Nithin Kamath said he wouldn’t start Zerodha in 2025 due to intense competition and lack of differentiation in the discount broking space.
He suggested a modern-day brokerage would need a unique moat—possibly higher fees with better research—to succeed now.
His comments follow sharp market volatility and his recent caution to retail traders about trading in turbulent conditions.
Kamath reiterated there's no urgency for Zerodha’s IPO, citing regulatory pressure and the firm’s sustainable private model.
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