Kamath: A Remarkable Journey Of Hope From One Unstoppable Mind

Cover Story – The WFY, July 2025 Edition, By Melwyn Williams

The Unconventional Billionaire: Nikhil Kamath’s Curious Path to Impact

In a world where success is often measured by degrees, titles, and pedigree, Nikhil Kamath is a quiet rebellion. A school dropout who sold mobile phones as a teenager, he would go on to build India’s largest retail brokerage and become one of the country’s youngest billionaires , all without external funding, a formal education, or a desire for validation. Yet, it is not just the scale of his achievements that makes him a story worth telling, but the manner in which he thinks, gives, and questions everything we’ve come to accept about ambition, capitalism, and purpose. This is not merely a profile of a maverick investor. It is a reflection on what it means to succeed differently, and why that matters now more than ever.

When Anxiety Becomes a Compass

“It’s the kind of anxiety that doesn’t paralyse you. It sharpens you. If it leads to action, it’s a super tool,” says Nikhil Kamath, his voice low and reflective, the edge of his words betraying neither arrogance nor apology. In a world obsessed with productivity hacks and relentless hustle, here is a billionaire who openly doubts the cult of hard work and embraces anxiety, even hypocrisy, as instruments of evolution.

It is not the kind of advice one expects from one of India’s youngest and most enigmatic business tycoons. But then again, Nikhil Kamath is not in the business of meeting expectations. He breaks them, and quite often, builds something better in the rubble.

The co-founder of Zerodha, True Beacon, and Gruhas, Kamath is many things, trader, podcaster, funder, philanthropist, iconoclast, but above all, a seeker. Not of power or prestige, but of insight, efficiency, and impact. His story is less about meteoric rise and more about the slow burn of curiosity, the deliberate unlearning of inherited norms, and the audacity to think differently.

 A Childhood Far from the Markets

Nikhil Kamath was born on 5th September 1986 in Shimoga, a modest town in Karnataka, India. He was raised in Udupi’s Udyavara, a coastal settlement with the smell of sea salt in the air and the rhythm of old veena notes echoing from his mother’s practice room. His father, Raghuram Kamath, worked at Canara Bank, while his mother, Revathi Kamath, was a dynamic entrepreneur and landscape designer whose projects spanned high, end resorts, hospitals, and stadiums like Chinnaswamy, as well as corporate clients such as Intel, Bosch, and CBRE.

By all accounts, Kamath’s upbringing was steeped in both discipline and creative ambition. “We weren’t rich,” he once said in an interview, “but we never felt lacking.” The household embodied the middle, class Indian aspiration, education, respectability, safety. And like many children of his generation, Kamath was nudged toward the secure lanes of engineering or medicine.

But young Nikhil never quite saw the point of textbooks. He dropped out of formal schooling after Class 10, a decision that raised eyebrows and triggered stern conversations in many Indian living rooms at the time. In retrospect, it was the first of many quiet rebellions. There was no dramatic departure or grand disavowal of the system. Just a quiet walk away.

The Call Centre and the Charts

At 17, Kamath took up a night, shift job at a call centre in Bengaluru, earning ₹8,000 a month. “It was fun,” he says about those early years, recalling the sleepy charm of pre-tech boom Bengaluru and its relatively traffic, free streets. But it wasn’t the graveyard shifts or the repetitive scripts that captured his mind, it was what he did after punching out.

During the early mornings, while most of the city slept, Kamath began dabbling in stock trading. With a borrowed computer and an internet connection that tested his patience, he began to observe the dance of numbers on live charts. What started as a curious hobby soon became an obsession. He began to see patterns, risk behaviours, psychological traps, and within that chaos, a certain logic. A rhythm.

His early experiments were humble. He had neither formal training in finance nor elite business schooling. What he had was time, intuition, and the hunger to learn by doing. In the world of trading, where risk is a teacher and losses are the tuition fee, Kamath learned fast. Sometimes painfully.

