Over 1.6 crore Indians now invest and trade on Zerodha, trusting the platform with over Rs 6 crore of their assets. What sets Zerodha apart is not just its scale but how it got there – without ever spending a rupee on ads.
“India is a tough market to tap into,” Kamath said. “If we had advertised, most of our profits would have gone to Google and Meta.”
About 30% of Zerodha's customers come through referrals – a statistic that underscores the platform's customer-centric approach.
“You don't decide to invest in stocks after looking at an ad. It is always a friend or a family member who influences you,” Kamath was quoted as saying in an interview to ET. Zerodha adds 2 to 4 lakh accounts every month, purely on word of mouth.
Zerodha's decision to avoid advertising isn't just about cost; It was about vision. “Ads are like cocaine. Once a business gets used to it, its growth depends.” Kamat had said then.
Despite its dominance among the English-speaking audience, Zerodha faces challenges in Hindi-speaking regions like UP and Bihar. “We are number one among English-speaking Indians but lagging behind in the Hindi-speaking market,” admitted Kamath. Recently the company launched Hindi content channels to bridge this gap and attract new users.
Zerodha's strength lies in retaining customers in the age group of 35-50 years 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. Although the initial years saw steady growth, 2023 marked a turning point with a sharp upward trajectory.
Kamat is honest about Zerodha's unorthodox path. “I don't know if avoiding publicity is the right call. But it also aligns us with our philosophy – no spam, no greed, just good service.