‘Most of our profits used to go to…’: Nitin Kamath explains Zerodah’s strategy to 1.6 cr users

More than 1.6 crore Indians now invest and trade on Zeroda, bringing the platform ₹ 6 crore in assets. What sets Zerodha apart is not just its size, but how it’s achieved—without spending a single rupee on ads.

“It’s a difficult market to make money in India,” Kamath said. If we had advertised, most of our profits would have gone to Google and Meta.

About 30% of Zeroda’s customers come through referrals – this highlights the platform’s customer-centric approach.

“They don’t look at ads and decide to invest in stocks. It’s always a friend or a family member who influences you,” Kamath said in an interview to ET. Zerodha adds 2 to 4 lakh accounts every month, fueled by word of mouth alone.

Zerodah’s decision to eliminate advertising wasn’t just about cost; It was about philosophy. “Advertising is like cocaine. Once the business takes off, its growth will depend on it,” Kamath said then.

Despite its dominance among English-speaking audiences, Zerodha faced challenges in Hindi-speaking states like UP and Bihar. “We’re number one among English-speaking Indians, but we’re lagging behind in the Hindi-speaking market,” says Kamat. Recently, the company launched Hindi content channels to bridge this gap and attract new users.

Zeroda’s strength lies in retaining customers in the age group of 35-50, who prioritize reliability and service. However, cracking the 55-plus demographic was tough. From 2019 to 2025, Zerodha’s assets under management have grown exponentially. While the first years showed steady growth, 2023 marked a turning point with a sharp upward trajectory.

Kamat is candid about Zerodha in an unusual way. “I don’t know if removing advertising is the right call. But it kept us in line with our philosophy—no spam, no greed, just good service.