India, Nov. 4 -- One out of five Groww IPO applications is originating on Zerodha, CEO Nithin Kamath said on Tuesday. That, more that anything else, shows the depth of India's investor base that the likes of Zerodha and Groww have built.

"Congrats on the IPO @lkeshre & team, and best of luck," Kamath wrote on X, formerly Twitter, after Groww operator Billionbrains Garage Ventures Ltd. launched its Rs.6,650-crore IPO. "Btw, about 20% of all @_groww IPO applications are from @zerodhaonline customers. :P"

That the retail portion of the Groww IPO saw 1.91 times demand on the first day itself underscores the work Zerodha, Groww and their ilk have done to build the investor base for the world's fourth largest stock market.

It also highlights...