But he stayed in the game. “Trading is like relationships,” he once quipped. “Beginner’s luck might hook you, but it’s how you behave when it all goes sideways that defines you.” His reflections were born of experience, not theory.

By 2006, Kamath had become a sub-broker and, together with his elder brother Nithin Kamath, launched Kamath & Associates, a portfolio management firm for high-net-worth individuals. This venture laid the groundwork for something far bigger to come.

Thinking Differently, Even Then

Even in those early years, Kamath did not buy into the sacredness of ‘working harder than everyone else’. He had already begun to see the blind spots in traditional success narratives. “For every four hours spent working,” he famously said at a convocation in 2024, “three went pretending.”

He argued that capitalism doesn’t necessarily reward effort, it rewards insight, speed, and execution. “Efficiency is underrated,” he says. “And thinking, real thinking, is far too rare.”

It’s a philosophy that would soon shape not just his business strategy, but also his worldview. Kamath began to explore cognitive biases, philosophy, behavioural economics, and the psychology of money, subjects he never studied formally but absorbed through books, conversations, and lived experience. Unlike most who seek success by climbing ladders, Kamath seemed to spend more time building entirely new ones.

The First Quiet Revolution

That sense of curiosity, scepticism, and long-term conviction would culminate in Zerodha, founded in 2010 with Nithin. The goal? To dismantle the bloated, commission-hungry brokerage model and replace it with something simpler, cheaper, and smarter. A model designed for ordinary Indians, not just HNIs and suit-clad analysts.

But that part of the story, like much else, was still unwritten.

Disrupting Brokerage: The Rise of Zerodha

By 2010, after four years of refining his market instincts, Nikhil Kamath felt the tremor of an opportunity. Together with elder brother Nithin, he cofounded Zerodha in Bengaluru,a name that literally meant “zero barrier”. Their mission: shatter the stranglehold of traditional broking, where hefty fees and opaque service reigned.

Over the next decade, Zerodha would mature into a juggernaut. By May 2024, it had captured 7.5 million active clients, taking the title of India’s largest retail broker (linkedin.com, en.wikipedia.org). Daily, it executed more than 2 per cent of total retail trading volumes across Indian markets (en.wikipedia.org). The number of demat accounts swelled exponentially, today, Zerodha oversees roughly ₹5.66 lakh crore in assets (linkedin.com). Remarkably, all of this growth came without venture capital, Zerodha remains entirely bootstrapped, funded by profits alone (startuptalky.com).

Building for the People

The Kamaths refused to chase prestige. Instead, they focused ruthlessly on simplicity and value. Their flagship platform, Kite, alongside tools like Coin (for mutual funds) and Varsity (for financial education), positioned Zerodha as more than a broker, it became a holistic gateway into financial literacy and freedom.

Nikhil often emphasises: “Pricing stopped being a factor long ago. Traders and investors stay for the platform, the tools, the insights.” (livemint.com) Indeed, over 75 per cent of Zerodha’s customers began investing for the first time during the 2020 lockdown, each typically starting with just ₹5,000 (livemint.com). Their faith is repaid by continual innovation: custom reporting tools, fast execution, open-source analytics and responsive support.

More Than Brokerage, A Financial Ecosystem

Zerodha’s success was just the beginning. In 2020, Nikhil and Nithin launched True Beacon, a Category III Alternative Investment Fund offering hedge, style structures to ultra-high-net-worth clients (en.wikipedia.org). Headquartered in Bengaluru, True Beacon’s namesake fund promised performance-based fees, transparency, and liquidity differentiators in an industry often criticised for hidden costs.

By September 2019, True Beacon One, a long-short equity strategy, achieved an annualised return of 22.3 per cent, comfortably outpacing the 19.2 per cent Nifty benchmark (livemint.com). A newer quant-driven Proposition Management Service, launched in 2022, aims for Nifty+6 per cent CAGR, backing its bets with factor-based models . It’s another example of Kamath’s insistence on data discipline and alignment of interest.

