Founders of stockbroking platform Zerodha – brothers Nithin and Nikhil Kamath collectively withdrew ₹195.4 crore as compensation in fiscal 2022-23 (FY23). According to a report by Entracker.com, the Zerodha co-founders and whole-time directors took home ₹72 crore each as their annual remuneration during FY23.
In FY22, Zerodha’s board passed a resolution approving a remuneration of up to ₹100 crore each to three of its directors. During FY23, the employee benefits cost for Zerodha spiked 35.7 per cent to ₹623 crore from ₹459 crore in FY22.
The company gave a total salary of ₹380 crore to employees including directors. Significantly, out of ₹623 crore, the firm has spent ₹236 crore on ESOPs which was settled in cash, according to the report.
Earlier this week, founder Nithin Kamath posted a note on social media platform X (formerly Twitter), in which he apologized for the inconvenience caused to its users due to consecutive tech issues that happened on November 6 and December 4.
“In the business updates post I shared in August this year, I mentioned how we hadn’t had any large tech issues for a couple of years. Unfortunately, we have had two episodes in quick succession in the last two months, affecting between 5 and 20 per cent of our active customers,” Kamath said in his post on X.
Zerodha valued itself at $3.6 billion or ₹30,000 crore which is an almost 80 per cent spike from a self-assessed valuation of $2 billion in 2021 when the firm announced a ₹200 crore employee stock ownership plan (ESOP) buyback plan.
Earlier this year, Groww has surpassed Zerodha in terms of active users among the stockbroking platforms. Groww had 6.63 million active users, compared to Zerodha’s 6.48 million at the end of September 2023, according to the data available on the National Stock Exchange (NSE).
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Published: 08 Dec 2023, 05:32 PM IST