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How a burned-out Indian broker got rich helping millennials trade for free

The model is hardly unique -- Robinhood has a similar strategy in the US -- but Zerodha was among the first to deploy it in India

Nithin Kamath's Zerodha is India's most popular brokerage. He attributes Zerodha's success to the Google-like simplicity of its platform and the firm's ability to undercut competitors on price because of low operating costs 	Photo: Bloomberg
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Nithin Kamath’s Zerodha is India’s most popular brokerage. He attributes Zerodha’s success to the Google-like simplicity of its platform and the firm’s ability to undercut competitors on price because of low operating costs Photo: Bloomberg

Rahul Satija | Bloomberg
After a decade working as a trader and a broker in India, Nithin Kamath was burned out and frustrated with a securities industry that seemed stuck in the past.

So in 2009, Kamath did something radical. With markets still reeling from the global financial crisis, he struck out on his own to start an online brokerage from a 700 square-foot office in Bengaluru. At the time, people called him crazy. Not anymore.

Thanks to a slick, mobile-friendly platform and rock-bottom commissions (some equity trades are free), his brokerage, Zerodha, has become a hit in a country with the world’s largest