At the Global Investors Meet 2025 in Bengaluru, a lighthearted exchange between Jay Kotak, co-head of Kotak 811, and Zerodha co-founder Nikhil Kamath offered a glimpse into the evolving fintech landscape.Â
“You’ve already disrupted the broking business, please don’t come after us,” Kotak remarked, prompting laughter from the audience.
Kamath’s response, however, was more grounded: “We won’t get a licence even if we wanted,” he said, pointing to the regulatory barriers fintech companies face in venturing into banking.Â
Founded in 2010 by brothers Nithin and Nikhil Kamath, Zerodha reshaped India’s brokerage industry with its low-cost, tech-driven model. The firm offers zero brokerage on equity investments and flat fees for trades, attracting over 1.6 crore users managing assets worth ₹6 lakh crore—all without spending on advertising.
Despite its success, Zerodha has struggled to expand into banking. In an earlier interview, Kamath had said, “We really want to be a bank. However, we have tried over the last many years, but we have not been allowed to.”
Zerodha’s financial performance reflects its dominance in broking. In FY24, the company reported an 89% jump in net profit to ₹5,496 crore, with revenue increasing by 37.16% to ₹9,372 crore. Kamath then acknowledged that the journey is far from easy. “We are still David in a Goliath world,” he said, describing the firm as “1,000 people in a corner of Bengaluru trying to compete with those who have far more access and influence.”
Meanwhile, Jay Kotak highlighted gaps in the banking sector, calling for greater customer empathy and improved digital experiences.Â
“We are light years behind where we need to be and where our competitive fintechs are right now,” he said. Kotak also noted India’s lag in attracting financial and human capital compared to global markets, especially the U.S.