but Nikhil Kamath liked it way before it was cool.

但Nikhil Kamath喜歡它的方式之前，它是很酷。

Chess teaches you how to work  under a structure, in a system,  

國際象棋教你如何在一個結構下，在一個系統中工作。

but yet try and be creative within that system.

但卻要在這個體系內嘗試創新。

So much so, that he dropped out of high  school at 14 to play chess full-time. 

以至於他14歲就從高中輟學，專職下棋。

I don't think I was the best student.

我不認為我是最好的學生。

That was the starting move that eventually led  to his trading start-up for retail investors,  

這就是他的起步之舉，最終促成了他對散戶的交易創業。

which has been dubbed India's answer  to trading platform Robinhood. 

該公司被稱為印度交易平臺Robinhood的答案。

We started, actually, maybe  five years before they did.

實際上，我們比他們早五年開始。

34-year-old Nikhil is the billionaire  co-founder and chief investment officer  

34歲的Nikhil是億萬富翁的聯合創始人兼首席投資官。

of Zerodha, India's largest trading brokerage.

印度最大的交易經紀公司Zerodha的。

Today, more than 15% of India's retail  trades are done through its platform  

如今，印度超過15%的零售交易是通過其平臺完成的。

as ordinary investors flocked  to stocks during the pandemic.

由於普通投資者在疫情期間蜂擁入股。

But the school dropout only discovered  his passion for investing after playing  

但這位輟學的學生是在玩過之後才發現自己對投資的熱情。

competitive chess at national and  international levels for two years.

在國家和國際層面的國際象棋比賽中，兩年。

No one was going to hire me  without a college degree,  

沒有大學文憑的人是不會僱用我的。

so I mean I had to do something  which didn't require one.

所以我的意思是我必須做一些不需要的事情。

Inspired by his elder brother, Nithin,  he took to trading when he was 17,  

受兄長Nithin的啟發，他在17歲時就開始做買賣。

teaching himself on the go.

自己邊走邊教。

It went well and soon, the pair was  investing for family and friends.

很順利，很快，兩人就為親朋好友投資了。

Along the way, they felt that the  investment process was too complex.

一路走來，他們覺得投資過程太複雜。

The problem back in the day, I'm talking about  

當年的問題，我說的是。

11 or 12 years ago, is cost was very high.  Brokerage fees were incredibly high in India.

11或12年前，成本非常高。 印度的經紀費高得驚人。

And for a full-time trader there  were many barricades or barriers  

而對於一個全職商人來說，有很多障礙或壁壘。

one had to cross before he could actually be  profitable in any consistent kind of manner.

在他真正能夠以任何一種穩定的方式獲利之前，他必須穿越。

So the Bangalore-born brothers set to  work, using their savings to build a  

於是，出生在班加羅爾的兄弟倆開始工作，用他們的積蓄建造了一個名為 "Burberry "的品牌。

simple and affordable brokerage  platform for everyday investors.

簡單實惠的經紀平臺，適合日常投資者。

In 2010, Zerodha, a combination of zero and  rodha, the Sanskrit word for barriers, was born.  

2010年，由梵語 "零 "和 "羅陀 "組合而成的 "零"（Zerodha）誕生了。"零 "是梵語 "障礙 "的意思。

Unlike most startups, the company  hasn't taken on any external investment.

與大多數創業公司不同，公司沒有接受任何外部投資。

We've been different in a way from other  companies as in we've never taken on  

我們在某種程度上與其他公司不同，因為我們從來沒有承擔過。

investors or debt or never  really raised any capital.

投資人或債務或從未真正籌集過任何資金。

Our ethos from the very beginning  was build a better product,  

我們從一開始的理念就是打造更好的產品。

and word of mouth will bring clientele to you.

和口碑會給你帶來客源。

In the decade since, Zerodha has grown through  word of mouth as appetite for investments beyond  

在此後的十年間，Zerodha通過口碑相傳的方式發展壯大，因為人們對投資的胃口超越了。

gold and property grew in India. But in  2020, all that changed under the pandemic.

黃金和財產在印度增長。但到了2020年，這一切都在流行病下發生了改變。

At the height of lockdowns, the company  doubled its registered users to over 4 million.

在封鎖的高峰期，該公司的註冊用戶翻了一番，達到400多萬。

The pandemic has been good to us,  which is a strange thing to say.