Even at True Beacon, transparency reigns. “We don’t charge management fees. Unless we make you money, we don’t either,” Kamath told FinFloww. (finfloww.com) It is the same ethos that defined Zerodha, clearing away noise, distractions and unnecessary costs so users see and pay only for value.

Gruhas & The Earth Fund: Reimagining Real Estate

In 2021, Kamath branched into proptech cofounding Gruhas with Abhijeet Pai (instagram.com, en.wikipedia.org). Focusing on seed-to-growth investments in climate, built, world tech, AI, and media, Gruhas has backed over 50 companies and helped create 2,500 jobs (gruhas.com). In March 2025, in partnership with Brigade Group, Gruhas launched the Earth Fund,a ₹300 crore Category II AIF targeting sustainable property, tech ventures (moneycontrol.com).

Capital from Brigade and Gruhas fuels investments in 10–15 pre, and Series A startups, each tickered ₹8–17 crore in cheque size (vccircle.com). The fund also seeks to collaborate with government efforts in smart city, water, energy and green infrastructure projects (business,standard.com). For Kamath, it was another example of aligning business with societal need, a pattern emerging since Zerodha’s inception.

WTF Is… – A New Voice Emerges

In March 2023, Kamath launched the “WTF is…” podcast, spanning 40 plus episodes as of January 2025 (en.wikipedia.org). Guests range from Narendra Modi and Kiran Mazumdar, Shaw to Bryan Johnson and Suniel Shetty, a mix of politics, health, tech, business and entertainment. The series gave India a refreshingly candid long-form platform for dialogue.

These aren’t promotional chitchats; they’re quests for insight. In Kamath’s world, curiosity is currency. As he says, “I want to ask better questions. Not just collect answers.” The podcast now amplifies his ethos: rigorous inquiry, humility, and the belief that complexity merits conversation.

Snapshot

• 7.5 million Zerodha clients (May 2024) (linkedin.com)
• ₹5.66 lakh crore held in Zerodha demat accounts (linkedin.com)
• 22.3 per cent CAGR for True Beacon One in initial years (livemint.com)
• 50+ startups, 2,500 jobs created via Gruhas (vccircle.com)
• ₹300 crore Earth Fund launched (2025) (moneycontrol.com)
• 40+ episodes on “WTF is…” by Jan 2025

A Billionaire with a Conscience

The Giving Pledge and Philanthropic Renaissance

In June 2023, Kamath made global headlines by becoming the youngest Indian to sign the Giving Pledge, committing to donate 50% of his personal wealth to philanthropic causes such as education, climate and healthcare. It was a bold declaration: that wealth, in his hands at least, would not sit idle or detached, it would be a tool for reform.

But Kamath’s generosity is not rooted in impulsive largesse. His modus operandi is meticulous and strategic. He cofounded the Young India Philanthropic Pledge (YIPP), encouraging entrepreneurs under 45 to pledge a minimum of 25% of their assets. To date, YIPP has raised approximately US $8 million, supporting 300 schools with programmes centred on digital literacy and career guidance. These are not vanity projects, they stem from a belief that India’s real future lies in an empowered, educated youth.

In April 2023, Kamath announced the WTFund, a non-dilutive grant fund aimed at young Indian entrepreneurs. Its focus is startlingly clear: support profit-with-purpose startups in the ethos of environmental care and societal impact. Why no equity? Because Kamath believes that true entrepreneurial energy thrives when founders maintain complete ownership. “What matters is conviction, not dilution,” he commented in an interview.

Beyond Money – Building Ecosystems of Change

The philanthropy he advocates is holistic, it marries capital with mentorship, networks, and infrastructure. The FLOSS Fund, established under Zerodha’s banner, annually donates US $1 million to open-source technology projects . Meanwhile, the Earth Fund, launched through Gruhas in partnership with Brigade Group in March 2025, allocates ₹300 crore into clean-energy real-estate startups and urban sustainability initiatives.

