“Kamath Brothers of Zerodha Each Garnered ₹72 Crore Salary in Previous Fiscal Year”
In a staggering revelation within India’s startup ecosystem, Nithin and Nikhil Kamath, the co-founders of Zerodha, have emerged at the forefront of startup founder remuneration. The duo collectively drew a massive ₹195.4 crore as compensation in the last financial year (FY2022-23), each pocketing an impressive ₹72 crore as their annual salary, as reported by Entrackr.
In a staggering revelation within India’s startup ecosystem, Nithin and Nikhil Kamath, the co-founders of Zerodha, have emerged at the forefront of startup founder remuneration. The duo collectively drew a massive ₹195.4 crore as compensation in the last financial year (FY2022-23), each pocketing an impressive ₹72 crore as their annual salary, as reported by Entrackr.
This substantial remuneration has secured the Kamath Brothers’ position as the highest-paid startup founders in India. Moreover, Seema Patil, a whole-time director at Zerodha and Nithin Kamath’s wife, received a substantial ₹36 crore as part of her remuneration package. Meanwhile, the Chief Operating Officer, Venu Madhav, took home ₹15.4 crore.
However, it’s crucial to note that in the previous fiscal year (FY22), the board had approved a maximum remuneration of ₹100 crore for three directors, clarifying that this wasn’t their actual salary but a cap designed for liquidity and risk requirements.
Zerodha’s fiscal dominance is evident from its financial statistics for FY23. The firm, headquartered in Bengaluru, disclosed impressive revenues of ₹6,875 crore, marking a substantial 38.5% surge from ₹4,964 crore in FY22. Notably, net profits also soared by 39%, climbing from ₹2,094 crore to ₹2,907 crore.
With a company valuation standing at ₹30,000 crore, approximately ten times its annual profit, the Kamath brothers have clinched the top spot in terms of remuneration among Indian startup founders.
Despite recent technical glitches impacting a notable portion of their active customers, Zerodha maintains its status as a market leader. Nithin Kamath publicly addressed these issues on social media platform X, expressing regret for the disruptions and acknowledging the impact on 5% to 20% of their active customer base.
Interestingly, according to Entrackr, Groww has now surpassed Zerodha in terms of active users among stockbroking platforms. As of September 2023, Groww boasted 6.63 million active users, surpassing Zerodha’s 6.48 million, according to data from the National Stock Exchange.
Despite these shifts in the competitive landscape, Zerodha’s financial prowess and the Kamath brothers’ substantial remuneration underscore their dominant presence within India’s burgeoning startup ecosystem.
Sources By Agencies
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