'If Kamath gives 1 cr.....' netizens debate as Zerodha brothers' salary nears ₹200 crore in FY23 | Mint
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Business News/ Companies / 'If Kamath gives 1 cr.....' netizens debate as Zerodha brothers' salary nears 200 crore in FY23
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'If Kamath gives 1 cr.....' netizens debate as Zerodha brothers' salary nears ₹200 crore in FY23

The Kamath brothers, Nithin and Nikhil, founders of the stockbroking website Zerodha, who took ₹195.4 crore in pay in fiscal year 2022–2023 (FY23) has taken social media by storm. Check reactions here.

Nithin Kamath and Nikhil Kamath, the founders of ZerodhaPremium
Nithin Kamath and Nikhil Kamath, the founders of Zerodha

The Kamath brothers, Nithin and Nikhil, founders of the stockbroking website Zerodha, who took 195.4 crore in pay in the fiscal year 2022–2023 (FY23) have taken social media by storm. A report by Entracker.com showed that Zerodha co-founders and the two brothers took home about 72 crore each as their annual remuneration during FY23.

Many users on X have said that the brothers deserve the salary while some have even called them greedy. Some said that the duo run a consistently profitable business without any VCs while others also started a debate if each Indian should receive 1 crore from their share.

Also Read: Zerodha co-founder Nithin Kamath apologizes for two consecutive tech issues in last two months, explains what went wrong

Here are some of the reactions by Users on X:

However, the post got few corrections from users as people said that the math calculation is incorrect. On Kamath brothers salary distribution, users said, “All this idealistic socialist talk by the dude who tweeted how much crores each Indian will get what Kamath brothers of Zerodha made only looks good when it is some other's wealth. The same dude will not give a single Paisa of his own wealth to fellow Indians."

“That math is totally wrong! 140 crore Indians INCLUDING both of them. They'll be left with 6 crores and not 4 crores! That's more money than 95% of Indians will ever see in their lifetime!"

Also Read: Zerodha co-founder Nikhil Kamath's ‘WTF is’ podcast ranks among best on Spotify in 2023

Some also wrote, “Small Correction: Zerodha founders Nikhil Kamath and Nithin Kamath reportedly took 144 Crores in salary in FY23. There are 140 Crores people living in India. If Kamath brothers gives 1 to every Indian, they will still be left with 4 Crores."

Some users also came in support of them saying, “There is no greed in this. Kamath brothers have worked hard and earned their wealth. They employ so many people in their company & pay taxes regularly. We are no one to judge what they do with their wealth."

Also Read: Asia's 2023 Heroes of Philanthropy: DLF's KP Singh, Infosys' Nandan Nilekani, and Zerodha's Nikhil Kamath on Forbes list

One user commented saying, “This is how woke communism works. They established a company they took the risk they employed people and now they are paying salaries to them. It's Kamath brother's right to draw as much as salary they want."

Meanwhile, in FY22, the board of Zerodha had approved a resolution wherein it had authorised its directors to receive compensation of up to 100 crore apiece. In a post on X, Nithin Kamath had also explained that that the compensation granted by the Zerodha board was not the real income that was drawn in, with about half of it being diverted to taxes.

Explaining it, Kamath wrote, “Firstly the reported figure isn’t the actual salary being drawn. This is an enabling resolution that allows us as working promoters to draw salaries up to the number in case of liquidity requirements. Didn’t anticipate that this would get this much attention".

What did the latest report state:

As per the report, 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. The employee benefits cost also increased by 35.7 percent to 623 crore in FY23 from 459 crore in FY22.

 

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Published: 10 Dec 2023, 12:36 PM IST
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