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Zerodha co-founder Nithin Kamath says no IPO is planned, emphasizing independence from investors and prioritizing customer interests, discipline, and luck.
No IPO, No Pressure: Nithin Kamath on Zerodha’s Unique Growth Story
One of the largest online brokerages Zerodha, is not looking to bring its initial public offering anytime soon, reveals co-founder Nithin Kamath in the X post. He says the company’s independence from external investors is central to its philosophy — a luxury that allows it to prioritize customer interests over business pressures.
Responding to a Reddit user’s query on what sets Zerodha apart and why the firm has never sought an IPO, Kamath highlighted that the company’s unique journey is rooted in discipline, timing, and luck. “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,” he wrote. Policies such as a strict “no spam and no tracking” rule, he added, would be hard to maintain as a public company.
Kamath traced the company’s humble beginnings back to 2010, when Zerodha started as a partnership firm to take advantage of lower exchange deposit requirements. The venture’s initial outlay was around Rs 10 lakh — Rs 2.5 lakh for the website, Rs 5 lakh for office interiors, and the rest for miscellaneous costs. Coming from a middle-class family with no wealthy backers, Kamath credited NSE’s free trading platform and a nearly costless back-office vendor tie-up for helping Zerodha take off.
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,…
— Nithin Kamath (@Nithin0dha) September 16, 2025
Over 15 years of operations, and nearly 25 years of his personal involvement in markets, Kamath said the firm’s growth reflects India’s own economic rise. “Any gyan any founder gives, eventually comes down to getting timing right, and this has got everything to do with luck,” he noted, drawing parallels with Nvidia’s Jensen Huang, whose persistence paid off decades later.
For Zerodha, Kamath believes its long-term moat will not be valuation-driven, but value-driven.
Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the Indian Inst…Read More
Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the Indian Inst… Read More
September 16, 2025, 16:02 IST
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