Customer trust and referrals drive Zerodha, not incentives: Nithin Kamath
- Posted on August 19, 2025
- By Business News Today
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Customer trust and referrals drive Zerodha, not incentives: Nithin Kamath

Zerodhas growth has been driven by customer referrals and word-of-mouth publicity instead of advertising, says CEO Nithin Kamath. Despite regulatory changes ending referral incentives, referrals remain steady, highlighting trust and loyalty.