Nithin Kamath, founder and CEO of Zerodha Commodities, at the company’s office in Begaluru, India. Picture: BLOOMBERG/KAREN DIAS
Thanks to a slick, mobile-friendly platform and rock-bottom commissions , his brokerage, Zerodha, has become a hit in a country with the world’s largest millennial and Generation Z populations. The firm’s rapid rise has not only made Kamath rich, it’s spurring the industry’s old guard to rethink its approach and turning Zerodha into a case study for how financial companies can lure young customers in fast-growing emerging markets.
“Zerodha has a superior platform,” said Madhukar Ladha, an analyst at HDFC Securities in Mumbai. “It’s very agile, fast and smart. That makes a big difference.”, which means obstacles in Sanskrit — is the brokerage Kamath wishes he’d had as a young investor. In his teens and early 20s, he would trade by day and work for about $1 an hour in a call centre at night.
Zerodha said it handled about 10% of the country’s stock trades in the 12 months ended March, a period when the benchmark index jumped 17% and many Indians shifted into equities from cash after the government ban on high-value currency bills altered saving habits. Zerodha’s discount strategy is proving lucrative. Revenue climbed to 4.5-billion rupees in 2018 from 2-billion rupees a year earlier, while profits more than doubled to 2-billion rupees during the same period.
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