Nikhil Kamath, co-founder of Zerodha, recently took to Instagram to share his vision of patriotism and his support for Indian products and entrepreneurs. In his post, Kamath emphasised the importance of supporting homegrown brands over foreign franchises, highlighting various sectors such as clothes, jewellery, food, automobiles, and more.
Kamath expressed his belief that product quality should take precedence over marketing. "Will pick great products with terrible marketing every time, sales I hope can be solved for easier than product," he noted. The billionaire entrepreneur pointed out Ather Energy, an Indian electric scooter company, as a prime example of a great product with less effective marketing. "The reason we made this investment is also this, every ancillary player in this space said Ather, the product is the best, but they don’t know how to sell, conservative, measured, etc."
In a picture accompanying his post, Kamath was seen riding an Ather electric scooter with a caption urging Indians to support local brands. "Let's Indians buy more Indian brands, until one day non-Indians buy Indian brands," he wrote. Kamath also humorously noted his experience purchasing the scooter, saying, "Ather has sh*t marketing but great product (sorry Tarun), PS: I bought this scooter at MRP, Tarun didn’t even give me a discount." Tarun Mehta is the co-founder and CEO of Ather Energy.
Kamath shared that his journey with Ather Energy began when he became bullish on the electric vehicle (EV) sector last year. Citing data from SMEV, INC42, and other sources, he highlighted the rapid growth of the Indian EV market. The market, valued at $23.4 billion, is expected to grow at a compound annual growth rate (CAGR) of 22.4 per cent, reaching $117.78 billion by 2032. Additionally, there has been a 47 per cent growth in EV sales in India in 2023, with the government targeting 30 per cent of all new vehicles sold in India to be electric by 2030.
He noted that India ranks second globally in the sales of electric two-wheelers, only behind China, and mentioned that 1319 EV startups have been registered in India. He attributed the rising sales of electric scooters to their economic viability and government-backed schemes like FAME II and the Electric Mobility Promotion Scheme (EMPS).
The Zerodha co-founder also pointed out the long-term cost savings of electric scooters despite their higher initial cost, stating they save nearly a lakh over time. Additionally, he discussed the environmental benefits, noting the reduction in carbon dioxide emissions compared to fossil fuel cars over several years of use.
Kamath's post is a call to action for Indians to support local brands and contribute to the growth of the nation's economy while embracing sustainable and innovative technologies.
