'The real money is with Gujjus': Zerodha's Nithin Kamath on Ahmedabad, Mumbai dominating trades

Last September, Zerodha CEO Nithin Kamath had praised Gujarat for accounting for about 40 percent of the participation in initial public offerings (IPOs).

Zerodha co-founder and CEO Nithin Kamath recently shared his analysis of stock market data and revealed that Mumbai and Ahmedabad account for 80 percent of the equity delivery trade. He attributed the high numbers to Gujarati traders in both the cities.

"Ahmedabad and Mumbai account for 80 percent of equity delivery trades. Let that sink in," Kamath wrote on X. "Essentially, the real money is with Gujjus."

He also highlighted that Gujarat accounts for just 8 percent of the total registered investors, and the share has been falling.

Ahmedabad and Mumbai account for 80% of equity delivery trades. Let that sink in. Essentially, the real money is with GujjusBtw, Gujarat accounts for just 8% of the total registered investors, and the share has been falling. pic.twitter.com/yljNeW8xfN
Nithin Kamath (@Nithin0dha) January 6, 2025

According to the details shared by the head of the online brokerage firm, Mumbai contributed 64.28 percent to the equity trade deliveries in November 2024, while Ahmedabad made up 17.53 percent of equity delivery trades in the same period.

This, however, is not the first time that Kamath shone the spotlight on Gujarat's contribution to the stock market. Last September, he praised the state for accounting for about 40 percent of the participation in initial public offerings (IPOs) -- the highest by any state.

“Gujarat accounts for about 9 percent of the total investor customer base, but they account for 40 percent of IPO participation in both retail and HNI categories,” he wrote on X.

Meanwhile, X users supported Kamath's narrative and shared how Gujaratis have historically embraced equity trading as a means of wealth generation.

Kunal Shah, founder and CEO of Cred, said, “Risk hai to Ishq hai”, citing a popular dialogue from the web series Scam 1992.

Stock market enthusiast G Manoj (@gvmmanoj) commented, "Gujarat, especially Ahmedabad, has a strong entrepreneurial and trading mindset. Gujaratis have historically embraced equity trading as a means of wealth generation."

“Investments require a blend of patience and substantial resources, and when it comes to these qualities, the Gujarati community shines brighter than most in India," TrustScore founder and CEO Shweta Sharma, said. "Their strategic approach has allowed them to navigate the complexities of investing with skill and perseverance."