Tag: Nithin Kamath

Here is how much Zerodha customers hold in demat accounts

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Zerodha CEO Nithin Kamath on Wednesday (April 10) expressed his astonishment at the remarkable expansion of the Indian stock markets following the COVID-19 pandemic.

Kamath took to social media platform X to share some insights into the unprecedented growth, revealing that Zerodha’s customers now collectively hold assets worth ₹ 4.5 lakh crore in their demat accounts.

It’s unreal how much our markets have expanded post-COVID. @zerodhaonline customers now hold ~ Rs 4.5 lakh crores worth of assets in their demat accounts.

— Nithin Kamath (@Nithin0dha) April 10, 2024

The consistent rise in account openings is indicative of the growing investor interest and participation in the financial markets, experts said. Also, the success of various initial public offerings (IPOs) has lured new investors into the market.

Also Read: ‘Slightly broken, but…’: Zerodha’s Nithin Kamath reveals he suffered a mild stroke 6 weeks ago

In the fiscal year 2024, 3.7 crore demat accounts were registered in India — at an average of over 30 lakh accounts added monthly. The number of demat accounts opened with both major depositories, the Central Depository Services Ltd (CDSL) and the National Securities Depository Ltd (NSDL), surged by 11.9% year-on-year. The total tally reached 15.14 crore compared to 11.45 crore in the previous year.

In financial year 2022-23, there was an addition of 2.5 crore demat accounts, with a monthly average of over 20 lakh. In FY22, the number was nine crore. This marked a remarkable increase versus 5.5 crore accounts in FY21.

Going further back, in FY14, there were 2.2 crore accounts, and the subsequent years witnessed a steady climb — 2.3 crore, 2.5 crore, 2.8 crore, 3.2 crore, 3.6 crore, and 4.1 crore in FY 15, FY16, FY17, FY18, FY19 and FY20, respectively.

Also Read: Zerodha Fund House crosses ₹1,000+ crore AUM: Here’s a look at schemes currently available

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

‘Slightly broken, but…’: Zerodha’s Nithin Kamath reveals he suffered a mild stroke 6 weeks ago

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Zerodha’s co-founder and CEO, Nithin Kamath, recently disclosed on social media platform X that he experienced a mild stroke nearly six weeks ago. In his post, he shed light on the potential factors contributing to the stroke, including the passing of his father, inadequate sleep, fatigue, dehydration, and excessive exercise.

Reflecting on his journey of recovery, Nithin described progressing from significant facial drooping and impaired reading and writing abilities to a milder droop and improved cognitive functions. He anticipates a complete recovery within three to six months.

Expressing surprise at how someone who maintains fitness could be affected, Kamath emphasised the importance of recognising when to ease off.

Around 6 weeks ago, I had a mild stroke out of the blue. Dad passing away, poor sleep, exhaustion, dehydration, and overworking out —any of these could be possible reasons.

I’ve gone from having a big droop in the face and not being able to read or write to having a slight droop… pic.twitter.com/aQG4lHmFER

— Nithin Kamath (@Nithin0dha) February 26, 2024

BharatPe founder and former shark of Shark Tank India, Ashneer Grover, replied, “Dude, take care. Most likely you are deeply affected because of passing away of your dad – it got me too after my dad’s demise – I simply collapsed one day. Take a break !”

Capitalmind founder and CEO, Deepak Shenoy said, “My goodness, this has been a super tough time for you Nithin, take it easy and wish you the best to be healthy and smiling soon!”

Hepatologist Cyriac Abby Philips, aka TheLiverDoc, said, “Please take care Nithin. Get well soon! You will be alright and A-ok.”

In his post, Nithin added that he is slightly broken but still getting his treadmill count.

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Zerodha’s Nithin Kamath says 2023 market bubble concerns ease, funding trends expected to correct

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Nithin Kamath, the founder and CEO of Zerodha and Rainmatter, on Monday (December 11) shared insights on the financial landscape of 2023, expressing a sense of optimism despite concerns about a potential market bubble.

Kamath acknowledged that the burst if it occurred, wasn’t as severe as anticipated, and he celebrated the resilience of many businesses progressing toward profitability.

“In 2023, one of the concerns that we had was that it seemed like a bubble at some point. We were wondering how bad it could be if that bubble burst, but it isn’t as bad as what it potentially could have been. It is awesome to see many of these businesses on their path to profitability,” Kamath said.

