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 is not just its size, but also the way it got there, without ever spending a rupee on advertising.
“India is a tough market to crack,” Kamath said. “If we had advertised, a lot of our profits would have gone to Google and Meta.”
Nearly 30% of Zerodha’s customers come from referrals, a statistic that highlights 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 2-4 lakh accounts every month, fueled purely by word of mouth.
Zerodha’s decision to avoid advertising wasn’t just about cost; it was a question of philosophy. “Advertising is like cocaine. Once a business gets used to it, growth depends on it,” Kamath 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 lag behind in the Hindi markets,” Kamath admitted. Recently, the company launched Hindi content channels to fill this gap and attract new users.
Zerodha’s strength lies in its ability to retain customers aged 35 to 50, who prioritize reliability and service. However, it has been difficult to reach the 55 and over demographic. From 2019 to 2025, Zerodha’s assets under management grew exponentially. While the first years were marked by steady growth, 2023 marked a turning point with a strong upward trajectory.
Kamath speaks candidly about Zerodha’s unorthodox path. “I don’t know if avoiding publicity was the right decision. But it allowed us to stay true to our philosophy: no spam, no greed, just good service.
