Nikhil Kamath, India’s youngest billionaire and co-founder of Zerodha, has revealed his stake in Indian liquor heavyweight Radico Khaitan. Kamath disclosed that he owns a 1.6–1.7% share in the spirits company—an investment worth approximately Rs400 crore (£3.7 million)—during the latest episode of his podcast WTF (short for “Where’s the Fun”).
The podcast episode, titled WTF, Alcohol is a $70B Business in India?, featured an insightful discussion on India’s booming alcohol industry. Kamath was joined by Radico Khaitan managing director Abhishek Khaitan, along with other influential guests from the Indian bar and craft alcohol scene, including SideCar co-founder Minakshi Singh, Gin Explorer’s Club founder Shuchir Suri, and Suraj Shenai of Goa Brewing Co.
A rare public reveal from Kamath
Although Kamath is known for his success in fintech and investing, this marks the first time he has spoken publicly about his involvement with Radico Khaitan. “It’s an investment that has done very well for us,” Kamath said during the episode. “Don’t blame me for being a bit nicer to him,” he joked, gesturing to Khaitan.
Kamath, whose net worth is estimated at US$3.1 billion by Forbes, co-founded Zerodha in 2010 alongside his brother Nithin Kamath. The duo disrupted India’s brokerage landscape with a low-cost, tech-first model, and have since expanded into venture capital through Rainmatter, their fintech investment arm focused on financial inclusion.
Inside Radico Khaitan’s rise
Radico Khaitan is one of India’s largest Indian Made Foreign Liquor (IMFL) producers and the fourth-largest liquor company in the country. Its premium spirits portfolio includes Rampur Indian Single Malt Whisky and Jaisalmer Indian Craft Gin, both of which have gained international acclaim.
The company is currently valued at Rs223.1 billion and has evolved significantly since its early days as Rampur Distillery & Chemical Company. Abhishek Khaitan joined the company in 1996 at age 22 and spearheaded its transformation. One of his biggest early challenges, he shared on the podcast, was rebranding the company—a change that reflected a broader shift toward premiumisation and consumer appeal.
Khaitan also credited Bangalore, where he studied, as a key influence on his vision for the brand. “Bangalore has been my biggest inspiration for what Radico is today, because Bangalore is always known as the pub city,” he said.
Betting on Indian heritage in a global market
Kamath said his attraction to Radico Khaitan stemmed from a deeper trend in consumer behaviour—one that sees Indian consumers increasingly embracing homegrown brands over foreign imports.
“I find this in many industries I’m going in to invest. We have this Western baggage in India where innately Indians believe that if the product is foreign it’s better,” he explained.
He pointed out that Rampur and Jaisalmer have managed to compete with, and sometimes outsell, imported counterparts despite being younger or less aged in some cases. “When I saw this company which was making alcohol called Rampur and Jaisalmer, in some cases which was not even aged as much as the Scottish counterpart, selling for more than that, […] I was enamoured from the very beginning,” Kamath said.
A bullish outlook on India’s alcohol market
India’s alcohol market is valued at approximately $70 billion and growing, with both domestic and international brands vying for a piece of the pie. Radico Khaitan is well-positioned to capitalise on that momentum with a strong focus on premiumisation and global brand-building.
With investors like Kamath now backing the brand, Radico’s influence in both Indian and global spirits markets is only set to grow. As India continues to shift toward celebrating its own craft and heritage, investments like Kamath’s are also a strong indicator of how Indian-made luxury is gaining global respect—and real investor confidence.