More than 1.6 million 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 scale, but how it got there, without ever spending a rupee on ads.

“India is a tough market to win,” 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 underscores 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 said 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 a matter of cost; it was about philosophy. “Advertising is like cocaine. Once a company gets used to it, growth depends on it,” Kamath had said then.

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

Zerodha’s strength lies in retaining customers aged between 35 and 50, who prioritize reliability and service. However, it has been difficult to crack the over-55 demographic. From 2019 to 2025, Zerodha’s assets under management have grown exponentially. While the first few years saw steady growth, 2023 marked a turning point with a strong upward trajectory.

Kamath is candid about Zerodha’s unorthodox path. “I don’t know if avoiding publicity was the right call. But it has kept us in line with our philosophy: no spam, no greed, just good service.”