Zerodha’s co-founder and CEO, Nithin Kamath, believes the ‘real money is with Gujjus’. In a recent post on X (formerly Twitter), Kamath highlighted that most equity delivery trade comes from Ahmedabad and Mumbai. Gujjus is a commonly used short form to describe people from Gujarat.
In his X post, Nithin Kamath shared data: “Ahmedabad and Mumbai account for 80% of equity delivery trades. Let that sink in. Essentially, the real money is with Gujjus.”
However, he also pointed out, “Btw, Gujarat accounts for just 8% of the total registered investors, and the share has been falling.”
— Nithin0dha (@Nithin0dha)
Nikhil Kamath shared statistical data revealing that Mumbai dominated equity trade deliveries in November 2024, with 64.28%, while Ahmedabad contributed 17.53% during the same period.
In September, Kamath highlighted Gujarat’s significant market participation, particularly its impressive IPO involvement. On X, he said, “Gujarat accounts for about 9% of the total investor customer base, but they account for 40% of IPO participation in both retail and HNI categories.”
The analysis revealed that Gujarat-based retail investors secured 39.3% of retail category allocations, followed by Maharashtra and Rajasthan at 13.5% and 10.5%, respectively.
The geographical distribution of IPO participants indicated that approximately 70% of investors originated from four primary states: Gujarat, Maharashtra, Rajasthan and Uttar Pradesh.
According to the research findings, which Zerodha’s founder on X shared, Gujarat represents roughly 9% of the overall investor customer population.
