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Zerodha co-founders Nithin and Nikhil Kamath earned Rs 72 cr each as remuneration in FY23 Zerodha
Zerodha cofounder Nithin Kamath (Image Courtesy: linkedin.com/in/nithin-kamath)

Zerodha co-founders Nithin and Nikhil Kamath earned Rs 72 cr each as remuneration in FY23

India Blooms News Service | @indiablooms | 08 Dec 2023, 11:44 pm

Bengaluru: The founders of Zerodha, Nithin, and Nikhil Kamath, took home a remuneration of Rs 72 crore each for the fiscal year ending March 2023, according to filings with the Ministry of Corporate Affairs.

Seema Patil, a whole-time director at Zerodha and Nithin Kamath's spouse, earned Rs 36 crore in remuneration during FY23.

Nithin is the company's CEO and managing director while Nikhil holds the position of CFO.

Venu Madhav, the company's COO, received a remuneration of Rs 15.4 crore for the same period.

For Nithin and Nikhil, the gross salary amounted to Rs 48 crore and the remaining part was categorised as "others."

However, the Kamaths did not avail any stock options or sweat equity throughout the year.

Zerodha self-evaluates its worth at Rs 30,000 crore, approximately 10 times its annual profit, according to Moneycontrol.

The Bengaluru headquartered firm witnessed an impressive increase in both profit and revenue for the fiscal year 2022-23, marking a growth of 39%.

The financials stood at Rs 2,907 crore and Rs 6,875 crore, respectively, compared to the preceding fiscal year.

As the second-largest retail broking firm in the country, Zerodha boasts an active client base of approximately 65 lakh as of November this year, the report said.

However, these numbers have remained static over the past 18 months, raising concerns that the company's top line and profit may remain unchanged in the fiscal year 2024, it added.

In the fiscal year 2022, the online stock trading platform from Bengaluru recorded a revenue of Rs 4,964 crore and a profit of Rs 2,094 crore.

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