‘If anyone can expand markets beyond top 10 cr Indians…’: Zerodha’s Nithin Kamath on Jio-BlackRock’s broking biz move
Online brokerage platform Zerodha’s Chief Executive Officer (CEO), Nithin Kamath, in a social media post on LinkedIn, said that Jio-BlackRock entering the stock broking business is “great news,” highlighting the need for wider participation in the Indian markets.
According to Nithin Kamath, the Indian market is limited to only the nation’s top 10 crore people participating due to the lack of wider audience reach.
“Many people asked me about Jio-BlackRock getting a stockbroking license. Firstly, this is great news. The biggest issue for the Indian markets is a lack of breadth in participation. We’re largely limited to the top 10 crore Indians,” said Kamanth in his LinkedIn post.
He said that if any company can expand the current market, it is Jio-BlackRock with its distribution power.
“If anyone can expand the markets beyond the top 10 crore Indians, it’s probably Jio with all its distribution might. As for how many new Indian investors have the money to invest in the market, I don’t know,” he said.
Nithin Kamath’s thoughts on broking
Kamath focused on how Zerodha is not chasing”vanity metrics,” and its idea is to stay profitable and stick to the principles and philosophies that have gotten it this far.
“At the heart of our philosophy is to always do the right thing for customers,” said Kamath in his LinkedIn post on 2 July 2025.
Zerodha’s philosophy is not to push customers to trade and ensure that there are no unnecessary notifications, dark patterns, etc, highlighted Kamath, stating that success over the long term has better odds if customers trade less.
“We understand that in the long term, the odds of success are better if customers trade less; most of our product decisions are based on this. We’re not interested in acquiring customers using one plan and changing the pricing later,” said Kamath in his post.
Zerodha CEO also said that the company is not in a hurry and is working for the “long haul” to offer the best products and help the customers grow with the brokerage.
However, Nithin Kamath also highlighted that the same can not be said about other financial services businesses in the sector, who are constantly seeking to grow their business at any cost.
“And yeah, I still feel our real competition is going to be more from first-generation founders who are running, breathing, and always thinking about broking. I somehow don’t feel it is really going to be from incumbents. This is not a business where having deep pockets means you have a large moat,” said Kamath, sharing his perspective through the LinkedIn post.
