Kamath brothers of Zerodha each drew Rs 72 crore salaries in the previous fiscal year
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.
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.
I’m surprised by the unwanted noise around this whole salary news of @nikhilkamathcio, Seema (my wife), & me. The headlines are misleading. We are a private company & no obligations to clarify, but we thought maybe we should, as there are folks who are misinterpreting this. 1/7 — Nithin Kamath (@Nithin0dha) May 30, 2021
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.
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.
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.
In the business updates post I shared in August this year, I mentioned how we hadn’t had any large tech issues for a couple of years. Unfortunately, we have had two episodes in quick succession in the last two months, affecting between 5 and 20% of our active customers.
The… — Nithin Kamath (@Nithin0dha) December 5, 2023
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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- With inputs from agencies
