Customer trust and referrals drive Zerodha, not incentives: Nithin Kamath

August 19, 2025

Zerodha’s growth has been driven by customer referrals and word-of-mouth publicity instead of advertising, says Founder and CEO Nithin Kamath as he explains how despite regulatory changes ending referral incentives, referrals remain steady for the discount broker. This is a testimony to customer trust and loyalty for the platform, he adds.

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