Zerodha Founders Nithin and Nikhil Kamath enter Forbes Billionaires list 2023

Mangalore Today News Network / NDTV

New Delhi, April 06, 2023: Nithin Kamath and Nikhil Kamath, co-founders of Zerodha, have officially joined the Forbes World’s Billionaires List for 2023. The CEO of India’s largest stockbroking company, Nithin Kamath, is ranked 1104 and has an estimated net worth of $2.7 billion. Meanwhile, Nikhil Kamath, Chief Financial Officer of the company, who also owns the financial management company True Beacon, is ranked 2405 on the list with a net worth of $1.1 billion.

 

Nithin and Nikhil were born in Shivamogga, Karnataka, India to U.R. Kamath and Revathi, a Konkani family.

Brothers Nithin and Nikhil Kamath (pictured) founded discount brokerage Zerodha in 2010 and went on to disrupt the brokerage market in India.  Zerodha has 10 million clients, making it one of the largest brokerage in the country.  Their venture capital fund and incubator, called Rainmatter, invests in fintech companies and ventures that promote financial inclusion.

Their investment management firm True Beacon is aimed at ultra-high net worth investors and operates on a zero-fee model. Zerodha Broking saw an 82% jump in revenue and an 87% surge in net profit in the fiscal year to March 2022.

Meanwhile, the list also witnessed the dethroning of Twitter and Tesla CEO Elon Musk from the world’s richest person, with a net worth of $180 billion. He was overtaken by the Chairman of the French luxury goods company Louis Vuitton (LVMH) Bernard Arnault with a net worth of $211 billion. It is to be noted that both billionaires frequently switch positions on Forbes’ list of ’Real-Time Billionaires’. The Founder of Amazon, Jeff Bezos, moved to the third spot with a net worth of $114 billion after losing $57 billion and seeing a nearly 40 per cent decline in the value of his e-commerce giant’s stock.

It is to be noted that the Founder And Chairman of Reliance Industries, Mukesh Ambani is the only Indian in the top 10. He is ranked ninth on the Forbes list.

Forbes added, "The United States still boasts the most billionaires, with 735 list members worth a collective $4.5 trillion. China (including Hong Kong and Macau) remains second, with 562 billionaires worth $2 trillion, followed by India, with 169 billionaires worth $675 billion."