Nithin Kamath Recalls How Jio and UPI Fueled India's Broking Boom
· Business · LiveMint, Economic Times
Zerodha co-founder Nithin Kamath recalled being named alongside Reliance Industries Chairman Mukesh Ambani in a 2016 business ranking as his firm made delivery brokerage free. Kamath noted that affordable mobile data from Jio and Airtel, alongside Aadhaar and UPI, transformed India's digital economy and expanded access to investing. The surge in connectivity helped unique stock market investors grow from about two crore in 2016 to over 13 crore post-pandemic. Kamath credited the foundational infrastructure built by entirely different industries for enabling Zerodha's rapid growth. The account was shared on X amid preparations for the upcoming Jio IPO.
Why it matters
The intersection of telecom infrastructure and digital public goods like UPI and Aadhaar fundamentally reshaped retail participation in Indian capital markets, driving a sixfold expansion in unique investors.
Read the original report — LiveMint
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