Online brokerage firm Zerodha’s founders, Nithin Kamath and Nikhil Kamath, received a total compensation of Rs 195.4 crore in the financial year 2022-23, according to a report by Entracker.com. The Kamath brothers are also whole-time directors of Zerodha.
Out of the total salary, Nithin Kamath and Nikhil Kamath in total withdrew a remuneration of Rs 72 crore during FY23.
With Rs 72 crore remuneration, the brothers occupy the top spot in terms of remuneration among startup founders in India, with OYO’s Ritesh Agarwal a distant second with a salary of Rs 12 crore in FY23.
Seema Patil, who is the wife of CEO Nithin Kamath and a whole-time director in the company, received Rs 36 crore in FY23.
In the preceding financial year 2021-22, Zerodha’s board approved Rs 100 crore per year salary for the Kamath brothers and Patil. Following this, Nithin clarified that the Rs 100 crore salary is not the actual amount but the maximum salary that promoters can draw for liquidity and risk requirements.
According to Entrackr, the company spent Rs 623 crore on employee benefits, out of which Rs 380 crore was given as salaries, including payouts to directors. The remaining Rs 236 crore was used in ESOPs settlements.
Zerodha is the most profitable startup in India.
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