Zerodha founders Kamath brothers' compensation touched Rs 200 cr in FY23

New Delhi, Dec 9 (IANS) Nithin and Nikhil Kamath, founders of online brokerage platform Zerodha, collectively withdrew Rs 195.4 crore as compensation in fiscal 2022-23 (FY23).

According to a report in Entracker, Zerodha co-founders and directors took home Rs 72 crore each as their annual remuneration.

"In FY22, Zerodha's board passed a resolution approving a remuneration of up to Rs 100 crore each to three of its directors," the report mentioned.

During FY23, the employee benefits cost for Zerodha surged 35.7 per cent to Rs 623 crore from Rs 459 crore in FY22.

The company gave a total salary of Rs 380 crore to employees including directors.

The company is now valued at $3.6 billion.

Nikhil Kamath recently became India's youngest billionaire at the age of 37.

According to Forbes' latest list of India's 100 richest people, brothers Nithin and Nikhil Kamath were ranked 40th among the country's wealthiest people, with a combined net worth of $5.5 billion.

The Kamath brothers founded Zerodha in 2010, which revolutionised zero-cost equity investing.

Zerodha reported a revenue of Rs 6,875 crore and a profit at Rs 2,907 crore for the financial year 2022-23 (FY23), representing a 38.5 per cent and 39 per cent growth in revenue and profit, respectively, as compared to the previous financial year.

In FY22, the company had reported a revenue of Rs 4,964 crore and a profit of Rs 2,094 crore.