Fintech unicorn Zerodha's co-founders Nithin and Nikhil Kamath are set to take home a fat salary of Rs 100 crore and a good share of their profits, regulatory filings showed.
The brokerage startup was bootstrapped and gradually scaled up by the brother duo right from its inception in August 2010 to over Rs 1,000 crore revenue and Rs 442 crore profit in FY20.
Zerodha's board has passed a special resolution ratifying annual compensation of up to Rs 100 crore each to Nithin Kamath and Nikhil Kamath, Entrackr reported.
Also eligible for the same big payout is Nithin's wife and the newly appointed whole-time director, Seema Patil. The trio will receive a basic salary of Rs 4.17 crore per month each besides allowances and perquisites of the same amount, taking the family's yearly take-home pay to a "neat Rs 300 crore" cumulatively and making them the "highest-paid co-founders and directors in India's startup ecosystem", according to the report.
Thus far, other high earning startup founders comprise Paytm's Vijay Shekhar Sharma, InCred's Bhupinder Singh, CarTrade's Vinay Sanghi, Dream11's Harsh Jain, and Zomato's Deepinder Goyal - who each took home anywhere between Rs 3-6 crore in FY20.
Meanwhile, besides Seema Patil, Madhav Kota Subramanya has also been designated as the whole-time director of Zerodha for a period of five years, effective May 10. Subramanya's salary will be Rs 2 crore per annum.
The company's board has also approved a resolution to invest Zerodha's surplus fund of up to Rs 1,500 crore in other firms and businesses via guarantees, loans, or purchase of securities of any other entity.
According to its website, Zerodha is a financial services company, offering mutual funds, retail and institutional broking, currencies and commodities trading, and bonds. The company posted over 15% growth in its revenue at Rs 1,093 crore in FY20 from Rs 950 crore in FY19, according to Fintrackr. Zerodha had booked a profit of Rs 442.3 crore during the period.
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