Founder & CEO at Zerodha & Rainmatter. Learning at Rainmatter foundation. Views are personal. Nothing here is advice.
Someone on Reddit asked what does Zerodha do differently, how are we profitable, why don't IPO etc. This is what I replied: Hmmm... so you forget that we have spent 15 years getting here. And maybe another 10 years, before Zerodha, I was involved in the markets in some form. So, 25 years in all. Things in business compound over time, especially if you like or love what you are doing and if you are lucky to be in the right place and time. When we started Zerodha, we started off as a partnership firm because the exchange deposit requirement was lower, Rs 90 lks compared to Rs 1.5 cr. The start was mainly enabled thanks to the NSE Now trading platform, which came free of cost if you were an NSE broker. For the backoffice piece, sending contract notes, maintaining ledgers, etc., we signed up with a vendor who basically gave it at almost 0 cost. This was provided that we tested out his platform. So the money we have spent on Zerodha is maybe ~Rs 10lks, and that is all the money that has gone into the business till date. Rs 2.5 lks for our website, Rs 5lks for our office interiors (we had an office before), and Rs 2.5 lks for miscellaneous. So, we came from an extremely middle-class background and had no rich uncles. 😀 Dad was a bank manager, and Mom taught Veena. Our rise coincides with India's rise. We were present at the right place and time with the right products and initiatives. Any gyan any founder gives, eventually comes down to getting timing right, and this has got everything to do with luck. 😀 I was just reading about Jensen Huang from Nvidia, he survived in the business for 30 years until he hit the right place and time. For a long time, people might have questioned what he was doing until very recently. 😀 Now that there is no pressure to give any exit to any investor, we can continue doing what is right for the customer, sometimes even at the cost of the business. For example, our no spam or no tracking policy. I believe that the philosophy with which we run Zerodha will be our real moat as a business. It is very tough to stick to it as a public company.
The most overlooked compounding isn’t in money. It’s in time spent in the trenches. Luck matters, but staying alive long enough to catch it matters more.
Your journey is a profound reminder that sustained success often hinges not just on strategy, but on patience, timing, and a commitment to core values; it’s inspiring to see how you've leveraged those principles to prioritize the customer experience. Nithin Kamath
What makes this story powerful is not just Zerodha’s scale, but the philosophy behind it. customer-first, no shortcuts, and zero pressure from external capital. In an era where startups chase valuation, Zerodha shows how conviction, timing, and patience can build real value. A case study for every entrepreneur
Loved this perspective 👏 Most people think profitability or success is about one big move — but in reality it’s years of compounding effort, timing, and staying true to core principles. Zerodha is proof that discipline > hype. Especially liked the point about no external pressure = freedom to truly prioritize customers.
Persistency is the fuel behind compounding, turning small, steady actions into exponential growth over time. Staying committed, and allowing the power of compounding work its magic while being patient is my take away!
Exactly Nithin Kamath Most people underestimate how much time, persistence, and the right timing go into building something meaningful. It’s not about shortcuts or flashy growth – it’s about staying consistent, making the right choices, and focusing on long-term value. 🚀
I see so many businesses chase quick wins, but the ones that last are built on discipline and staying true to their philosophy, that’s real long-term value. Nithin Kamath
Entrepreneur, musician
1moZerodha, just like Bloomberg, has an incredible story. Zerodha, just like Bloomberg, is at the centre of the world of capital markets. Zerodha, just like Bloomberg, doesn’t want to go public. Now what’s left is the founders of Zerodha entering politics, and hopefuly doing better than Mr. Michael Bloomberg. Haha. Cheers to you, sir! :)