In a recent podcast, Zerodha co-founder Nikhil Kamath and investor-author Ruchir Sharma, shared insights into their early career paths, revealing stark differences in their initial financial experiences. The conversation highlighted how their distinct beginnings shaped their respective journeys to success.
Nikhil Kamath recalled his early days working at a call center in Bangalore in the early 2000s. He earned approximately $1,000 annually, which he equated to about Rs 88,000 at the time. Kamath described this period as a "modest but formative" experience, emphasizing that it instilled discipline in him before he ventured into entrepreneurship. He specifically mentioned working night shifts at a call center called 24 bar 7. Kamath's responsibilities included selling accidental health insurance for a UK-based company named Stone Bridge. He worked from 4:00 pm to 1:00 am and, at the age of 17, felt a sense of accomplishment due to having access to more money than his friends.
In contrast, Ruchir Sharma's entry into the professional world was markedly different. In 1996, at the age of 22, Sharma received a job offer from Morgan Stanley in India with an annual salary of $100,000, equivalent to approximately Rs 88 lakh today. Sharma had been contemplating pursuing a PhD, but Morgan Stanley persuaded him to join their Mumbai office. He chose the immediate financial rewards over further academic pursuits. Sharma was hired to conduct global macro analysis from India, with the promise of a future transfer to New York.
Sharma's career advanced rapidly within Morgan Stanley. By 2002, he had relocated to New York, and in 2003, he became co-head of the emerging markets team at Morgan Stanley Investment Management. By 2006, he was promoted to lead the team. A decade later, in 2016, he was also appointed Chief Global Strategist of MSIM. Sharma left Morgan Stanley in January 2022, after a 25-year career, to join Rockefeller Capital Management, where he is currently the head of international business. Besides his career in finance, Sharma is also an author and columnist for the Financial Times.
Kamath, upon hearing Sharma's story, expressed admiration for the contrast in their early career experiences. Sharma, in turn, was surprised to learn about Kamath's beginnings in a call center. Despite their different starting points, both individuals achieved significant success. Kamath, along with his brother Nithin Kamath, co-founded Zerodha, which revolutionized India's brokerage industry and made him one of the country's youngest billionaires.
The discussion also touched on broader economic themes. Sharma expressed his view that India's economic growth is unlikely to exceed 6% without substantial structural reforms. He suggested that while India has historically relied on its services sector, the next phase of wealth creation will likely come from manufacturing. He noted the increasing number of billionaires from the manufacturing sector and emphasized that India's opportunity lies in opening its markets and maintaining competitiveness.
