Nithin Kamath (Substack)

The founder saying it in his own words: no ads, no sales team with targets, not much marketing, and about 1,000 people while the business grew several times over. Primary source for a story that gets exaggerated elsewhere.

Inside the making of Zerodha

From Nithin Kamath (Substack) by Nithin Kamath Long read

• Zerodha's business grew five or six times while headcount stayed flat at roughly 1,000 people since 2018-19.
• Kamath notes they have never raised external capital and run no sales team with targets.
• They deliberately avoid advertising and avoid pushing people to trade or invest.