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The referral history, including the years incentives existed, the regulatory ban, and the striking observation that referrals stayed roughly flat once the incentives went away.
How Zerodha grew without Advertising
From nithinkamath.me by Nithin Kamath About 4 min read
- Zerodha ran a referral program from its 2010 start because it had no advertising budget.
- Regulation eventually stopped them paying referral incentives, causing a dip around 2018-19.
- With incentives now removed entirely, referrals have stayed roughly flat, which is the whole argument.
- The precondition is offering products customers would talk about unprompted.