疫情對我們來說是好事，這是一件很奇怪的事情。

People had a lot more time, people  were at home and, unfortunately,  

人的時間多了，人在家裡，可惜。

in many cases, they were in a position where an  alternate income could have been very useful.

在許多情況下，他們處於另一種收入可能非常有用的境地。

Shailesh Lakhani, managing director at venture  capital firm Sequoia India, told me more.

風險投資公司紅杉印度的董事總經理Shailesh Lakhani告訴我更多。

In India in the last year what we saw was that  brokerage account openings doubled over 2019. I  

在印度去年我們看到的是，券商開戶數比2019年翻了一番。I

think we had 10 million brokerage accounts opened  in 2020 versus just under 5 million in 2019.

認為我們在2020年有1000萬個券商開戶，而2019年只有不到500萬個。

And I think It's driven by a few different  factors. One, that it's just become  

我認為這是由幾個不同的因素驅動的。一，它只是成為

a lot easier with the financial services  infrastructure to open a brokerage account. 

有了金融服務的基礎設施，開個券商賬戶就容易多了。

Second, mutual funds in the past several  years have tended to underperform  

其次，過去幾年，共同基金的表現往往不盡如人意。

the equity indices or their benchmarks.

股票指數或其基準。

And as we've had rising markets aside from the  coronavirus, that fear in March, April, May,  

而我們除了冠狀病毒外，市場的上漲，在3、4、5月份，這種恐懼。

the markets have been pretty easy  to make money in for a lot of folks.

市場已經相當容易賺錢 在很多人。

In 2020, the average age of a Zerodha investor  fell from 32 to 30. That has drawn parallels  

2020年，澤羅達投資者的平均年齡從32歲降至30歲。這引起了人們的反思

with U.S. trading platform Robinhood, which saw a  similar surge in millennials during the pandemic.

與美國交易平臺Robinhood，在流行期間，千禧一代的人數也同樣激增。

Nikhil says that could pave the way  for a future expansion into the U.S. 

Nikhil表示，這可能為未來向美國擴張鋪平道路。

Regulation in India around broking is  a lot higher than it is in America.

印度圍繞經紀業務的監管要比美國高很多。

But that being said, the end-user  experience, the technology of it all,  

但說到這裡，終端用戶的體驗，技術的。

is something that we could both compete on.

是我們都可以競爭的東西。

So we would look at approaching  their market at some point and seeing  

是以，我們會考慮在某個時間點接近他們的市場，並看到

if there are ways in which our products can  integrate with what is available in America.

如果我們的產品能與美國現有的產品相結合，有什麼辦法。

Even as the financial technology  space gets increasingly competitive,  

即使金融科技領域的競爭越來越激烈。

Zerodha has no plans to raise more  capital, unlike its competitor Robinhood.

與競爭對手Robinhood不同，Zerodha沒有計劃籌集更多資金。

That hasn't prevented talk of the  entrepreneur's growing fortune, however.

不過，這並不妨礙人們對這位企業家財富增長的談論。

In October 2020, the Kamath brothers joined  Forbes India Rich List with a combined  

2020年10月，卡馬思兄弟加入福布斯印度富豪榜，以合計。

wealth of around $1.6 billion, as 34-year-old  Nikhil was named India's youngest billionaire.

財富約16億美元，34歲的Nikhil被評為印度最年輕的億萬富翁。

For a while now, I don't think  financial motives have been the  

有一陣子，我不認為經濟動機一直是

focus. I don't think it has been the most  important thing and that's set to continue.

焦點。我認為這還不是最重要的事情，而且還將繼續下去。

But I think more access to capital gives you  

但我認為，更多的資金管道給你

the room and the courage to go  out there and try new stuff.

房間和勇氣去那裡嘗試新的東西。

And that's exactly what he did. After struggling  to find a cost-effective way to manage their  

而這正是他所做的。在努力尋找一種具有成本效益的方式來管理他們的公司之後

growing wealth, Nikhil and Nithin once again  set out to disrupt the investment industry,  

日益增長的財富，Nikhil和Nithin再次開始顛覆投資行業。

this time for high-net-worth individuals, or  people with around $1 million in financial assets.

這次是針對高淨值人士，或者金融資產在100萬美元左右的人。

In 2019, the brothers launched True Beacon as  an asset management firm for wealthy clients.

