The hefty annual salary packages of Zerodha founders, Nithin and Nikhil Kamath, have once again sparked debate. In the Financial Year 2023 (FY23), each drew an impressive ₹72 crore salary, according to the company’s filings with the Ministry of Corporate Affairs (MCA).
This renewed discussion on the significant pay gaps between top executives and employees in startup companies. The Kamath brothers now top the list for the highest annual salary packages among startup owners for FY23. OYO CEO Ritesh Agarwal follows in the second spot with an annual salary of ₹12 crore.
Two years ago, the Kamath brothers’ salaries were reported as ₹100 crore in the company filings. However, Zerodha CEO Nithin Kamath clarified that this figure did not represent their actual drawn-in salary. Almost half of it was allocated to taxes.
In 2021, Nithin Kamath explained the board’s approval of the ₹100 crore salary for both him and his brothers, stating it was an enabling resolution for liquidity requirements. He emphasized that the reported figure gained more attention than expected and highlighted the tax inefficiency of taking out profits through salaries.
According to reports, Zerodha’s employee benefit cost for FY23 was ₹623 crore, with ₹380 crore allocated to salaries and the remainder utilized for ESOP settlements.
