'Zerodha doesn't feel aspirational, youngsters don't want to use it': Warikoo replies Nithin Kamath

Popular content creator Ankur Warikoo has responded to Zerodha CEO Nithin Kamath’s recent post about the brokerage’s slowing demat account growth despite rising assets under management.

In his detailed post on X (formerly Twitter), Warikoo praised Zerodha for accuracy and trust but said the brand lacks aspirational appeal among younger investors.

“Zerodha is accurate. But it’s not fun. It’s where the serious money goes to grow. But it’s not where the cool kids start their journey,” Warikoo wrote.

He noted that the next wave of retail investors in India is young, impatient, and heavily influenced by social sharing. For them, the decision often comes down to, “Where do my friends go?” or “Where does it feel cool to be?” rather than platform features.

“Now, all this wouldn’t matter if broking wasn’t commoditized. But it is. For someone just getting started buying a stock or mutual fund is the same across platforms. Zerodha’s features? Great. But to this first time retail investor, it’s all vanity,” he wrote.

Warikoo highlighted that Zerodha’s name and content feel high‑brow and not relatable compared to competitors like Groww, Dhan, and Upstox, which have more positive connotations. Even the Kite app disclaimer, he said, feels like a compliance document rather than a cultural insight.

“To most people, it sounds like “zero-something.” It doesn’t signal money. It doesn’t feel aspirational. And then you have kite and coin and console and varsity. Kids don’t get it. Compare that with Groww, Upstox, Dhan - all positive connotations. Or HDFC/ICICI Sec. brand trust,” Warikoo noted.

“So today, the real paradox is this: The same 23-year-old who wants to become Nikhil or Nithin Kamath… …doesn’t want to use Zerodha,” he further wrote.

Zerodha needs to earn attention: Warikoo

Warikoo suggested that Zerodha should not advertise in traditional ways but instead “show up loudly, relatably, and consistently” in places where next‑gen investors hang out—like gaming streams, college events, or short‑form content platforms. He advised creating practical tools such as budget calculators and SIP goal planners and redefining “cool” in investing by positioning Zerodha as the “quiet rebel” brand that simply works without flashy incentives.

“You don’t have to do CRED-style storytelling. But you can be the “quiet rebel” brand - the one that says: We don’t bribe you. We don’t push you. We just work.” Make that aspirational again.”

"Zerodha has earned trust. Now it needs to earn attention. Not through noise. But through presence, relevance, and culture. The way that I see it. No one brags about using Excel. But they still use it. Zerodha feels like that," he added.

As a huge long time admirer of Zerodha and someone who has a ring side view of retail investors in the country - sharing some views Nithin

If I were to sum it up:
Zerodha is accurate. But it’s not fun.
It’s where the serious money goes to grow. But it’s not where the cool kids… https://t.co/piDq15Rirn

— Ankur Warikoo (@warikoo) July 25, 2025

Nithin Kamath's post

Warikoo's post came in response to Zerodha CEO Nithin Kamath's post where he said that the company's market share of new demat accounts is shrinking, but its AUM is growing as wealthier clients remain loyal.

“The people with money are sticking with us, but many others aren’t opening accounts with us. Most likely, the newer and younger, and people from tier 2 and 3 towns, are probably investing elsewhere,” Kamath earlier wrote.

Question for founders & marketing folks: Can brands still rely on the same tactics and strategies that worked in the past, or do changing times demand new strategies?

Here's the context: Our AUM share is growing (people with more money trust us), but our demat share is shrinking… pic.twitter.com/ZuVTh2bQL5

— Nithin Kamath (@Nithin0dha) July 24, 2025