'Much of our profits would have gone to...': Nithin Kamath reveals Zerodha’s strategy to 1.6 cr users

Over 1.6 crore Indians now invest and trade on Zerodha, trusting the platform with ₹6 lakh crores of their assets. What sets Zerodha apart isn’t just its scale but how it got there—without ever spending a rupee on ads. 

“India is a tough market to earn in,” Kamath said. “If we had advertised, much of our profits would have gone to Google and Meta.”

Almost 30% of Zerodha’s customers come through referrals—a statistic that underscores the platform’s customer-centric approach. 

“You don’t look at an ad and decide to invest in stocks. It’s always a friend or family member who influences you,” Kamath was quoted as saying in an interview to ET. Zerodha adds 2 to 4 lakh accounts every month, fueled purely by word-of-mouth.

Zerodha’s decision to avoid advertising wasn’t just about cost; it was about philosophy. “Advertising is like cocaine. Once a business gets used to it, growth becomes dependent on it,” Kamath had said then. 

Despite its dominance among English-speaking audiences, Zerodha faces challenges in Hindi-speaking regions like UP and Bihar. “We’re number one among English-speaking Indians but lag in Hindi-speaking markets,” Kamath admitted. Recently, the company launched Hindi content channels to bridge this gap and attract new users.

Zerodha’s strength lies in retaining customers aged 35-50, who prioritize reliability and service. However, cracking the 55-plus demographic has been difficult. From 2019 to 2025, Zerodha’s assets under management have grown exponentially. While the early years saw steady growth, 2023 marked a turning point with a sharp upward trajectory. 

Kamath is candid about Zerodha’s unorthodox path. “Whether avoiding advertising was the right call, I don’t know. But it has kept us aligned with our philosophy—no spam, no greed, just good service.”