Nithin and Nikhil Kamath, who co-founded fintech unicorn Zerodha, are set to take home Rs 100 crore as salary, regulatory filings showed.
The startup’s board has passed a special resolution approving annual remuneration of up to Rs 100 crore each to Nikhil Kamath and Nithin Kamath, Entrackr reported. Also eligible for the same fat paycheque is newly appointed whole-time director and Nithin’s wife Seema Patil.
Basic salary for the trio will be Rs 4.17 crore per month plus incentives and allowances of Rs 4.17 crore, taking the family’s yearly take home to a “neat Rs 300 crore” cumulatively – making them the “highest paid co-founders and directors in India’s startup ecosystem”, the report noted.
Zerodha did not respond to queries, the report added.
Other high-earners on the startup list include Zomato’s Deepinder Goyal, Paytm’s Vijay Shekhar Sharma, InCred’s Bhupinder Singh, Dream11’s Harsh Jain and CarTrade’s Vinay Sanghi – who each took home between Rs 3-6 crore annually in FY20.
Meanwhile, besides Patil, Madhav Kota Subramanya has also been appointed as whole-time director at Zerodha for a period of five years, effective from May 10. His remuneration has been set at Rs 2 crore p.a.
Besides the salary details, the company board also approved a resolution to invest Zerodha’s surplus funds up to Rs 1,500 crore in other companies through loans, guarantees or securities purchases, the report added.
As per its website, Zerodha is a financial services company, which offers retail and institutional broking, currencies and commodities trading, mutual funds, and bonds. It registered 15 percent growth in revenue at Rs 1,093.64 crore, and profit of Rs 442.3 crore in FY20, Entrackr reported.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
