Archive · 19 Aug 2025
Zerodha's Success: Customer Referrals Drive Growth
Zerodha, a stock trading platform, became popular without spending money on ads.
They started in 2010 and relied on people telling others about it.
They used to pay people for referrals, but the rules changed in 2018-19, and they couldn't do that anymore.
Even without paying, people still recommend Zerodha.
This shows customers like their service, and it is how they keep attracting new customers.
The co-founder says customer love is like a superpower for them.
Zerodha, a stockbroker, initially grew through customer referrals and word-of-mouth.
The company launched in 2010 without funds for traditional advertising.
A regulatory change in 2018-19 prohibited referral incentives.
Referrals have remained steady despite the removal of financial incentives.
Customer loyalty continues to drive indirect referrals for Zerodha.
- Who
- Nithin Kamath, co-founder of Zerodha.
- What
- Zerodha's reliance on word-of-mouth and customer referrals for growth.
- When
- Zerodha launched in 2010; referral incentives were stopped in 2018-19.
- Where
- Bengaluru, India.
- Why
- Zerodha focused on customer satisfaction, and regulatory changes prohibited referral incentives.
Pre-Regulatory Changes
Post-Regulatory Changes
Referral Program
Pre-Regulatory Changes
Incentivized Referrals
Post-Regulatory Changes
Non-Incentivized Referrals
- Company
- Zerodha
- Co-founder
- Nithin Kamath
- Launch Year
- 2010
- Referral Program
- Launched at inception
- Regulatory Change
- 2018-19; Prohibited referral incentives
- Customer Base
- Over 1.6 crore clients
