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Kamath brothers of Zerodha each drew Rs 72 crore salaries in the previous fiscal year

The Kamath brothers claim the foremost position for compensation among startup founders in India

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Annesha Barua
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Kamath brothers of Zerodha each drew Rs 72 crore salaries in the previous fiscal year
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Zerodha's Kamath Brothers: Nithin and Nikhil Kamath, the pioneering faces behind Zerodha, have emerged as the highest-earning startup founders in India, drawing a significant Rs 195.4 crore in the fiscal year 2022-23. Each Kamath brother received an eye-catching Rs 72 crore as their annual salary, marking a notable milestone in the startup landscape.

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Financial splendor at Zerodha

Among the standout revelations, Seema Patil, a director at Zerodha and Nithin Kamath's wife, pocketed a handsome Rs 36 crore while COO Venu Madhav walked away with Rs 15.4 crore in the last financial year.



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However, these figures were set within a cap of Rs 100 crore, emphasising liquidity and risk considerations rather than actual salary amounts, as approved by the board during the preceding fiscal year.

Zerodha's fiscal ascendancy

Bolstering Zerodha's financial might, the company's revenues for FY23 surged to Rs 6,875 crore, marking a substantial 38.5 per cent increase from the previous year's Rs 4,964 crore. Simultaneously, the net profits soared by 39 per cent, reaching Rs 2,907 crore from Rs 2,094 crore.

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The company's valuation skyrocketed to Rs 30,000 crore, an impressive tenfold of its annual profit, firmly establishing the Kamath brothers' place at the pinnacle of startup founders in terms of remuneration.



Challenges amidst triumph
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Notwithstanding their financial success, Zerodha grappled with technical glitches, prompting a public apology from Nithin Kamath. Acknowledging the impact on a significant portion of their active customer base, Kamath expressed regret for the disruptions through social media platform X.

Furthermore, recent data from the National Stock Exchange suggests a shift in the dynamics of stockbroking platforms. Groww, overtaking Zerodha in the number of active users, boasted 6.63 million users as of September 2023, surpassing Zerodha's 6.48 million.

Zerodha's journey remains a testament to its financial prowess despite recent challenges, solidifying its position as a market leader and setting a remarkable benchmark in the startup ecosystem.

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