At the heart of Kamath’s strategy is a phrase repeated often in conversation: “aligned capital”. He wants to see capital that serves markets without destroying them. Whether through FLOSS’s democratic software ideals or Earth Fund’s green ambitions, this principle holds tight. Even his decision to invest ₹250 crore in InCred Holdings before its IPO signals his care: promoting responsible credit access in an era of speculative credit-extension.

Efficiency over Hustle – The Psychology of Success

If Kamath’s early embrace of anxiety as a tool felt contrarian, his continued disregard for hard-coded hustle culture stands in even sharper contrast. At a 2024 graduation speech, he questioned conventional definitions of hard work: “For every four hours spent working, three went pretending.” He challenged graduates to seek effectiveness over exhaustion.

He argues that capitalism doesn’t always reward effort; intelligent action matters more. Describing hypocrisy with startling frankness, he said: “If, with new data, hypocrisy means changing quickly, then bring on the hypocrisy.” Anxiety, hypocrisy, imperfection, they are not indictments but instruments to be wielded, and better to recalibrate than to remain stubbornly wrong.

This mental framework extends into his entrepreneurship ethos: investing in founders with first principles curiosity, selective expansion, and modular decision-making. It also guides his own decisions, Kamath doesn’t chase prestige at any cost. His recent home purchase in October 2024, despite earlier comments favouring renting, prompted accusations of hypocrisy, which he countered by reiterating that “growth demands adaptation, not rigid loyalty to one narrative.” True to form, he continues to champion intellectual flexibility.

Energy as Currency – A Radical Prediction

Kamath’s thought experiment around data centres and energy borders on visionary. He predicts that as artificial intelligence consumes more power, “energy and electrons will become the new currency” within a decade. The maths is stark: 65% of a data centre’s opex is electricity. A single state-of-the-art centre can draw more annual power than 400,000 electric vehicles. Globally, data centres now use 1.5% of all electricity, is expected to reach 10% by 2030. In contrast, India’s 264 data centres,though representing only 3% of global count, were already consuming 2% of all Indian power as of early 2025.

This phenomenon signals to Kamath a seismic shift: assume old currencies, rupee, dollar, bitcoin, will lose symbolic primacy. Instead, those who control energy generation, transmission, or catalytic use will hold untold influence. His investment in energy-friendly startups within Earth Fund ties directly into that thesis, positioning him less as a trader and more as an architect of future infrastructure.

Lessons and Legacy – What Defines Kamath

After years crossing from retail broking to asset management, tech investment and philosophical provocations, what remains constant is Kamath’s hunger to learn, unlearn, and build responsibly.

He shares succinct axioms from his rapid-fire interviews:

• “Don’t do unto others what you don’t want done unto you.” (Confucius inspired)
• “The biggest risk is none taken.”
• “If you’ve hired someone, let them do the job.”
• “Startups that ignore real-world impact will be left behind.”

These are not aphorisms for polished Instagram feeds, they are tools in an ongoing experiment where capital, ethics, and execution co-exist.

Kamath’s conversation about alcohol, where he lauded moderate drinking as a cultural and social bonding instrument, invited rebuke from medical professionals, including hepatologist Dr. Cyriac Abby Philips, who warned that “no level of alcohol consumption is safe”. While critics called it irresponsible, Kamath noted the importance of dialogue, not cancelling, the same stance he took after being flagged for hypocrisy over real-estate ownership. He prefers debate to censure, believing complexity should be acknowledged rather than simplistically judged.

Snapshot

• 50% pledge of personal wealth in Giving Pledge (2023)
• US $8 million raised via YIPP for 300 schools
• ₹300 crore Earth Fund launched in partnership with Brigade Group
• Non-dilutive WTFund grants for profit-with-purpose startups (April 2023)

“Alignment, of capital, culture and conviction, is the only way to invest in our future.”

