New Delhi, Oct 12 (IANS) Leading stock broker Zerodha co-founder Nikhil Kamath has become India's youngest billionaire at the age of 37.

According to Forbes' latest list of India's 100 richest people, brothers Nithin and Nikhil Kamath were ranked 40th among the country's wealthiest people, with a combined net worth of $5.5 billion. 

"They have a net worth of Rs 45,754.50 crore and their rich list rank improved 18 places this year," Forbes said.

The Kamath brothers founded Zerodha in 2010, which revolutionised zero-cost equity investing.

Earlier this week, the duo featured in the Hurun India rich list of 2023.

Nithin and Nikhil Kamath were ranked 42 and 81, respectively, with net worths of Rs 35,300 crore and Rs 23,100 crore. 

Meanwhile, Zerodha has reported a revenue of Rs 6,875 crore and a profit at Rs 2,907 crore for the financial year 2022-23 (FY23), representing a 38.5 per cent and 39 per cent growth in revenue and profit, respectively, as compared to the previous financial year.

In FY22, the company had reported a revenue of Rs 4,964 crore and a profit of Rs 2,094 crore.

In a blogpost, Nithin Kamath said that despite fierce competition from newer discount brokerage firms, the company will maintain onboarding and maintenance fees.

New Delhi, Sep 26 (IANS) Leading stock broker Zerodha on Tuesday reported a revenue of Rs 6,875 crore and profit at Rs 2,907 crore for the financial year 2022-23 (FY23), representing a 38.5 per cent and 39 per cent growth in revenue and profit, respectively, as compared to the previous financial year.

In FY22, the company had reported a revenue of Rs 4,964 crore and a profit of Rs 2,094 crore.

In a blogpost, Zerodha's Co-founder and CEO Nithin Kamath said that despite fierce competition from newer discount brokerage firms, the company will maintain onboarding and maintenance fees.

"Trading the markets is a serious business with serious risks involved. Collecting an account opening fee right at the start also, in a way, helps set this expectation with a potential customer, filtering out users who may not be serious about trading or investing with us," Kamath said.

This is the highest profit figure for a technology startup and bigger than its nearest competitor, discount broker Angel One, which reported a consolidated revenue of Rs 3,021 crore and a net profit of Rs 1,192 crore for FY23.

Additionally, Zerodha acknowledged that the business has plateaued for the company during the current fiscal.

"There’s still phenomenal interest in the markets, especially in futures and options. This has been the primary reason for the increase in revenue and profitability over the last three years. We continued to see phenomenal growth even in FY 22/23. That said, the business has plateaued in terms of revenue and profitability this financial year until now," Kamath mentioned.

Meanwhile, recent reports said that Kamath is contributing Rs 100 crore in a funding round of Rs 550 crore, which is set to be secured by India's leading omnichannel jewellery retailer Bluestone.