Nithin Kamath drops truth bomb: 'Wouldn’t launch Zerodha if I started in 2025'

Zerodha’s Nithin Kamath says he wouldn’t start his broking platform if he had to do it all over again in 2025.

Responding to a user query on TradingQnA, Kamath was asked: “What would you have done differently if you had to start Zerodha in 2025 with decades of experience, considering the competition?” His reply: “We would not have started Zerodha...The market is so crowded, and being another one doing the same thing wouldn’t work.”

Kamath added that Zerodha’s edge came from gradual evolution over more than a decade—something hard to replicate in today's hyper-competitive fintech space. “Our product has evolved over the last 10 years, I don’t think it would make sense to attempt to beat the best today on day 1 of the business,” he said.

If he were to attempt a new brokerage now, Kamath said he would build a firm with a differentiated offering. “Charge higher and offer a better research maybe,” he wrote, noting that even with fewer customers, such a model could be financially sustainable.

The comments come amid continued curiosity around Zerodha’s IPO plans. Kamath had in earlier interviews made it clear there is no rush to go public. “If you don’t require money, why this [IPO]? That’s the question,” he said in an interaction.

He pointed out that Zerodha is already heavily regulated and that public listing would add further scrutiny, making it harder to preserve the company’s long-term business approach. “The philosophy with which we run our business is very hard to do as a listed company,” he explained.

Kamath also noted that revenue prediction in the brokerage space is difficult and that going public wouldn’t offer any strategic or material advantage. Employee liquidity, typically a reason for IPOs, is being handled through regular ESOP buybacks.

The company has hinted that it might reconsider its stance only if new ventures like Zerodha Capital or its asset management arm scale significantly—or if the regulator mandates it.