Zerodha, an Indian stockbroker founded in 2010, says it has never paid for advertising. “So the only way we could grow was through word of mouth and customer referrals,” its founder Nithin Kamath wrote in 2025.
In January 2025 Inc42 reported that Zerodha had 1.6 crore users and that “30% of its users came via referrals from existing customers.” Kamath has said that referrals stayed steady after the company stopped paying incentives for them.