A Billionaire Under Fire

Caught at the Chessboard

In June 2021, Nikhil Kamath sat down opposite Viswanathan Anand, India’s chess legend, for a charity event titled “Checkmate COVID”. The match was meant to raise funds and spirits, but the result caused a stir: Kamath defeated Anand. The catch? It wasn’t entirely on his own merit.

Chess.com promptly banned his account, citing violations of its fair-play policy (chess24.com, en.wikipedia.org). Reports suggested that Kamath had received assistance, from both human analysts and chess engines. Facing mounting criticism, he issued a swift apology, describing his actions as “quite silly”, and acknowledging the confusion he had caused (m.economictimes.com).

Anand, in his typically gracious fashion, downplayed the controversy. He wished to “move on” and reminded the public that it was a celebratory simul, not a high-stakes match, and noted he expected participants to honour the spirit of fair play (indianexpress.com).

Anand’s composed stance helped defuse some backlash, and Chess.com reinstated Kamath’s account shortly after, emphasising that cooperative clarification and Anand’s forgiveness had resolved the incident (en.wikipedia.org). Nevertheless, the episode remained a pointed reminder that integrity matters, even in low-stakes settings.

The Alcohol Podcast Uproar

When Kamath embarked on the ‘WTF is…’ podcast, he was unafraid of difficult topics. In July 2024, he invited entrepreneurs and alcohol industry leaders to discuss India’s ₹70 billion liquor sector, and the studio conversation veered into controversial territory, particularly the claim that “drinking alcohol in moderation is very good.”

The discussion drew the ire of Dr Cyriac Abby Philips, popularly known as ‘The Liver Doc’, who accused Kamath and his guests of peddling health misinformation (hindustantimes.com, m.economictimes.com). Philips argued that alcohol is a systemic poison, devoid of any genuine health benefit, and responsible for illness, financial ruin of families, and tragic accidents.

He wrote on X (formerly Twitter): “Alcohol is good business, a business that leeches out others’ lives… To claim drinking alcohol in moderation is good, is actually a crime.” (hindustantimes.com)

Kamath’s response was swift. In true Kamath fashion, he defended the podcast as an “open conversation”, reminding critics that the episode concluded with a strong disclaimer and that discussion, not censorship, drives progress. True to his advocacy for aligned capital and open inquiry, he declined disengagement in favour of dialogue.

The Renting U-turn

October 2024 saw Kamath make another unexpected move: he purchased his first home. What might seem mundane for many was interpreted by the online sphere as a hypocrisy: after all, he had once promoted the virtues of renting to maintain liquidity and flexibility. Critics were vocal.

But Kamath’s reply was measured. He pointed out that hypocrisy can be constructive. With changing priorities and new data, shifting stances may reflect growth rather than contradiction. As he illustrated in earlier speeches, “If with new data hypocrisy means changing quickly, then bring it on.” (en.wikipedia.org)

To Kamath, the home purchase was a logical evolution, not a betrayal, a mark of a life thoughtfully shaped, rather than rigidly scripted.

Philosophy: Holding Space for Complexity

Across all these controversies, Kamath’s response reflects a consistent philosophy, one he has articulated many times: embrace anxiety, adapt with humility, and stay curious. Whether navigating chess scandal, public health debates, or personal financial decisions, he resists simplistic narratives.

He refuses to retreat into sanctimony. Instead, he leans into nuance and debate. Rather than excuse or evade, he chooses conversation. The chess episode became a lesson in fairness; the podcast sparked a deeper awareness of public perception and responsibility; the home purchase invited reflection on consistency versus growth.

This approach reveals a mind unafraid of change,a leader who does not stake his ground on infallibility, but on the growth that follows the fallibility.

