Nithin Kamath and Nikhil Kamath, the founders of Zerodha, have acquired a 6.72% stake in Viceroy Hotels during the September quarter. According to the company’s latest shareholding disclosures, the brothers made the investment through two separate investment entities, Kamath Associates and Nksquared.
The investment comes as Viceroy Hotels looks to build on the operational recovery it has achieved since undergoing a management change in 2023. Moreover, the Kamath brothers’ entry comes at a significant stage in the company’s turnaround following several years of financial stress.
Viceroy Hotels had entered the Corporate Insolvency Resolution Process after its previous promoter pursued a leveraged expansion strategy that left creditors with dues exceeding ₹1,150 crore. At one point, the company faced the possibility of liquidation, while trading in its shares also remained suspended.
However, the company reached a key milestone in October 2023 when the National Company Law Appellate Tribunal approved a resolution plan submitted by Anirudh Agro Farms Limited. Subsequently, the company received fresh capital through its subsidiary, Loko Hospitality. Following the implementation of the resolution plan, Viceroy Hotels resumed trading on the NSE and BSE in April 2024.
Viceroy Hotels currently operates the Marriott and Courtyard by Marriott properties in Hyderabad. In addition, the company has launched a rights issue to raise around ₹105 crore at ₹115 per share. The fundraising exercise also seeks to help the company meet regulatory requirements related to public shareholding after the resolution process resulted in a higher promoter holding.
Meanwhile, Viceroy Hotels has started expanding its portfolio beyond its existing assets. In December 2025, shareholders approved the company’s acquisition of SLN Terminus Hotels and Resorts for ₹206 crore.
The property operates Marriott-branded executive apartments and could provide Viceroy Hotels with an additional growth platform as the company expands its hospitality portfolio. Therefore, the Kamath brothers’ investment comes at a time when Viceroy Hotels is pursuing both operational recovery and portfolio expansion.
