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Nithin Kamath’s Rainmatter buys 5% stake in Capitalmind
Zerodha investment arm, Rainmatter, has made a fresh investment in Capitalmind Financial Services, a SEBI-registered portfolio management company founded by Deepak Shenoy.
With Rainmatter investing in Capitalmind, life comes full circle for Nithin Kamath
Zerodha CEO Nithin Kamath shared on social media platform X, “It is sometimes surreal how life comes full circle.”
“Deepak Shenoy was among the first people I spoke to about the idea of Zerodha,” Nithin Kamath said. “When we started, he agreed to lend his credibility by having his name on our website as an advisor.”
He added that now he was glad to support Shenoy’s venture through Rainmatter while sharing a picture with the latter.
It is sometimes surreal how life comes full circle.@deepakshenoy was among the first people I spoke to about the idea of Zerodha. When we started, he agreed to lend his credibility by having his name on our website as an advisor. 😬
— Nithin Kamath (@Nithin0dha) August 6, 2025
We're happy to be backing him through… pic.twitter.com/EaaULNT0Mm
Capitalmind CEO responds
Responding to Kamath’s post, Deepak Shenoy recalled their early days fondly. “Many thanks Nithin! I can't even believe that at one time, I had credibility to give to Zerodha!” he wrote. “I remember carrying the early Zerodha forms in my Hyundai Accent in Gurgaon – telling people how much brokerage they would save.”
Shenoy's portfolio management company recently secured a mutual fund license and shared with Moneycontrol that the two companies have had a long-standing relationship.
“We’ve known each other for years and had several conversations about our businesses. Rainmatter’s approach is hands-off, and there’s strong alignment with Zerodha’s philosophy. We’ve also had discussions with Zerodha Fund House,” he said.
About Zerodha
Bengaluru-based Zerodha was launched in 2010 by brothers Nithin and Nikhil Kamath as a bootstrapped venture with a mission to simplify and lower the cost of trading in India.
In 2019, the company became a 'unicorn' with a self-assigned valuation of roughly $1 billion based on an ESOP buyback. In 2020, the Kamath brothers applied for a license to set up an AMC mutual fund in India and launched their fund house in 2023.
Nithin and Nikhil Kamath's Zerodha deals in equity trading, derivatives trading, currency trading, commodity trading, and mutual funds. Over the years, the firm has grown to become the country’s largest stock brokerage, turning the brothers cum cofounders, into billionaires.