Nithin Kamath Says First-Gen Founders Outshine Jio-BlackRock JV in Fintech Race

🧠 Nithin Kamath on Why First-Gen Founders Pose a Bigger Threat Than Jio-BlackRock’s Power Move

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💥 “Passion Beats Pockets”: Zerodha CEO Nithin Kamath Fires Up India’s Fintech Conversation

In a landscape buzzing with billion-dollar joint ventures and corporate behemoths, Zerodha CEO Nithin Kamath is rewriting the rules of engagement. Responding to the entry of the Jio-BlackRock JV into India’s stockbroking space, Kamath offered a refreshingly contrarian take: the real threat isn’t coming from boardrooms but from bedrooms—where first-gen entrepreneurs eat, sleep, and breathe broking.

“This is not a business where having deep pockets means you have a large moat,” Kamath posted on X.
“Our real competition is going to be more from first-generation founders who are running, breathing and always thinking about broking.”

Many people asked me about Jio-BlackRock getting a stockbroking license. Firstly, this is great news. The biggest issue for the Indian markets is a lack of breadth in participation. We're largely limited to the top 10 crore Indians.

If anyone can expand the markets beyond the…

— Nithin Kamath (@Nithin0dha) July 2, 2025

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🔍 Jio-BlackRock JV: The Giant in the Room

The 50:50 JV between Reliance’s Jio and BlackRock, recently greenlit by SEBI, is gearing up to reshape how India invests. With Jio’s nationwide digital network and BlackRock’s Aladdin tech platform, the venture is expected to democratise financial services at scale.

But Kamath is unfazed.

“If anyone can expand the markets beyond India’s top 10 crore, it’s Jio,” he admitted.
“And that’s a good thing for the ecosystem.”

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💼 Zerodha: A Mission-Driven Outlier

Kamath doubled down on Zerodha’s philosophy: profitability over vanity. In an era of apps screaming with push notifications, leaderboards, and gamification, Zerodha chooses substance over hype.

“We are not chasing vanity metrics,” he wrote.
“The idea is to stay profitable and stick to the principles that got us this far.”

FY24 Snapshot:

• Profit After Tax: ₹5,496.3 crore (up 88.95% YoY)
• Operating Revenue: ₹9,372.1 crore (up 37.16% YoY)

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Zerodha Co-Founder Nikhil Kamath Advocates for Stronger Collaboration in India’s Startup Ecosystem

🧭 Kamath’s Core Belief: Passion Will Prevail

At the heart of Kamath’s message is a bet on founder obsession over financial muscle. While Jio-BlackRock may win on scale, he believes authentic, founder-led brands will win hearts—and wallets—in the long term.

“We’re in it for the long haul,” he concluded.
“And that’s how trust is built—one investor, one trade, one lesson at a time.”

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