Very much This. With the first-mover advantage, lack of VC interest in the Indian Fi space, the compliance load for any upstarts has led Zerodha to enjoy a comp

Very much This. With the first-mover advantage, lack of VC interest in the Indian Fi space, the compliance load for any upstarts has led Zerodha to enjoy a competitive free landscape of the "Commission free mutual funds" and "Low cost stock trading". That is changing rapidly with the huge inflow of VC money into the financial sector in the last 5 years with countless startups fueled by VC money and incumbents upping their offering had begun to capture / steel away their market. They would be pressured into growing to compete with them sooner if not already.