Snapshot

• Account banned/reinstated after charity chess “win” over Viswanathan Anand in 2021 (en.wikipedia.org, youtube.com, chess24.com)
• Podcast backlash for glorifying alcohol,sharp criticism by Dr Cyriac Abby Philips (m.economictimes.com)
• House purchase backlash in October 2024 after previous rent advocacy (en.wikipedia.org)

“Hypocrisy isn’t failure, it can be evolution, if you’re ready to learn.”
-Nikhil Kamath

A New Model for the Indian Diaspora

When my team researched about Nikhil Kamath, I expected an iconoclast. Instead, I found a philosopher, calm, deliberate, deeply human. He spoke of failure as a teacher, wealth as responsibility, and anxiety as a compass. His was a worldview refined not in boardrooms or Ivy League classrooms, but amid the clatter of call-centres, the hum of trading engines, and the weight of public scrutiny.

For the dispersed Indian community, from second generation youth in California to startup founders in Nairobi, his path offers new bearings.

1. Redefining Wealth and Success

Traditional diaspora narratives often highlight upward mobility, Western acceptance, and accumulation of capital. Kamath reframes it: wealth is a means, not an end. His pledge to give away half of his fortune, set up non-dilutive grants and invest in university access sends a powerful signal: success grows when shared, not hoarded. That mindset echoes among Indians abroad eyeing diaspora impact beyond remittances, looking to build institutions and leverage networks.

2. Embedding Ethics into Enterprise

From Zerodha’s zero-barrier brokerage to Earth Fund’s sustainability focus, Kamath consistently merges value and value creation. Diaspora entrepreneurial ambition, whether it’s a fintech in London or a biotech in Toronto, faces similar tension. He proves that building for scale and societal impact are not mutually exclusive. They can and must co-exist.

3. Growth Through Flexibility, Not Rigidity

On rent, alcohol and public errors, Kamath’s willingness to adapt is instructive. He writes off hypocrisy not as failure, but as stimulus for reflection and growth. For young Indians abroad, this validates changing identity, recalibrating goals, and shifting paths. Whether moving from engineering to arts or corporate to NPO, Kamath reassures: pivoting is progress.

4. Curiosity as Currency

Kamath models a self-directed, non-linear journey. No MBA. No glittering pedigree. Just questions, and the perseverance to follow them. The diaspora can learn from this: that curiosity, not conformity, is the real passport. It isn’t where you begin, but how you engage with questions that matters.

5. Dialogue Over Dogma

In a fractious world, he champions conversation over cancellation. Whether discussing data centre energy as future currency or defending his alcohol discussions, Kamath leans into debate rather than shutting it down. As diaspora populations grow global and polarised, his approach offers a template: engage with critics, clarify positions, and aid collective understanding.

Editorial Note: Why WFY Chose Nikhil Kamath Now

The July 2025 cover of WFY honours a different kind of global Indian. Kamath is not just a billionaire, he is a builder of new systems: financial platforms, philanthropic ecosystems, legal thought spaces. He is as comfortable discussing capital discipline as he is debating hypotheses about energy and data.

In doing so, he personifies:

• Indian-origin leadership rooted in purpose
• Unique diaspora voice shaping global capital and culture
• A life made of questions, not just checkboxes

WFY’s readers, young, digitally enabled, value oriented, don’t just want role models with trophies. They want thinkers who ask why, not just how; citizens who give context, not just code. Kamath fits that mould.

“If you want to build a future, don’t just show the money, show the questions.”
-The WFY editorial board, inspired by Nikhil Kamath

Nikhil Kamath’s journey, beginning in Udupi, threading through a Bengaluru call centre, blooming across global finance and philanthropy, and weathering public storms, reflects the Indian diaspora’s ongoing transformation. The ambition remains. The vision is private. But the purpose is public.

That is his gift, and ours. For all those of Indian origin scattered across continents, Kamath shows that it isn’t enough to arrive. You must also ask, evolve, and give back.

You must ask: What’s the question behind the answer?

This is The WFY, July 2025: covering more than success. Covering leadership.

By Melwyn Williams