Nithin Kamath Says Zerodha Couldn’t Be Built In 2025: Here’s Why

Kamath said that if he were starting out in 2025, he wouldn’t launch Zerodha as it is. Instead, he would explore a different path within the financial services space

Kamath’s comments quickly gained traction online, with his post going viral on X

Source : X

Nithin Kamath, co-founder and CEO of Zerodha, shared that he wouldn’t start the online brokerage today, given the state of the market in 2025. Speaking openly during a recent Q&A on Zerodha’s TradingQnA platform, Kamath pointed to the oversaturation of the industry, saying the space has become too crowded and that achieving the kind of success Zerodha saw in its early days would be nearly impossible now.

“We would not have started Zerodha. The market is so crowded, and being another one doing the same thing wouldn't work. Also our product has evolved over the last 10 years, I don't think it would make sense to attempt to beat the best today on day 1 of the business,” Kamath wrote.

The Bengaluru-based entrepreneur expanded on his perspective in a post on X (formerly Twitter), where he shared a screenshot of his response from the Q&A session. Kamath said that if he were starting out in 2025, he wouldn’t launch Zerodha as it is. Instead, he would explore a different path within the financial services space—one that offers a more distinct value proposition and stands out in today’s crowded market.

“I would have probably built a brokerage with some other moat probably. Charge higher and offer a better research maybe. Of course the customers would have been much lesser, but you could still earn significantly,” he added.

I was asked recently on Tradinqna

Hi Nithin sir, I have one specific question for you:

What would have you done differently if you had to start Zerodha in 2025 all over again with decades of experience considering the competitions.

Me: We would not have started Zerodha 😀… pic.twitter.com/hfdcYVXP4V

— Nithin Kamath (@Nithin0dha) April 16, 2025

Internet Reacts

Kamath’s comments quickly gained traction online, with his post going viral on X. The remarks sparked an active discussion in the comments, where many users echoed his sentiments and stressed the difficulties of breaking into saturated markets without offering meaningful innovation.

“You might not have entered the brokerage business at all, Nithin. The Nithin of 2010 was a different individual, with a different mindset & saw the world in a different manner. In 2025, both you & the world around you have changed. The public needs are different & so is your thought process. Given these changes, I believe you might have pursued something entirely different today, perhaps never stepping into the brokerage space at all,” wrote one of the X users.

A second user added, “Timing is everything in business. I think this applies to so many industries now. The easy opportunities get saturated quickly, forcing new entrants to either innovate dramatically or find specialized niches. Makes me wonder what other untapped opportunities exist in fintech that aren't just variations of existing models. Perhaps something combining financial services with other emerging technologies or addressing completely underserved segments? Great food for thought for entrepreneurs looking at saturated markets!”

A major milestone arrived in 2015 with the launch of the Zerodha Trading Platform (ZTP), which introduced a user-friendly interface, minimal brokerage fees, and a range of tools designed for both beginner and seasoned traders. Today, Zerodha serves over one crore clients and ranks among the leading fintech companies in India.