Nithin Kamath reveals key reason for Zerodha's success: 'We were able to grow thanks to...'

Zerodha co-founder and CEO Nithin Kamath on Wednesday revealed the key reason for the success of the country's biggest stockbroking site. Taking to Twitter, he wrote that the company was able to grow because of referrals from users.

"A key reason behind the success of Zerodha is that we were able to grow thanks to all the referrals from our users. Over 10 lakh customers have referred their friends and family," Kamath tweeted adding that on Wednesday, the company made its largest referral payout to its customers.

Zerodha users can refer their friends and family and earn 300 reward points when they open an account. Users can also earn 10 percent of the brokerage paid by anyone they referred, the company website stated. Users will have to refer at least five people and the earnings need to be at least Rs 1,000 to qualify for a withdrawal.

The referral programme, highlighted by Nithin Kamath, was appreciated by Twitter users.

"My wife started using Zerodha through a referral, I really admire the way you guys conduct your business, only a handful of 'startups' have created real value (not just inflated valuations), and one of them is Zerodha," wrote Aman Kharbas (@aman_kharbas).