One notable observation Kamath highlighted was the return to realistic expectations among founders, a welcome correction from the trend of setting unrealistic goals during fundraising. According to him, this shift allows businesses to focus on more meaningful objectives rather than chasing impractical targets.

Also Read: Zerodha’s Kamath brothers took a salary payout of ₹72 crore each in FY23

Kamath emphasised the evolving theme of financialisation in the country and the associated challenges and opportunities. He stressed the need for a greater number of financial advisors to assist the growing population in managing their money effectively.

With the advent of the account aggregator framework, Kamath sees a vast opportunity to enhance financial advisory services and help individuals make informed decisions about their finances.

“I think this whole financialisation of the country is like a big theme. We are seeing that happen rapidly. So I think the challenge has been in finding different monetisation models around this.

So for example, with the population of the country, we just have 1,000 plus advisors, so as a country we need a lot more advisors if you want to help people do better with their money,” he mentioned.

Addressing a broken aspect of their business model, Kamath discussed the challenge where customers cannot use the funds held with Zerodha for payments due to existing regulations.

Also Read: Zerodha CEO Nithin Kamath apologises for technical snag on day markets hit all time high

While expressing a desire to solve this issue, he acknowledged the difficulty of obtaining a banking license in India and clarified that Zerodha does not have lending ambitions. Kamath hinted at exploring potential solutions for this challenge, contemplating the possibility of a payment bank license if made available more readily.

“One of the pieces which is broken in our business is the fact that our customer can’t use the money, funds lying with us for payments. There are regulations today that require us to send money back to the customer once every 30 days. So it is kind of a broken experience, if we could solve it, we would love to attempt it,” he added.

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Zerodha’s Kamath brothers took a salary payout of ₹72 crore each in FY23

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Discount broking company Zerodha’s founders, Nithin Kamath and Nikhil Kamath, were handed a remuneration of ₹72 crore in FY23, as per filings with the Ministry Of Corporate Affairs (MCA). 

Following the FY23 payout, the Kamath Brothers occupy the top spot in terms of remuneration among startup founders in India, with OYO’s Ritesh Agarwal a distant second with a salary of ₹12 crore in the previous fiscal. 

The directors at Zerodha, including Nikhil and Nithin Kamath, have collectively drawn nearly ₹200 crore in remuneration, as per Entrackr, which was the first to report the story. 

Seema Patil, a whole-time director at Zerodha and the wife of CEO Nithin Kamath, received ₹36 crore in FY23.

In FY22, Zerodha’s board of directors passed a resolution approving a ₹100 crore salary per annum for the Kamath Brothers and Patil.

At the time, CEO Nithin Kamath clarified that the ₹100 crore figure is not the actual salary being drawn but instead a maximum figure that promoters can draw for liquidity and risk requirements.

I’m surprised by the unwanted noise around this whole salary news of @nikhilkamathcio, Seema (my wife), & me. The headlines are misleading. We are a private company & no obligations to clarify, but we thought maybe we should, as there are folks who are misinterpreting this. 1/7

— Nithin Kamath (@Nithin0dha) May 30, 2021

During FY23, the employee benefits cost for Zerodha spiked by about 35% to ₹623 crore from ₹459 crore in FY22, according to an analysis by Entrackr.

Out of the ₹623 crore spent on employee benefits in the previous fiscal, the company gave a total salary of ₹380 crore, including payouts to directors. The rest —₹236 crore—was used in ESOPs settlements. 

To be noted, Zerodha is the most-profitable operator in India’s startup ecosystem. 

The Bengaluru-based discount broking firm reported revenues at ₹6,875 crore in FY23, growing 38.5% from ₹4,964 crore in FY22. Its net profits grew 39% to ₹2,907 crore from ₹2,094 crore over the period.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Nithin Kamath warns about new scam targeting Zerodha customers

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Nithin Kamath, the founder of Zerodha, issued a caution following an attempted scam where an individual posing as a Zerodha employee aimed to swindle millions from a client. The scammer approached a client, promising an unrevealed reward awaiting redemption. However, the catch was a demanded ‘registration fee’ of ₹1.8 lakh to unlock the purported windfall.

To heighten the deception, the scammer fabricated counterfeit bank statements, attempting to dupe the client into believing in the scheme’s authenticity, Kamath mentioned on platform X, formerly known as Twitter.

