Nithin Kamath says he wouldn’t launch Zerodha in 2025. Here's why

Zerodha co-founder and CEO Nithin Kamath said on Tuesday that if he were to start over in 2025, he would not launch a business like Zerodha again, citing intense competition and market saturation in India’s discount broking space.

A user query on the brokerage's TradingQnA asked Kamath: “What would you have done differently if you had to start Zerodha in 2025 with decades of experience, considering the competition?”

Responding to the question on microblogging platform X (formerly Twitter), Kamath said: “We would not have started Zerodha. The market is so crowded, and being another one doing the same thing wouldn’t work.” He added that while Zerodha’s product had evolved over the past decade, it would be hard to compete with incumbents at launch in today’s environment.



Kamath, who launched Zerodha in 2010 with a zero-commission model that disrupted India’s broking industry, said he would now focus on building a brokerage with a differentiated moat—perhaps charging higher fees and offering stronger research. “Of course the customers would have been much lesser, but you could still earn significantly,” he said.

His remarks come as Indian equity markets reel from recent volatility. The benchmark indices have declined over 15% from their 52-week highs following tariff moves by U.S. President Donald Trump. Earlier this week, Kamath advised retail traders to consider pausing their activity amid the turbulence, especially during short trading weeks.

The comments come as speculation continues over Zerodha’s IPO plans. Kamath has repeatedly said there is no rush to go public, citing regulatory scrutiny and the difficulty of maintaining the firm’s long-term philosophy as a listed entity.

He has also argued that public listing offers no strategic upside in a business where revenue prediction is difficult, and employee liquidity is already managed through regular ESOP buybacks.

Kamath has hinted that the company may revisit the idea of going public if newer ventures such as Zerodha Capital or its asset management arm gain significant scale, or if required by regulators.

Also read | Markets are moody, if you are too, stay out: Zerodha’s Nithin Kamath thinks investors should avoid trading this week

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