The company Zerodha which two brothers – Nithin and Nikhil Kamath – founded in 2010 has grown a lot in the last few years, and the CEO, Nithin, on Wednesday revealed the key reason behind the success of the company which proves financial services such as brokerage-free equity investments.
With the headquarters located in Bangalore and offices in nine cities in India, Zerodha has become the country's largest stockbroker with over 8.5 lakh active clients.
Back in December, Nithin had said that Zerodha's customers, revenue and profits had seen a spike of 5x growth since March 2022.
"As a business, we have been lucky to enjoy steady growth over the last decade...However, the last two years have brought us unprecedented financial success," Nithin wrote in a blog post.
The 43-year-old CEO of the company, Nithin Kamath, credits the users who referred Zerodha to others behind the company’s growing success. "A key reason behind the success of @zerodhaonline is that we were able to grow thanks to all the referrals from our users. Over 10 lakh customers have referred their friends and family," Kamath shared on his personal Twitter account on Wednesday.
The Zerodha boss further revealed that the company has rolled out their largest referral payout to thank customers for their support on Wednesday.
"and today, we just made our largest referral payout to our customers," he added.
A key reason behind the success of @zerodhaonline is that we were able to grow thanks to all the referrals from our… https://t.co/Lw7W5pABaz
— Nithin Kamath (@Nithin0dha) 1681896719000Zerodha offers customers 10 per cent of brokerage to anyone that they refer. Users can refer their friends or family and earn up to 300 reward points when they open an account with Zerodha.
However, Zerodha users need to refer to at least five people with earnings at least Rs 1,000 to qualify for a withdrawal. The person who has been referred to the company by existing Zerodha user will need to open the account within 60 days for them to be eligible for the rewards.
