Zerodha co-founder Nikhil Kamath responded to a lighthearted remark by Jay Kotak, co-head of Kotak 811 when Kotak joked, “You’ve already disrupted the broking business, please don’t come after us”. To this, Kamath replied, “We won’t get a license even if we wanted,” pointing to the regulatory hurdles fintech firms face in entering the banking sector.
For those unaware, Zerodha was founded in 2010 by Nithin and Nikhil Kamath. By offering zero brokerage on equity investments and flat fees for trades, the platform has grown to manage assets worth Rs 6 lakh crore and attract over 1.6 crore users—all without any advertising. Despite being overtaken by Groww in 2023 as the largest brokerage by active users, Zerodha continues to post impressive financial results. In FY24, its net profit rose 89% to Rs 5,496 crore, while revenue increased by 37% to Rs 9,372 crore.
Beyond broking, Zerodha has expanded into financial education through its Varsity platform and launched Coin for direct mutual fund investments. Staying bootstrapped and profitable, the company remains a leader in the fintech space.
The exchange took place during a session at the Global Investors Meet 2025 in Bengaluru. The session, titled “Leading the Charge: Young Innovators Shaping India’s Future,” also featured Parth Jindal, Managing Director of JSW Cement, and Suzannah Muthoot, Executive Director of Muthoot Housing Finance Company. Kamath, who moderated the panel, steered the conversation around the future of the financial sector and innovation in India.
During the panel discussion, Jay Kotak addressed gaps in the banking system, criticizing Indian banks for lagging behind fintech companies in customer experience. “We are not empathetic enough towards our customers. In terms of telecalling, brand experience, and mobile app quality, we are light years behind,” Kotak said. He also emphasized the need for India to attract better talent and financial resources to bridge the gap with the U.S. in financial services.