Co-founder of Zerodha, which became India's largest retail broker without an advertising budget
Why they're worth your time
He explains the trade offs behind a no-advertising growth model in the open: what pricing had to be true, what the product had to do to be worth talking about, and where referrals stop working. Very few founders at that scale publish the reasoning behind their distribution choices this plainly.
Background
Nithin Kamath co-founded Zerodha in 2010 with his brother Nikhil and remains its CEO. The company bootstrapped to millions of active customers and has publicly said it grew through word of mouth, referrals and free education rather than paid advertising. He writes at length on X and on Zerodha's Z-Connect blog about the business, its pricing decisions and why it does not advertise.