'Life comes full circle': Nithin Kamath invests in Capitalmind, led by CEO who advised Zerodha in early days

According to Moneycontrol.com, the investment marks the first institutional capital infusion into Capitalmind.

Zerodha, the Bengaluru-based stockbroking giant founded by Nithin and Nikhil Kamath, has made a fresh investment in Capitalmind Financial Services, a portfolio management firm led by Deepak Shenoy. The funding was channelled through Rainmatter, Zerodha’s long-term initiative focused on supporting financial and wellness ventures.

The development holds personal significance for Nithin Kamath, who took to social media to reflect on the early years of Zerodha and Shenoy’s role in its inception. Describing the moment as “surreal,” Kamath recalled how Shenoy had been one of the first people he had approached while conceptualising the company.

“Deepak Shenoy was among the first people I spoke to about the idea of Zerodha,” Kamath wrote on X (formerly Twitter). “When we started, he agreed to lend his credibility by having his name on our website as an advisor.”

He added, “It is sometimes surreal how life comes full circle,” before confirming Rainmatter’s backing of Capitalmind. “Happy to back Deepak’s Capitalmind through Rainmatter,” he wrote.

It is sometimes surreal how life comes full circle.@deepakshenoy was among the first people I spoke to about the idea of Zerodha. When we started, he agreed to lend his credibility by having his name on our website as an advisor.

We're happy to be backing him through… pic.twitter.com/EaaULNT0Mm

— Nithin Kamath (@Nithin0dha) August 6, 2025

According to Moneycontrol.com, the investment marks the first institutional capital infusion into Capitalmind, which recently secured a mutual fund licence from the Securities and Exchange Board of India (SEBI). The company operates as a SEBI-registered portfolio management service.

Deepak Shenoy also responded to Kamath’s post, expressing his gratitude while reminiscing about the modest beginnings of Zerodha. “Many thanks Nithin! I can't even believe that at one time, I had credibility to give to Zerodha!” he remarked. “I remember carrying the early Zerodha forms in my Hyundai Accent in Gurgaon – telling people how much brokerage they would save.”

He further elaborated on the long-standing professional relationship he has shared with the Kamath brothers and the alignment between Capitalmind’s vision and Rainmatter’s investment approach.

“We have been in discussion regarding the businesses for a long time and have known each other for years now,” Shenoy told Moneycontrol.com. “Rainmatter’s investment philosophy has been non-interfering and there is a lot of synergy with Zerodha. We have spoken with Zerodha Fund House as well.”