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Zerodha founder and CEO Nithin Kamath reflected on the company’s unconventional growth journey, highlighting how customer referrals and word-of-mouth publicity, rather than advertising, have helped the discount broker acquire customers since its inception.“When we started Zerodha, we didn’t have the money to advertise, not that it would’ve worked,” Kamath wrote on X (formerly Twitter). “So the only way we could grow was through word of mouth and customer referrals. The only way that was possible was to offer products and services customers would talk about.”Zerodha introduced its customer referral programme when it launched in 2010. Over the years, incentives under the programme have gone through multiple changes due to evolving SEBI regulations. Kamath pointed to 2018–19 as a phase when referrals dipped significantly after the Securities and Exchange Board of India disallowed cash-based referral incentives.Also Read: Youngsters want to become Nikhil or Nithin Kamath but don't want to use Zerodha: Ankur Warikoo“We started our referral program when we launched in 2010, and since then, the incentives have changed numerous times because of regulations. A classic example is the dip in 2018/19, when a regulatory change disallowed us from paying a referral incentive,” Kamath said.Despite these hurdles, referrals have continued to play a significant role in Zerodha’s customer acquisition. According to Kamath, even after the company stopped offering referral incentives altogether, the contribution of referrals to new account openings has remained steady.“Today, we don’t offer any incentives, and despite that, referrals have more or less stayed flat,” he noted. He further added that indirect referrals, which are not captured in visible data, represent a large share of new customers, underscoring the depth of trust and loyalty the platform enjoys.Kamath summed it up by saying that customer love is a real superpower for Zerodha, positioning it as a fintech player that scaled into India’s largest stock brokerage without spending heavily on traditional advertising or customer acquisition.“Also, this image doesn’t capture the significant chunk of indirect referrals, and customer love is a real superpower for us,” he concluded.Kamath also recently highlighted how the discount broker is grappling with a demat market share loss even as assets under management (AUM) continue to grow. The company is addressing the issue by creating content, though it remains unsure about its impact so far.Read More: Zerodha's demat market share shrinking, says founder Nithin Kamath. How is it coping?(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

India’s gold ETF holdings rose 42% year-on-year to 66.68 tonnes as of June 30, 2025, with AUM surging 88% to Rs 64,777 crore.The number of investor accounts expanded 41% to 76.54 lakh, reflecting growing preference for digital gold investments and this shift from traditional jewelry ownership to tech-enabled investment channels is being driven by Gen Z investors, fractional ownership models, and the influence of social media and fintech innovations, according to a release by Ventura.Global gold demand in Q2 2025 stood at 1,249 tonnes, up 3% year-on-year, with investment demand and ETF inflows offsetting weaker jewelry consumption. Central bank gold holdings worldwide rose to 36,345 tons, with India’s reserves at 880 tonnes.Also Read | Jio Financial Services & Reliance Industries among stocks bought and sold by PPFAS Mutual Fund in JulyAUM increased 88% YOY from Rs 34,356 crore to Rs 64,777 crore in June 2025. A four-year increase being 299%. Number of accounts increasing 41% YOY from 54.10 lakhs to 76.54 lakhs in June 2025. A four-year increase being 317%.“Gold’s strategic role in portfolios has strengthened as investors navigate an era of slower global growth, policy uncertainty, and elevated geopolitical risks. With inflationary pressures, a softening US dollar, and anticipated US Fed rate cuts, we see sustained upside potential in gold prices through the remainder of 2025. Our analysis indicates COMEX Gold could test the $3,600 mark by year-end, supported by strong ETF inflows, steady central bank buying, and robust retail participation in India’s gold investment market,” said NS Ramaswamy, Head of Commodities, Ventura.On the other hand, in global gold ETFs, Gold Holdings increased 16% YOY from 3106 tonnes to 3616 tonnes as on 30th June 2025 and the AUM increased 64% YOY from $233.30 billion to $383 billion as on 30th June 2025The release further hints that Gold prices are expected to remain elevated in the second half of 2025 and this is supported by macroeconomic headwinds, geopolitical tensions, and robust investment demand.“Ventura expects Comex Gold to touch US$3,600 by year-end, after hitting a record high of US$3,534.10 on August 7, 2025, surpassing the previous peak of US$3,509.90 set in April 2025,” the release said.Over the past 20 years, gold has delivered positive annual returns in 14 calendar years, reinforcing its status as a proven store of value and a hedge against inflation. Recent performance underscores its resilience, with average annual returns of 23% over the last three years compared to 11% for the Nifty 50.Also Read | 7 equity mutual funds multiply lumpsum investments by over 2x in 3 yearsIn volatile market conditions, gold’s negative correlation to equities has provided effective diversification, cushioning portfolio losses during sell-offs while participating in upswings.The best annual performance was in 2007 of 31.59% (Start of the Great US Recession - Global Financial Crisis - Subprime mortgage crisis - Collapse of Lehman Brothers). On the other hand, the worst annual performance was in 2013 of -27.79% (US Economic Recovery - Chinese Infra Expansion -Global Currency Volatility - EU Stagnation - Oil Price Plunge).India’s Foreign Exchange Reserves week ended August 1, 2025 was $688.87 billion (Highest $704.89 billion in Sep’24)Looking ahead H2 2025, Gold retains upside potential with pronounced volatility, COMEX Gold forecast is $3600. Geopolitical risks leading a safe-haven appeal and Growth in ETF retail participation.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)

