Among global investors, in 2025 meet in Bengaluru, a slight exchange between Jay Kotak, co-responsible for Kotak 811, and the co-founder of Zerodha, Nikhil Kamath, offered an overview of the landscape evolving the sheets.
“You have already disrupted the brokerage sector, please don’t come after us,” Kotak said, causing laughter of the public.
Kamath’s response, however, was more anchored: “We will not have a license even if we wanted,” he said, pointing regulatory obstacles to which Fintech companies are confronted to venture into Banking services.
Founded in 2010 by Brothers Nithin and Nikhil Kamath, Zerodha reshaped the brokerage industry of India with its low -cost model and technology. The company offers zero brokerage on equity investments and flat costs for transactions, attracting more than 1.6 User crore managing assets worth 6 ₹, all without spending in advertising.
Despite his success, Zerodha had a hard time developing in the bank. In an earlier interview, Kamath had said: “We really want to be a bank. However, we have tried in recent years, but we have not been allowed to do so.”
Zerodha’s financial performance reflects his domination in brokerage. During the 2010 financial year, the company declared an increase of 89% in net profit to 5,496 crosses, with revenues increasing from 37.16% to 9,372 crore. Kamath then admitted that the trip was far from easy. “We are still David in a world of Goliath,” he said, describing the company as “1,000 people in a corner of Bengaluru trying to compete with those who have much more access and influence” .
Meanwhile, Jay Kotak underlined the gaps in the banking sector, calling for greater customer empathy and improving digital experiences.
“We have light years behind where we must be and where our competitive fintechs are right now,” he said. Kotak also noted the gap of India in the attraction of financial capital and human capital compared to global markets, in particular the United States
