Zerodha founder and CEO Nithin Kamath has revealed the reason behind his company’s success. Taking to Twitter, Kamath revealed that customer referrals were a big reason behind the fintech’s growth. Kamath wrote, “A key reason behind the success of Zerodha 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, and today, we just made our largest referral payout to our customers.”
https://twitter.com/Nithin0dha/status/1648620448467554305
Zerodha has a system of referrals where users can earn 300 reward points when they refer their family and friends to open an account on the website. They can also earn 10 per cent of the brokerage paid by any person they referred from January 1 2020. Users need to refer at least five people to withdraw their Zerodha referral wallet earnings. The referrals must open an account at Zerodha within 60 days.
Twitter users shared their appreciation for Zerodha’s referral program. “My wife started using Zerodha through a referral. I admire the way you conduct your business. Only a handful of “startups” have created real value (not just inflated valuations) and one of them is Zerodha,” an account wrote.
https://twitter.com/aman_kharbas/status/1648633040246312960
Others said they had no idea that a referral could have such a big impact.
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, and today, we just made our largest referral payout to our customers.— Nithin Kamath (@Nithin0dha) April 19, 2023
A few users shared their personal experience while using the referral feature.
Like they say “There’s no better marketing strategy than word of mouth”It’s just the product which is so flawless that one feels like recommending it to their friends & family ????P.s. referred 11 peeps and counting ????— Moin (@moinwithme) April 19, 2023
Some individuals urged Nithin Kamath to write a book about business strategies.
you should start writing a book regarding businesses and strategy. Im sure that would be of great value . Huge respect for ethics , transparency and inspiring nature that you exhibit— Sandeep Kumar (@sandeep30089) April 19, 2023
Zerodha’s co-founders Nithin Kamath, and his brother Nikhil Kamath, recently made it to the Forbes World’s Billionaire list of 2023. Nithin Kamath is ranked 1,1104th on the list, with an estimated net worth of $2.7 billion. Nikhil Kamath, who is Zerodha’s Chief Financial Officer has a net worth of $1.1 billion and is ranked 2,405th on the list.
Zerodha was in the news recently for its partnership with smallcase to enter the mutual funds sector. Nithin Kamath had stated that the joint venture will help the stockbroker provide “simple low-cost passive mutual fund products”.
https://twitter.com/Nithin0dha/status/1646077961043582976
Zerodha had received in-principle approval for entering the mutual funds market by the Securities and Exchange Board of India (SEBI) in 2021. Kamath had earlier stated that the company will launch its mutual fund product within three months of SEBI’s final approval.
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