Zerodha founders Nithin and Nikhil Kamath's remuneration nears Rs 200 crore in FY23: Report

The founders of Zerodha, India's biggest stockbroker, Nithin and Nikhil Kamath, collectively have withdrawn nearly Rs 200 crore in the fiscal ending March 2023, according to regulatory filings reported by Entrackr.

Founders' Annual Remuneration

Nithin and Nikhil Kamath each took home Rs 72 crore as their annual remuneration in FY23.

In the preceding fiscal year (FY22), Zerodha's board had approved a remuneration of up to Rs 100 crore each for three of its directors.

Employee Benefits Soar

There has been a 35.7 per cent spike in the employee benefits cost during FY23, reaching Rs 623 crore from Rs 459 crore in FY22, according to Entrackr.

The company earmarked a total salary of Rs 380 crore for employees, including directors. Of this, Rs 236 crore was spent on Employee Stock Ownership Plans , settled in cash.

Valuation and Market Dynamics

Zerodha's self-assessed valuation surged to $3.6 billion or Rs 30,000 crore, marking an 80 per cent increase from the $2 billion valuation in 2021.

Despite the significant remuneration, Zerodha continues to assert itself in the market, maintaining its status as the most profitable consumer tech company in India.

Competitive Landscape

Even though Zerodha faced consecutive tech issues in recent months, it remains a market leader. However, Entrackr reports that among stockbroking platforms, Groww has surpassed Zerodha in active users. Groww boasted 6.63 million active users, surpassing Zerodha's 6.48 million as of September 2023, according to National Stock Exchange data. Zerodha founder Nithin Kamath had apologised on social media platform X for recent tech issues that impacted 5 per cent to 20 per cent of their active customers.