Nithin Kamath says Zerodha now has over 1.6 crore users ‘without advertising’, about 30% of them came through referrals – Industry News

Investing platform Zerodha now boasts over 1.6 crore users managing assets worth Rs 6 lakh crores, co-founder Nithin Kamath shared in a LinkedIn post. Interestingly, Zerodha’s remarkable growth stands out not just for its scale but for its unconventional approach — achieved without spending a single rupee on advertising.

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

“We may be the only B2C company to have reached this scale without ever advertising. In hindsight, not advertising has helped us stay true to our philosophy of not pushing people to trade, no spam, etc,” Kamath shared. The platform’s success hinges on its customer-centric philosophy, with nearly 30% of users joining through referrals.

In an old interview with ET, Kamath likened advertising to a dangerous addiction. “Advertising is like being on cocaine. Once you start, you can’t stop,” he had said. This philosophy has kept Zerodha focused on providing value rather than spending on flashy marketing campaigns.

Despite its dominance among English-speaking users, Zerodha aims to expand its reach in Hindi-speaking markets like Uttar Pradesh and Bihar. To bridge this gap, the company recently launched Hindi content channels, targeting regions where it has yet to solidify its leadership, Kamath said in the same interview.

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