Midway through a conversation with a former senior executive of Phonepe Invest, his phone beeps. He’s just gotten a Substack notification from Zerodha’s* co-founder Nithin Kamath, who had put up a post about how profitable retail futures traders really are.

To the executive, the notification made his point. “Whether it’s Lalit Keshre at Groww or Pravin Jadhav at Dhan, they lead from the front,” he told The Ken. “But at Phonepe? You won’t find anyone debating investment strategy and user behaviour.” The broking platform of........

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