New Delhi, Dec 9 (Agency) Zerodha founders Nithin and Nikhil Kamath collectively drew195.4 crore as compensation in the last financial year (FY2022-23) with each of them receiving 72 crore as their annual salary, reported Entrack. Seema Patil, whole-time director at Zerodha and wife of CEO Nithin Kamath, received a remuneration of 36 crore. Chief Operating Officer Venu Madhav took home 15.4 crore.Back in FY22, the board approved a maximum of 100 crore for three directors, clarifying it wasn’t their actual salary but a cap for liquidity and risk needs. Zerodha’s employee benefits cost rose by 35.7% to 623 crore in FY23, including a total salary payout of 380 crore, with 236 crore allocated for ESOPs settled in cash. Zerodha stands out as the most lucrative entity in India’s startup landscape.
The broking firm, headquartered in Bengaluru, disclosed revenues of 6,875 crore in FY23, reflecting a substantial 38.5% increase compared to 4,964 crore in FY22. The net profits also grew by 39%, going from 2,094 crore to 2,907 crore. With a company valuation of 30,000 crore, approximately 10 times its annual profit, the Kamath brothers have claimed the top spot in remuneration among Indian startup founders. Despite facing consecutive technical issues in recent months, Zerodha maintains its position as a market leader. Nithin Kamath publicly apologized on social media platform X for the recent tech issues, acknowledging the impact on 5% to 20% of their active customers. According to Entrackr, Groww has now taken the lead among stockbroking platforms, surpassing Zerodha in number of active users. As of September 2023,