Scams involving fake screenshots, P&L reports, ID cards, bank statements, etc., have become a mega nuisance. We just spotted a new one.

A scammer created a fake Zerodha employee ID card and met our customer whom he had spotted online and said he had won an award from Zerodha. He… pic.twitter.com/RA3DQoPuhp

— Nithin Kamath (@Nithin0dha) November 22, 2023

Fortunately, the client exercised caution and refrained from parting with any money. Instead, they alerted Zerodha about the suspicious interaction, prompting a collective warning to thwart such deceitful practices.

Nithin Kamath, in his post, expressed dismay over the audacity of scammers resorting to impersonation and fabrications to exploit unsuspecting individuals.

“There are now fake clone apps that scammers can use to create videos of P&L statements, ledgers and other reports of trading platforms and bank accounts. These scams are increasing exponentially, and we need to use every opportunity to educate people around us to be suspicious of people claiming to be representatives of large companies and promising a lot of money. By default question the authenticity of any document shown unless it is directly accessed from the source,” he said.

He added that the problem of fraud will continue to get worse as artificial intelligence (AI) tools become more accessible.

This incident further underscores the importance of vigilance and verifying the authenticity of claims, especially when involving financial transactions. Kamath emphasised the necessity for clients to cross-verify information with the respective brokerage firm.

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Zerodha allows users to invest in government securities via Kite’s app

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Brokerage firm Zerodha has announced a significant expansion in its investment offerings through the Kite app. The platform now enables users to invest in primary issues of government securities such as Treasury Bills (T-Bills), Government of India dated bonds (G-Secs), and State Development Loans (SDLs), it said on platform X, formerly called Twitter.

“To invest, tap on Bids and then Government Securities,” the Nithin Kamath-backed firm said.

You can now invest in the primary issues of government securities like T-Bills, G-Secs and State Development Loans (SDLs) in the Kite app.

To invest, tap on Bids and then Govt. Securities. pic.twitter.com/uD1G0OYBds

— Zerodha (@zerodhaonline) November 21, 2023

This enhancement allows users to access a diverse range of securities issued by the Reserve Bank of India (RBI) on behalf of the Indian government. These securities cater to varying investment horizons and risk appetites, offering distinct features and benefits.

Understanding government bonds

T-Bills: These short-term debt instruments are available in maturities of 91 days, 182 days, and 365 days. They are issued at a discount and redeemed at par value. For instance, an investment in a T-Bill at ₹98 and its redemption at ₹100 would yield a ₹2 return.

G-Secs: Issued with maturities ranging from 5 years to 40 years, G-Secs offer fixed interest rates paid every six months, with the principal repaid upon maturity. These securities provide a consistent income stream to investors.

State Development Loans (SDLs): Similar to G-Secs but issued by state governments, SDLs offer an alternative avenue for investment, supporting regional developmental initiatives.

Key considerations and features

Zerodha emphasises the flexibility of these securities, highlighting that there are no lock-ins. However, it’s crucial to note that while G-Secs, SDLs, and T-Bills are listed on exchanges, liquidity might be limited presently for buying or selling. Potential investors are urged to be mindful of this aspect before committing funds.

Moreover, these bonds can be pledged and are deemed as cash equivalents, contributing to their versatility within investment portfolios.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Zerodha CEO Nithin Kamath’s 8 tips to avoid ‘pig butchering’ | The online scam explained

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Zerodha Co-Founder and CEO Nithin Kamath on Monday (November 13) raised an alarm against increasing online frauds, explaining how a large number of people are falling prey to ‘pig butchering’ scams. In an explanatory post on X, the co-founder of the online brokerage firm said the scams run into tens of thousands of crores.

Kamath shed light on the prevalence of pig butchering scams, alerting investors to be cautious and take precautions against a number of misleading social media posts and WhatsApp messages, such as bogus employment offers, high-return investment schemes and cryptocurrency investments.

“The scale of pig butchering scams in India runs into tens of thousands of crores. It is scary how many people fall for fake job offer scams, scammy high-return investment schemes, and crypto investments, etc,” tweeted Nithin Kamath.

The scale of pig butchering scams in India runs into tens of thousands of crores. It is scary how many people fall for fake job offer scams, scammy high-return investment schemes and crypto investments, etc.

