Brothers Nithin and Nikhil Kamath, who founded the stockbroking platform, withdrew a total of ₹195.4 crore in pay during the fiscal year 2022–2023 (FY23).
Within the rapidly evolving realm of stock trading and investment, Zerodha has become a revolutionary platform. Zerodha, a company launched in 2010 by brothers Nithin and Nikhil Kamath, is disrupting the conventional brokerage business.
Brothers Nithin and Nikhil Kamath, who founded the stockbroking platform, withdrew a total of ₹195.4 crore in pay during the fiscal year 2022–2023 (FY23). As per a report published by Entracker.com, the yearly compensation of the Zerodha co-founders and full-time directors was ₹72 crore apiece, as reported by Mint.
The board of Zerodha approved a resolution in FY22 authorising three of its directors to receive compensation of up to ₹100 crore respectively. The cost of employee perks for Zerodha increased by 35.7% to ₹623 crore in FY23 from ₹459 crore in FY22.
The company paid its workers, including directors, a total of ₹380 crore in salaries. Notably, the company paid ₹236 crore (out of ₹623 crore) for ESOPs, with cash settlement, the report states.
Success story of Zerodha brothers
Early on in life, Zerodha's founder and CEO, Nithin Kamath, developed a strong interest in stocks. He started trading penny stocks after being given access to the market by his buddies, and he had good and bad experiences. Despite losing everything in the 2001–2002 market meltdown, Nithin persevered and started working night shifts at a call center while still trading during the day.
As a sub-broker when he first joined Reliance Money, he acquired useful expertise overseeing sizable client accounts. Co-founder and Chief Technology Officer of Zerodha Nikhil Kamath carried on his brother's legacy. When he was seventeen, Nikhil joined a call center after quitting school to play chess after the tenth grade.
He studied stock trading with his brother and pals, and he became really interested in it. Nikhil started managing assets for friends as his trading abilities developed, and he finally became a sub-broker at Way2Wealth.
Nithin, Nikhil Kamath, and their family are estimated to have a net worth of $5.5 billion, or Rs 45,882 crore, by Forbes. Nithin Kamath and Nikhil Kamath have respective net worths of $2.7 billion or Rs 22,523 crore and $1.1 billion, or Rs 9,176 crore.
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