"Zerodha's growth strategy, as Nithin Kamath explains, is powered by customer loyalty:"

In the dynamic world of online trading, one name that stands out is Zerodha. Founded in 2010 by Nithin Kamath, the CEO and co-founder, Zerodha has carved a unique path, eschewing traditional marketing tactics in favour of a strong focus on product quality and customer satisfaction.

The growth of Zerodha, over the years, has been a subject of admiration among users. Some perceived it as an "evergreen moat," indicative of a sustainable competitive advantage. This growth, driven primarily by customer referrals and trust in its products and services, has been a testament to Zerodha's commitment to quality.

Users on social media have praised Zerodha's growth model, appreciating its emphasis on having a clean and reliable product. One user even suggested that distribution isn't about advertising, but about having a product that speaks for itself. This sentiment was echoed by another, who noted that referrals or marketing are just a bonus when the product and tech experience are superior.

The users' responses suggest a positive perception of Zerodha's approach to growth and marketing. They admire the company's focus on product quality rather than advertising, a rarity in the tech industry. One user even stated that Zerodha is the only app they trust and use.

Initially, Zerodha offered incentives for referrals through a referral program. However, regulatory shifts in 2018-19 disallowed referral payments for Zerodha, forcing changes to its referral program over the years. Despite these changes, referrals for Zerodha remained consistent, demonstrating the strength of its user base and the trust they have in the platform.

Nithin Kamath, the visionary behind Zerodha, posted about the company's growth on X (formerly Twitter). His posts, along with the positive user feedback, emphasize the importance of product quality in driving customer advocacy. A third user noted that referrals or marketing are just a bonus when the product and tech experience are superior, further highlighting Zerodha's success in this regard.

In conclusion, Zerodha's growth story is a testament to the power of focusing on product quality and customer satisfaction. Despite not using marketing to grow its user base, Zerodha has managed to carve a niche for itself in the competitive online trading market. Its unconventional approach to growth and marketing has resonated with users, earning it a loyal customer base and a positive reputation in the industry.