Zerodha
👤 Nithin & Nikhil Kamath (Nithin traded from 17 and ran trading forums; he knew active traders' pain cold and priced Zerodha to fit it.)🌐 sitenithinkamath.substack.com𝕏LinkedIn
Two trader brothers with no ad budget built India's largest broker by pricing near-zero and teaching markets for free.
Will it work? · our read
Priced to win. But margins come mostly from retail options trading SEBI is now curbing; Nithin guides 30-50% lower revenue. The pricing was copyable; the 14-year trust was not.
01How the money moves
Trader opens a free account; equity delivery costs nothing
→
Intraday and F&O orders cost a flat ₹20 (about $0.24)
→
Millions of daily orders yield $1B revenue at 55%+ margin
02The numbers
$1B
FY24 revenue
founder blog
55%+
net margin, FY24
founder blog
7.5M
active clients
NSE, 2024
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(demo: preview the full teardown)Sourcesupdated · daily
Entrackr — Zerodha FY24: Rs 8,370 Cr revenue, 55%+ margin (from Nithin Kamath's blog)Business Standard — Zerodha profit jumps 61.5% in FY24; CEO warns on regulationNithin Kamath — how referrals drove up to 30% of accountsThe Arc — Kamath: new F&O rules could cut revenue 30-50%Wikipedia — Zerodha: founding, flat-fee model, Varsity, Rainmatter
Revenue and profit are FY24 figures Nithin Kamath disclosed on Zerodha's blog (reported by Entrackr and Business Standard); FY23 (Rs 6,875 Cr revenue / Rs 2,907 Cr PAT) is from audited filings. Marked STATED because a full audited FY24 report was not yet filed at disclosure. The $1B revenue / about $560M profit figures are conversions at about Rs 83.5 per USD. The 30-50% revenue-risk is Kamath's own guidance, not our estimate. Active-client and market-share figures are NSE data. No drama invented: the flat-fee disruption and near-zero marketing growth are documented first-party. We never score you.