Global furniture retail IKEA is gearing up for its 'second wave' of growth in India, with an accelerated expansion plan backed by stronger local sourcing, robust logistics, and a deeper omnichannel strategy after investing over Rs 10,500 crore in the first phase, said Patrik Antoni, CEO, IKEA India.The Swedish company will now add four to six new customer touchpoints in India every year, a sharp step-up from its earlier pace of opening one store every year or two."India is not only a retail country, not only a sourcing country, but really a part of the global ecosystem for IKEA," Antoni said. "We have been focusing the expansion in six states where we already have a good supply chain set up. It’s not just about pressing the button, but almost."Meanwhile, Jesper Brodin, CEO of INGKA Group, which is the biggest franchisee of Inter IKEA, stated that IKEA will adapt to the new business environment owing to the ongoing US tariff issue.“On tariffs, there’s still significant uncertainty, and while IKEA has limited ability to influence outcomes, the focus is on preparing to adapt, especially given that its supply chain is far more regional and local than many assume," Brodin said while adding that that India-EU Free Trade Agreement will be a win-win for both the sides.IKEA's upcoming stores will be a mix of large-format flagship stores like those in Hyderabad, Navi Mumbai, and Bengaluru; new outlets in Noida and Gurugram; and smaller city-centre stores, planning studios, and online platforms."The IKEA experience is no longer limited to a single visit to a large store—it’s a combination of many touchpoints, more convenient and more accessible,” Antoni added.Localisation will be central to IKEA’s India strategy. The company plans to increase local sourcing from 30% today to 50% by 2030. With partnerships already in place with 45 suppliers, many of whom export globally, IKEA is also investing in a design centre to create products tailored for Indian homes, with an emphasis on sustainable and recycled materials, including Indian wood varieties.Antoni said India’s growing role as a sourcing hub strengthens IKEA’s ability to balance supply chain risks."Localisation and diversification are important for us. As global trade dynamics evolve, India’s position becomes even more critical in ensuring affordability and resilience in our offering,” he noted.Much of IKEA’s online fulfilment in India is being managed by its large-format “blue box” stores. To prepare for scale, the company has also invested in dedicated distribution centres--one in Pune, which currently services stores across western and southern markets, and another in Gurgaon that will cater to northern stores while also handling direct-to-customer deliveries.The Gurgaon hub is railway-connected, part of IKEA’s broader sustainability agenda. On last-mile logistics, the retailer has transitioned over 90% of its fleet to electric delivery vehicles (EDVs) and aims to reach 100% by 2030.Beyond retail, IKEA’s India presence spans sourcing, a Global Capability Centre handling finance and people operations, a digital hub supporting global teams, and Ingka Centres’ two large shopping centres under construction in Noida and Gurugram. Ingka Investments is also exploring renewable energy opportunities, while the IKEA Foundation has earmarked 250 million euros for climate resilience and rural livelihood projects in India.With its expansion anchored in retail, sourcing, logistics, and sustainability, IKEA sees India as one of its most strategic markets globally, combining customer growth potential with supply chain strength. Ends(The writer is in Alhmult, Sweden at the invitation of IKEA)

The United Kingdom and Uttar Pradesh have signed an agreement to send five students every year on fully funded Chevening scholarships to the UK. The announcement was made in Lucknow on Tuesday during British High Commissioner to India Lindy Cameron’s meeting with Chief Minister Yogi Adityanath.Chevening is the UK Government’s international scholarship programme, funded by the Foreign, Commonwealth and Development Office along with partner organisations. Applicants must hold an undergraduate degree, apply to three eligible master’s courses in the UK, and secure an unconditional offer from at least one. The scholarship covers tuition, living expenses, travel, and other costs for the selected students.Five students to benefit every yearUnder the agreement, five students from Uttar Pradesh will be selected each year for the next three years to pursue higher education in the UK. The Chevening programme covers tuition fees, a monthly stipend, travel costs, visa fees, and other allowances.“It’s wonderful to be here in Lucknow today to sign with the Chief Minister the agreement on the new Chevening scholarships which we’re announcing together between the United Kingdom and Uttar Pradesh. This will give the opportunity for five students every year for the next three years to go to the UK on a fully funded scholarship which is part of the fantastic and growing relationship between the United Kingdom and India,” Cameron said. — ANI (@ANI) She also linked the scholarship to broader ties between the two countries. “With the recent signing of both the trade agreement and Vision 35, the vision for the new relationship between the UK and India recently signed by our two prime ministers during PM Modi’s visit to the UK. So it’s great to be here talking about education and talking about the fantastic opportunities for business that the FTA will also allow us to explore here between the UK and India,” Cameron added.This is the first time Uttar Pradesh has directly partnered with the UK under the Chevening scheme, creating new opportunities for students from the state to pursue higher education abroad.(With inputs from ANI)