Zerodha's Kamath brothers take home Rs 72 crore each in remuneration in FY23

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Discount broking firm Zerodha's founders Nithin and Nikhil Kamath have taken a remuneration of Rs 72 crore each during the financial year ending March 2023, according to filings with the Ministry of Corporate Affairs accessed through private company database Tofler.

Seema Patil, whole-time director at Zerodha and Nithin Kamath's wife took home Rs 36 crore as remuneration for FY23. Nithin is the company CEO and managing director, while Nikhil is the company CFO.

The company COO Venu Madhav took home Rs 15.4 crore in remuneration for the same period.

For Nithin and Nikhil, the gross salary was Rs 48 crore and the rest was part of "others". They did not take any stock option or sweat equity during the year.

Zerodha values itself at Rs 30,000 crore, which is around 10 times its annual profit.

Bengaluru-based Zerodha reported a 39 percent growth in profit and revenue for financial year 2022-23 at Rs 2,907 crore and Rs 6,875 crore, respectively, compared with the previous financial year.

The second largest retail broking firm in the country has an active client base of around 65 lakh as of November this year. However, the figures have stagnated over the last 18 months and there is an apprehension that its topline and profit could be flat in FY24.

The Bengaluru-based online stock trading platform reported a revenue of Rs 4,964 crore and a profit of Rs 2,094 crore in FY22.

During September, another Bengaluru-based fintech startup Groww had surpassed Zerodha to become India's leading brokerage in terms of the number of active investors.

According to NSE, Bengaluru-based Groww has 6.63 million active investors while Zerodha has 6.48 million at the end of September 2023. In March 2021, Zerodha had 3.4 million customers, whereas Groww had 0.78 million. Since then, Zerodha's user base has only doubled, growing at a steady pace and even stagnating over the last couple of years, Groww saw its customer base surge by 750 percent.