Users couriered 40-page forms, took 6 years to get 60K customers, says Zerodha CEO

Share via:

Zerodha co-founder & CEO Nithin Kamath revealed the process of onboarding customers prior to digitization in India.

Nithin recalled customers had to sign and courier 40+ pages of forms and wait for days for the account activation. 

Due to this, Zerodha, which is now India’s largest discount brokerage firm, took six years to get their first 60,000 customers, he said.

“It took us 6 years to get to our first 60k customers, each of whom had to sign and courier 40+ pages of forms and wait for days,” Nithin wrote in a tweet.

What was the impact of digitization?

Nithin further said that due to digitization, the company managed to get 1 crore customers in the next six years, eliminating paper in the process through eKYC, digital signatures (eSign), and digital documents (Digilocker). 

We got to 1 crore customers in the next 6, entirely eliminating paper in the process. This was enabled by eKYC, digital signatures (eSign), & digital documents (Digilocker). 

According to Nithin, Digitisation increases productivity savings and wastage reduction for companies and customers.

He highlighted the benefit of digitization stating that hundreds of millions of pages didn’t have to be printed and transported, saving the customers time.

“Most of our time in the first six years was spent figuring out how to send forms back and forth collecting docs,” Nithin wrote.

It took us 6 years to get to our first 60k customers, each of whom had to sign and courier 40+ pages of forms and wait for days. We got to 1 crore customers in the next 6, entirely eliminating paper in the process. This was enabled by eKYC, digital signatures (eSign), & digital… pic.twitter.com/dDsImjCAQp

— Nithin Kamath (@Nithin0dha) September 23, 2023

How digitization affected Zerodha’s operations?

Nithin writes that in late 2017 Zerodha had 900 employees with around 5 lakh customers. “Now, we serve 1.3 crore customers with a team of approximately 1100 members,” Nithin said.

“Today, we have 1.3 crore customers with ~1100 on the team. And this while our customer support quality has improved significantly. We have done many other things right, but doing away with the physical process has helped exponentially,” he wrote.

Zerodha has notably lowered the risks during customer onboarding by implementing digital processes.

This allows customers to use their digital identity and signature directly, replacing the need for physical forms, documents, and signatures that involve multiple intermediaries.

Also Read:

Haryana CM Manohar Lal Khattar lays stone for Flipkart’s supply centre in Manesar

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

Popular

More Like this

Users couriered 40-page forms, took 6 years to get 60K customers, says Zerodha CEO

Zerodha co-founder & CEO Nithin Kamath revealed the process of onboarding customers prior to digitization in India.

Nithin recalled customers had to sign and courier 40+ pages of forms and wait for days for the account activation. 

Due to this, Zerodha, which is now India’s largest discount brokerage firm, took six years to get their first 60,000 customers, he said.

“It took us 6 years to get to our first 60k customers, each of whom had to sign and courier 40+ pages of forms and wait for days,” Nithin wrote in a tweet.

What was the impact of digitization?

Nithin further said that due to digitization, the company managed to get 1 crore customers in the next six years, eliminating paper in the process through eKYC, digital signatures (eSign), and digital documents (Digilocker). 

We got to 1 crore customers in the next 6, entirely eliminating paper in the process. This was enabled by eKYC, digital signatures (eSign), & digital documents (Digilocker). 

According to Nithin, Digitisation increases productivity savings and wastage reduction for companies and customers.

He highlighted the benefit of digitization stating that hundreds of millions of pages didn’t have to be printed and transported, saving the customers time.

“Most of our time in the first six years was spent figuring out how to send forms back and forth collecting docs,” Nithin wrote.

It took us 6 years to get to our first 60k customers, each of whom had to sign and courier 40+ pages of forms and wait for days. We got to 1 crore customers in the next 6, entirely eliminating paper in the process. This was enabled by eKYC, digital signatures (eSign), & digital… pic.twitter.com/dDsImjCAQp

— Nithin Kamath (@Nithin0dha) September 23, 2023

How digitization affected Zerodha’s operations?

Nithin writes that in late 2017 Zerodha had 900 employees with around 5 lakh customers. “Now, we serve 1.3 crore customers with a team of approximately 1100 members,” Nithin said.

“Today, we have 1.3 crore customers with ~1100 on the team. And this while our customer support quality has improved significantly. We have done many other things right, but doing away with the physical process has helped exponentially,” he wrote.

Zerodha has notably lowered the risks during customer onboarding by implementing digital processes.

This allows customers to use their digital identity and signature directly, replacing the need for physical forms, documents, and signatures that involve multiple intermediaries.

Also Read:

Haryana CM Manohar Lal Khattar lays stone for Flipkart’s supply centre in Manesar

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

Website Upgradation is going on for any glitch kindly connect at office@startupnews.fyi

More like this

https://pnndigital.com/business-news/samsung-to-consolidate-leadership-in-mid-premium-segment-with-launch-of-galaxy-a55-5g-galaxy-a35-in-india/

https://pnndigital.com/business-news/samsung-to-consolidate-leadership-in-mid-premium-segment-with-launch-of-galaxy-a55-5g-galaxy-a35-in-india/ Source link

Black founders are creating tailored ChatGPTs for a more...

At first, John Pasmore was excited about ChatGPT.  Source...

Evaluating Opportunities Within A Subscription Economy

SUMMARY Companies in a subscription economy rely on recurring...

Popular

Upcoming Events

Startup Information that matters. Get in your inbox Daily!