Why not IPO Zerodha when you can potentially get ridiculous valuations? Firstly, we think an IPO is the beginning & not the end. As soon as you have lakhs of conservative retail investors on your cap table, the obligations go up exponentially.

We are in a world where companies are getting priced to perfection based on all the future growth potential. For a stock to do well, you have to outperform. As CEO, I dread to think how you can outperform the already really high expectations that growth companies have today.

We have never set revenue or growth targets, always believed that if we can do what is right for the customer & if goddess of luck smiles, the rest will happen. Our core team dreads moving away from that philosophy to be in a chase all the time, which it will be after an IPO.

The reason the chase is scarier is that broking has hardly any predictability. When someone asks me for a 3-year projection, I usually respond, can you predict what the Nifty Midcap index can do in 3 years as everything from our user to revenue growth almost mirrors that.

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