, you can’t stop.” This philosophy is likely the reason Zerodha has stayed away from flashy campaigns and instead focused on building trust with its users.

In addition to its success as a brokerage platform, Zerodha has also made significant strides in the asset management space. Just a year after launching its fund house, Zerodha Fund House has seen its assets under management (AUM) grow an astonishing 18 times—from Rs 231 crore to over Rs 4,200 crore. The fund house, which focuses solely on passive investment products, has quickly established itself as a major player in the market.

According to Kamath, Zerodha Fund House was created with a singular focus: to make capital markets accessible to more Indians. The company claims to have introduced products that are simple, transparent, and affordable. One such product is India’s first Growth-NAV-based Liquid ETF, LIQUIDCASE, which provides investors with a low-risk, innovative option for short-term cash management.

This product has been well-received, marking a strong beginning for Zerodha’s expansion into asset management.