Ads are an interruption if they aren’t entertaining, they won’t resonate: Lemonn’s Devam Sardana

Lemonn is targeting a young, often fickle audience. Could you tell us about the foundation of your marketing strategy?

Our marketing approach is entirely user-centred. We recognize that ads are interruptions, and if they don’t grab attention with humour or quirkiness, they won’t resonate. Lemonn’s campaigns reflect what young audiences are already engaging with—whether it’s cricket, concerts or a casual, quirky digital presence. For instance, our sports collaborations and Dil-Luminati concert tour engagement are all about aligning with interests our users are already invested in. We aim to entertain first, which breaks the clutter in a traditionally “preachy" finance sector.

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You’ve managed to capture attention with memorable campaigns. What is your vision for Lemonn’s brand journey from here?

We want to grow with our users. Instead of targeting seasoned investors focused solely on features, we’re more interested in first-time investors. This segment is largely untapped due to historical underpenetration, so there’s immense growth potential. Our focus is on building trust and offering a seamless experience for this audience, which in turn fuels long-term loyalty. We’re here to simplify the journey for new investors and help them build confidence in capital markets.

Do you think investing has become a mainstream topic post-covid?

There were two major shifts. Before covid, people had less free time and typically leaned toward safer options like fixed deposits or real estate. But the lockdowns gave people time to explore new areas, and India’s markets were booming when others struggled. This perfect storm encouraged many to jump into investing. Plus, human nature has a lot to do with it—people love to share their investing wins, which made it a social topic. So, investing has gone from being niche to something you now hear about casually in social settings, as people attribute their success to smart picks.

Lemonn has taken some bold steps with its concert and cricket collaborations. Is tapping into the “status symbol" effect a part of the strategy?

Not exactly. While these events have some hype, the real draw is their reach and relevance. For example, cricket has massive national appeal, and it aligns with what our audience cares about. Finance isn’t typically associated with such events, but we aim to reach first-time investors on platforms they already enjoy. By choosing accessible, high-reach channels, we’re connecting in ways that are relevant without forcing financial messages on them.

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With the market’s growth and competitors like Groww and Zerodha, how does Lemonn differentiate itself?

Our brand approach is intentionally distinct from others. Financial products are traditionally serious, even rigid, with messaging focused purely on trust. But we recognize that our target audience—mostly in the 21 to 30 age bracket—doesn’t respond well to that. They’re used to consuming content that’s quirky, non-linear and often fast-paced. So, we’ve designed Lemonn to feel relatable, with a friendly tone that still delivers critical financial information. To help with this, we introduced our “Lemonn Man" mascot—a personification of our brand that adds a friendly touch and makes the experience feel less intimidating and more approachable for first-time investors. “Lemonn Man" embodies our goal to keep things light yet informative, in a space that’s often seen as strict and formal. We also provide unique app features, like analyst ratings and tailored recommendations, to simplify decision-making.

Balancing brand-building and performance marketing is challenging for new brands. How has Lemonn allocated its marketing budget to address this?

Striking that balance is key. Our first-year marketing budget is about ₹100 crore, which is modest for this space, but we’re very intentional about where every rupee goes. Many new brands either go all-in on brand or put everything into performance metrics. We’re taking a mixed approach, with a significant portion allocated to brand-building this first year. While performance marketing offers quick wins, we know that brand equity is crucial for sustained growth. We’ll keep adjusting based on what delivers the best outcomes, but we’re committed to not sidelining brand investments.

ENDS

How does Lemonn navigate regulatory restrictions on marketing in the BFSI (banking, financial services and insurance) sector?

Financial services is a tough space in terms of regulation, both for product and marketing. Innovation often precedes regulation, but in our field, the gap is smaller due to strict user protection rules. Sebi (Securities and Exchange Board of India) and RBI’s (Reserve Bank of India) guidelines are meant to reduce risk and build a stable market, which benefits the ecosystem in the long term. While compliance can feel limiting, we respect these frameworks as they ensure user trust. Staying within these boundaries also reinforces our commitment to transparency and user-centricity.

Are there any upcoming campaigns we should keep an eye out for?

We’re focusing on the Dil-Luminati tour, which runs from October through December. This campaign is all about maintaining our brand presence in a format our audience enjoys. Moving into the next quarter, we’ll reassess and might align future campaigns with similar themes, like cricket. But we don’t want to overexpose; we’re aiming for quality and impact without fatigue.

Let’s talk about the cricket campaign that caught a lot of attention. What inspired that, and what results have you seen?

The idea was to keep it fun and relatable, and cricket seemed perfect given its popularity. Instead of a high-cost, high-production ad, we went for a quirky, cost-effective approach. The shock value and playful lemons created nostalgia, with many users recalling the ad months later. More than 60% of viewers remembered it three months down the line, which speaks to the power of relatable, low-cost creativity.

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And the ‘CEO hiring’ ad had a unique touch. What was the thinking behind that?

That ad was all about reminding users that, as investors, they’re in the driver’s seat. When they buy stocks, they’re hiring CEOs to work for them. We wanted users to think of themselves as owners who can critically assess the businesses they invest in. It was also a practical choice. A front-page ad was out of our budget, so we chose an economical yet impactful digital campaign. This approach keeps us true to our brand’s ethos: effective marketing without excessive spending.