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Zerodha Founders Nithin & Nikhil Kamath Are Richest Self Made Indians Under 40

Pritish raj by Pritish raj
October 14, 2020
in News
3 min read
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Nithin Kamath & Nikhil Kamath

Nithin Kamath & Nikhil Kamath

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The founders of Zerodha, India’s largest stock brokerage firm in terms of trade volume, and True Beacon, an asset management company (AMC), Nithin Kamath and Nikhil Kamath, topped the IIFL Wealth Hurun India 40 & Self-Made Rich List 2020. It is estimated that their net worth is 24,000 crore.

On Tuesday, the IIFL Wealth Hurun India 40 & Under Self-Made Rich List 2020, a ranking of self-made entrepreneurs with a wealth of INR 1,000 crore, aged forty and under from India, was published by IIFL Wealth and Hurun India.

In 2010, the Kamath brothers started India’s first online brokerage business, Zerodha. At the outset, the principal emphasis was on the day traders. “The idea back in 2010 was for Nikhil to trade with the very little money we had left to build sufficient runway for the retail broking attempt after starting Zerodha. And that’s what he did, and that’s how we survived,” Nithin Kamath, founder, recently shared in a blog.

Zerodha provides equities, shares, currencies , commodities and mutual funds trading. To open an account in Zerodha, an investor has to spend ~300. The investments in equity distribution are free. For stock distribution, stock intraday, futures and options, securities transaction tax is paid variably. For each trade, regardless of its size, it charges a flat fee of about 20, with no brokerage fee. Every month, it has added almost 2 lakh accounts.

“We have commoditized retail investment, making it available at virtually zero cost to millions of consumers, equipping them with more high-quality instruments than they will actually ever need to invest in the markets. All this, despite being totally bootstrapped, powered solely by our enthusiasm,” recalled Nithin Kamath, chief executive officer of Zerodha.

IIFL Wealth Hurun India Rich List 2020

Major takeaways from the list:-

Zerodha’s Nithin Kamath (40) and Nikhil Kamath (34) top the list with a wealth of about 24,000 crores, followed by Divyank Turakhia (38), who reported a net worth of about 14,000 crores. The Kamaths co-founded the Zerodha online trading platform and expanded it to become the largest stockbroker in India in terms of the number of customers. After Media.net, a company that he founded in 2010, was sold for about $1 billion, Turakhia became a billionaire in 2016.

Third place is shared by Amod Malviya, 39, along with his co-founders from Udaan Sujeet Kumar, 40, and Vaibhav Gupta, 40. Their wealth increased by 274 percent on the back of strong investor interest in Udaan, their flagship B2B commerce firm. Each of them is the biggest wealth gainer in the IIFL Wealth Hurun India Rich List 2020 for the second consecutive year. Udaan ‘s value rose from about 20,000 crores in October 2019 to about Rs 52,500 crores in February 2020.

These self-made entrepreneurs aged 40 and under saw a 59 percent increase in their cumulative growth from 2020.

Devita Saraf

Devita Saraf, 39, Vu Technologies’ founder, is the only woman on the list.

For these young wealth creators, Bengaluru is the most preferred city for Business HQ with 9 individuals, followed by Gurugram / New Delhi with 2 each, “says the study.”
2 are located outside of India from the list

The Covid-19 pandemic has taken a toll on the hospitality industry, breaking the growth story of Oyo globally and temporarily, thus reducing Ritesh Agarwal’s income, 26, by 40 percent or Rs 3,000 crores. Agarwal is the youngest in the list with a wealth of Rs 4,500 crore.

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Pritish raj

Pritish raj

Pritish Raj is a content writer at Next Big Brand. Hailing from the diversified state of Bihar, he is an engineer by education who chooses the way of poetry, photography, and writing to kick off his career. Highly enthusiastic about brands and startups, he aims to be a travel content creator.

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