As the name implies, a pig butchering scam involves fattening the… pic.twitter.com/x3ezkZrmHR

— Nithin Kamath (@Nithin0dha) November 13, 2023

Explaining the nature of such online frauds, Kamath warned that these scams are global and the person scamming could also be a victim.

What is the pig butchering scam?

The ‘pig butchering’ scam operates as a cyber scheme where scammers pose as friends or romantic partners, deceiving victims into providing funds for fictitious investments or job opportunities, only to vanish with the money. Nithin Kamath described the scam, stating, “As the name implies, a pig butchering scam involves fattening the victim before butchering.”

How does it work?

Describing the technique in detail, Kamath explained that the fraudsters build confidence by using fictitious accounts, often feigning love and friendship. The scammers, who have a global reach, prey on a vulnerable target’s emotions. Scammers gain the trust of users by using fake profiles and then they steal the money after offering lucrative job or investment options.

Citing the example of a victim, Kamath said an Indian was lured by an international job offer. The person was then moved to Myanmar and forced to commit pig butchering scams on Indians.

ALSO READ: That simple ‘hi’ text from a stranger could be the start of a scam that ends up costing you millions

How to keep off pig butchering

In an effort to shield individuals from falling victim to pig butchering scams, Kamath offered several crucial tips:

1. Avoid responding to messages or communications from unknown sources via WhatsApp, social media, and dating apps.

2. Don’t download apps from random websites or unknown sources.

3. Keep an eye out for emotional exploitation; scammers frequently rely on hopes, worries, dreams, and greed.

4. Refrain from impulsive reactions; panic is a common precursor to falling victim to scams.

5. Seek assistance from local authorities or legal professionals when in doubt.

6. Treat promises of work or large rewards, along with demands for money, as red flags.

7. Safeguard personal information such as Aadhaar, passport details and financial information.

8. Remain sceptical — if an offer appears to be too good to be true, it almost certainly is.

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Nithin Kamath stresses on importance of health insurance: Here’s a look at claim settlement ratio of key insurers

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Nithin Kamath, co-founder and CEO of Zerodha, took to X, formally known as Twitter, to emphasise the need for Indians to secure comprehensive health insurance for themselves and their families. Kamath pointed out that merely possessing insurance is insufficient, as insurance companies often employ various tactics to avoid paying the full sum and even reject claims entirely.

Having adequate health insurance for yourself and your family is the most important financial investment you can make. Most Indians are just one serious health incident away from financial ruin.

But having insurance alone isn’t enough. Just because you have insurance doesn’t…

— Nithin Kamath (@Nithin0dha) November 1, 2023

He underscored the importance of being well-prepared for potential health-related financial burdens and encouraged individuals to educate themselves about common reasons behind claim rejections and how to address them.

This isn’t the first time that Kamath has stressed the importance of health insurance. In March, he said that purchasing a health insurance plan is the most crucial financial investment one can make for their family and that this investment should be made even before embarking on one’s financial journey.

Kamath shared data indicating the average cost of in-patient care per hospitalisation in urban and rural areas as of 2014. He highlighted that over 6.3 crore Indians face poverty every year due to health-related expenses and cited research indicating that about 8-9% of Indian households fall below the poverty line due to healthcare costs.

Kamath concluded his Twitter thread by asserting that healthcare costs will continue to rise, and the only way to cope with this reality is to raise awareness about the importance of health insurance for all Indian households.

This time, to assist individuals in navigating the intricacies of insurance claims, Kamath shared a link to the post written by Shrehith Karkera, one of the founders of Ditto Insurance, explaining the common reasons why claims get rejected and what should policyholders do. Notably, Ditto Insurance is a Zerodha-backed insurtech startup.

It’s important to note that purchasing health insurance is crucial, regardless of one’s age, given the uncertainties of times. People often underestimate the value of getting insured at a young age, thinking it becomes valuable only later in life. However, unforeseen circumstances can strike at any point, and the amount of insurance needed depends on factors, including age, income, expenses, debts, dependents, location, health status, lifestyle, and budget.

At times, claim rejections can be distressing. However, the aggrieved do have avenues to raise complaints and make their voice heard.

In health insurance, 24-hour hospitalisation is typically considered a fundamental requirement for coverage. However, there are exceptions known as day-care treatments, offering coverage for medical procedures that do not require an extended hospital stay.

