Over 1.6 lakh Indians are now investing and trading in Zerodha, trusting the platform with Rs 6 lakh of their assets. What sets Zerodha apart is not just its size, but also how it gets there – without spending a single rupee on advertising.
“India is a difficult market to make money in,” 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 through referrals – a statistic that underscores the platform’s customer-centric approach.
“You don’t look at an advertisement 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 with ET. Zerodha is adding 2 to 4 lakh accounts every month, fueled solely by word of mouth.
Zerodha’s decision to avoid advertising wasn’t just about cost; It was about philosophy. “Advertising is like cocaine. Once a company gets used to it, growth depends on it.
Despite its dominance among English-speaking audiences, 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 markets,” Kamath admitted. Recently, the company launched Hindi content channels to bridge this gap and attract new users.
Zerodha’s strength is in retaining customers between the ages of 35 and 50, who prioritize reliability and service. However, the over-55 demographic was difficult to beat. From 2019 to 2025, Zerodha’s assets under management grew significantly. While the early years saw steady growth, 2023 marked a turning point with a sharp upward trajectory.
Kamath is candid about Zerodha’s unconventional path. “Whether avoiding advertising was the right decision or not, I don’t know. But it kept us consistent with our philosophy – no spam, no greed, just good service.”