2019年，兄弟倆推出了真烽火，作為一家面向財富客戶的資產管理公司。

What I realized are there are  many inefficiencies in the model.  

我意識到的是，這個模式有很多低效率的地方。

The fund manager or the fund house and  the client are never aligned in a way.

基金管理人或基金公司和客戶從來沒有一致的方式。

Unlike traditional funds, which charge  clients a fee for managing assets,  

不同於傳統基金向客戶收取資產管理費。

set up costs and annual fees, True Beacon only  charges clients a performance fee on gains made.

設置成本和年費，True Beacon只對客戶的收益收取表現費。

Nikhil says that 10% cut drives  the firm to achieve better returns. 

Nikhil表示，10%的降幅促使公司取得更好的回報。

If the client doesn't do well for  any reason over a five-year period,  

如果客戶在五年內因為任何原因沒有做好。

we have no revenue as a company.

我們作為一個公司沒有收入。

So we're really putting our necks  out there and saying we will create  

所以，我們真的把我們的脖子在那裡，並說我們將創建

something which is different, which  is totally client-aligned and very,  

的東西，這是不同的，這是完全的客戶端調整和非常。

very transparent. I guess time  will tell as to how that goes.

很透明。我想時間會證明這一點。

True Beacon's India-focused flagship  fund aims to outperform the Nifty 50,  

True Beacon專注於印度的旗艦基金旨在超越Nifty 50指數。

the country's benchmark stock index, by 6-8%.

的國家基準股指，漲幅為6-8%。

In its first year, True Beacon claimed that  its fund beat the Nifty benchmark by over 26%.

在第一年，真烽火宣稱其基金跑贏奈飛基準超過26%。

Meanwhile, client volumes grew as much as  20% month-on-month as wealthy international  

同時，客戶量按月增長高達20%，富貴國際。

investors sought refuge in Indian  stocks amid rising US-China tensions.

在中美緊張局勢加劇的情況下，投資者尋求印度股市的庇護。

Nikhil is now hoping the company could hit a  billion-dollar valuation within the coming years.

Nikhil現在希望公司能在未來幾年內達到10億美元的估值。

It will probably be a few years before word gets  around and people actually compare like to like.  

可能要過幾年才能傳開，人們才會真正比較喜歡。

But when it does and it scales, I  think it will be a company that will  

但是，當它做到了，並且規模化了，我認為它將是一個公司，將

definitely bring in some revenue. We hope it will.

肯定會帶來一些收入。我們希望它能。

Like Zerodha, that could position  True Beacon as one of the many  

和澤羅達一樣，這可以將真烽火定位為眾多的

billion-dollar unicorns in India's  rapidly growing start-up ecosystem.

在印度快速發展的創業生態系統中，價值十億美元的獨角獸。

India is currently home to 21 unicorns  with a combined valuation of $73.2 billion.  

印度目前有21家獨角獸企業，總估值達732億美元。

By 2025, that number is estimated to hit 100.

到2025年，這個數字估計會達到100。

We see a start-up ecosystem really fundamentally  underpinned by a couple of aspects.  

我們認為，一個創業生態圈真正的根本是由幾個方面來支撐的。

One being the number of engineers,  the amount of people writing software.

一個是工程師的數量，寫軟件的人數。

In India, depends on how you count, but it's among  

在印度，取決於你如何計算，但它是其中的一個

the highest number of engineers that are  writing software anywhere in the world.

編寫軟件的工程師數量是世界上最多的。

Second being an interesting consumer  market. India's probably the largest market  

其次是一個有趣的消費市場。印度可能是最大的市場

that will grow the fastest over the  course of the rest of our lifetimes.

在我們有生之年將增長最快。

Even though his days as a  full-time chess player are over,  

儘管他作為全職棋手的日子已經結束了。

Nikhil has applied the lessons he learned  from the game to grow his companies.

Nikhil將他從遊戲中學到的經驗應用於公司的發展。

I think right now I'm kind of  like totally occupied. I don't see  

我想現在我有點像完全佔據。我沒有看到

myself having the bandwidth to do  something new in the very near future.

我自己有帶寬在不久的將來做一些新的事情。

So over the next six months or 12 months, I think  Zerodha and True Beacon are going to be the focus.

所以在未來的半年或者12個月，我覺得澤羅達和真標會是重點。