‘Real money is with Gujjus…let that sink in’: Zerodha CEO Nithin Kamath makes interesting observations in social media post

Zerodha‘s co-founder and CEO Nithin Kamath believes that the ‘real money is with Gujjus’. In a recent post on X (formerly Twitter), Kamath highlighted that a big majority of equity delivery trade comes from Ahmedabad and Mumbai. Gujjus is a commonly used short form to describe people from the state of Gujarat.
Sharing data in his X post, Nithin Kamath said, “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.”

Statistical data shared by Nikhil Kamath reveals that Mumbai dominated with 64.28% of equity trade deliveries in November 2024, whilst Ahmedabad contributed 17.53% during the same period.
Previously in September, Kamath had highlighted Gujarat’s significant market participation, particularly noting its impressive IPO involvement. He had said on X: “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, with Maharashtra and Rajasthan following 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 were shared by Zerodha’s founder on X, Gujarat represents roughly 9% of the overall investor customer population.