Stockbroking platform Zerodha is the most profitable consumer tech company in India and the Bengaluru-based firm has generously rewarded its employees and directors in the fiscal year ending March 2023.
While its revenue and profit numbers were public in the last week of September, Entrackr has sifted through its regulatory filings which the firm filed on Thursday to understand unreported aspects.
During FY23, the employee benefits cost for Zerodha spiked 35.7% to Rs 623 crore from Rs 459 crore in FY22. The company gave a total salary of Rs 380 crore to employees including directors. Significantly, out of Rs 623 crore, the firm has spent Rs 236 crore on ESOPs which was settled in cash.
Its co-founders and whole-time directors including Nithin and Nikhil Kamath [brothers] collectively withdrew Rs 195.4 crore. Nithin and Nikhil took Rs 72 crore each as their annual remuneration during FY23. In FY22, Zerodha’s board passed a resolution approving a remuneration of up to Rs 100 crore each to three of its directors.
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The company valued itself at $3.6 billion or Rs 30,000 crore which is an almost 80% spike from a self-assessed valuation of $2 billion in 2021 when the firm announced a Rs 200 crore ESOP buyback plan.
Among the stockbroking platforms, Groww has surpassed market leader Zerodha in terms of active users. Groww has 6.63 million active users as compared to Zerodha’s 6.48 million at the end of September 2023, according to the latest data available on the National Stock Exchange.