Here’s a look at claim settlement ratio of some of the health insurance firms:

(Source: Policybazaar)

Notably, an insurance company’s claim settlement ratio (CSR) refers to the number of claims successfully resolved versus the number of requests received in a given year.

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Nithin Kamath Rohan Bopanna lead $2 million Pre-Series A round in sports tech startup Game Theory

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Sports tech platform Game Theory has raised $2 million in its Pre-Series A funding round led by Rainmatter Capital (Zerodha’s investment arm), tennis player Rohan Bopanna and others. The fundraise marks Nithin Kamath’s foray into the sports category.

“One of the best ways to stay fit is to pick up and play a sport regularly. The problem is it’s hard to find locations to play regularly and match with similarly skilled individuals. Game Theory is solving this problem by making sports accessible to Indians. Given our mission at Rainmatter to help Indians make healthier choices, we are excited to join the Game Theory team in this journey,” said Kamath.

The funding round also saw participation from investors including WEH Ventures, Prequate Advisory, and angel investor Balakrishna Adiga. The Bengaluru-based startup integrates technology with players in the real world, via their sports facilities to gamify the experience. It integrates real-time scorekeeping, captivating video highlights for on-field experience.

“Our fully-integrated technology platform, with several first-in-the-worlds, will bring in interactive features like real-time scorekeeping, captivating video highlights, pro sports like stats and on-court matchmaking will enhance the overall experience for our users. This successful fundraising is just the beginning; it marks the beginning of how everyday sports can be transformed with technology,” said Sudeep Kulkarni, Founder, Game Theory.

The startup intends to use the fresh capital towards developing the new technology and expanding the reach of these facilities across India. In addition to existing sports such as badminton, swimming, and squash, the brand said it will soon introduce tennis, table tennis, and football, it added.

Prequate Advisory acted as the strategic and financial advisor to Game Theory on this transaction. Prior to this funding round, Game Theory had raised approximately $500,000 from Techstars and other notable angel investors in its angel round.

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Nikhil Kamath’s Gruhas & Zerodha-run Rainmatter Capital invests in elder-support startup Age Care Labs

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Elder care platform Age Care Labs has raised closed $11 million in its pre-Series B round from Rainmatter Capital (Zerodha’s investment arm) and Gruhas (Venture Capital fund co-founded by Nikhil Kamath and Abhijeet Pai).

The round also saw participation from Alok Oberoi (Executive Chairman, Everstone Capital), Ajay Srinivasan (ex-CEO Aditya Birla Capital and Lumis Partners, which anchored Age Labs in 2019.

Age Care Labs runs Emoha, which is a one-stop solution to help elders “age in place” in the comfort of their homes. It offers elders and their families a comprehensive bouquet of benefits across health, hassles, engagement, and emergency support pan India.

“With 42 million elders in urban India alone, this cohort is expected to grow 3x by 2050, Emoha and Epoch are committed to helping all parents age magnificently through deep geriatric expertise,” said Saumyajit Roy, Co-founder & CEO, Emoha Elder Care.

In 2021, the platform also acquired Epoch Elder Care which offers asset-light care homes specializing in assisted living and dementia care. Between Emoha and Epoch, Age Care Labs provides “the full continuum of care for elders across all ages and health conditions”.

Highlighting the prevalence of dementia in India, About 8.8 million people above the age of 60  are living with dementia and the prevalence of the illness can’t be underestimated, according to Neha Sinha, Co-founder & CEO, Epoch Elder Care.

“Above the age of 70, more than 50% of people suffer from one or more chronic conditions. The need for specialized care for seniors becomes a top priority as healthcare spending and burden increase hand in hand with longevity,” added Sinha.

Emoha and Epoch intend to deploy funds to expand their points of presence across India, along with investments in product and tech for better customer experience. Both businesses will also look at M&A opportunities to expand inorganically in India.

“The commitment of Emoha and Epoch to enhance the quality of life for seniors by enabling them to live comfortably using the power of technology combined with their domain depth to provide round-the-clock care, is not just a smart investment—it’s a compassionate one that aligns with the changing dynamics of our society,” said Nikhil Kamath, Co-Founder, Gruhas and Zerodha.

Also read: OYO looks to raise $500 million at around $6 billion valuation: Sources

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow