Quick Take
- Zerodha founders Nithin and Nikhil Kamath each drew Rs 96 Cr in total remuneration for FY25.
- Combined directors’ pay hit Rs 228 Cr even as Zerodha’s net profit fell 23% to Rs 4,237 Cr.
- Zerodha’s fully bootstrapped model lets the founders set pay without any investor scrutiny.
In This Article
The Zerodha founders salary for FY25 (the financial year ending March 31, 2025) stands at Rs 96 Cr ($11.4 Mn) each, according to the company’s annual Ministry of Corporate Affairs (MCA, India’s central registry for all company filings) filing reported in November 2025. Nithin Kamath, CEO and co-founder, and Nikhil Kamath, co-founder, each drew this amount for the full year.
Zerodha is India’s largest discount broker (a stockbroker that charges a flat, low fee per trade instead of a percentage of the trade value) by active clients. It has never raised money from outside investors. This means the Kamath brothers run the company on their own terms, and they set their own pay. The FY25 figure lands in a year when Zerodha’s net profit fell 23% YoY (year-on-year, compared to the same period last year) to Rs 4,237 Cr, even as director pay held at the same level as FY24.
StartupFeed Insight
The Zerodha founders salary of Rs 96 Cr per person equals roughly 2.3% of net profit each. A VC-backed (venture capital-backed) company at this revenue scale would face board-level scrutiny over that ratio. Zerodha faces none. The deeper signal is structural: bootstrapping preserves founder leverage not just over strategy but over economics. Finance and compliance professionals at large Indian NBFCs (Non-Banking Financial Companies, regulated lenders that are not traditional banks) and listed brokers will watch this ratio closely. Expect SEBI (Securities and Exchange Board of India) to push for stronger remuneration transparency from large, unlisted private financial firms by FY28. By StartupFeed Desk.
Zerodha Founders Salary: The Verified Numbers
Total directors’ remuneration at Zerodha for FY25 reached Rs 228 Cr, covering all three full-time directors. The table below breaks down the Zerodha founders salary alongside key financial results.
| Metric | FY25 | FY24 |
|---|---|---|
| Nithin Kamath (total remuneration) | Rs 96 Cr | Rs 96 Cr |
| Nikhil Kamath (total remuneration) | Rs 96 Cr | Rs 96 Cr |
| Seema Patil (third full-time director) | Rs 36 Cr | Rs 36 Cr (est.) |
| Total directors’ pay | Rs 228 Cr | Not separately disclosed |
| Total employee salary cost | Rs 539 Cr (+31% YoY) | Rs 410 Cr |
| Zerodha net profit (PAT) | Rs 4,237 Cr | Rs 5,496 Cr |
| Directors’ pay as % of net profit | 5.4% | Not calculated |
The Rs 96 Cr figure covers all components of directors’ remuneration: salary, perquisites (non-cash benefits), and any variable pay. It is not the gross base salary alone. Seema Patil is Nithin Kamath’s wife and the third full-time director at Zerodha. PAT stands for Profit After Tax, the actual money a company keeps after paying all taxes.
About Zerodha
Zerodha is India’s largest discount broker, founded in August 2010 by brothers Nithin Kamath (CEO) and Nikhil Kamath in Bengaluru, Karnataka. The company runs a 100% bootstrapped model with no external investors. Zerodha serves 7.26 million active clients and holds a 15.8% share of daily retail trading volumes in India. Its product suite includes Kite (the trading app), Coin (mutual fund investments), Varsity (free financial education), and Rainmatter (a fintech fund and incubator that has backed over 80 startups, including legal-tech firm Lawyered). Cash and bank balances stood at Rs 22,769 Cr as of March 2025, one of the strongest balance sheets in Indian broking.
Why Does the Bootstrapped Model Allow This Pay?
Most Indian startups take VC money to grow. When a venture fund invests, it joins the company board. That board then controls what founders can pay themselves, often tying pay to specific revenue or growth milestones.
Zerodha chose a different path from the start. The company turned profitable in its very first year, 2010. That profit funded every rupee of growth since, removing the need for outside capital entirely. The Zerodha founders salary is therefore set by a board the Kamath family controls. No external fund has a seat at that table, and no investor approval is needed for any pay decision.
Unlike some fintech peers weighing IPO routes, Zerodha has not committed to a public listing timeline. According to Zerodha’s official about page, bootstrapping is part of the company’s core identity, not a funding gap. One legal constraint does exist: under Section 197 of the Companies Act, 2013, directors of private companies can collectively receive up to 11% of net profit. Zerodha’s Rs 228 Cr total directors’ pay against Rs 4,237 Cr net profit works out to 5.4%, well within this ceiling.
Is Zerodha Still Profitable in FY25?
Yes, but FY25 was Zerodha’s weakest year since the pandemic era. Revenue fell 11.2% to Rs 8,868 Cr from Rs 9,994 Cr in FY24. Net profit fell 23% to Rs 4,237 Cr from Rs 5,496 Cr. The company’s total costs rose to Rs 3,238 Cr, driven by the 31% jump in employee pay.
The main cause is regulatory. SEBI introduced rules in late 2024 to reduce speculation in the F&O (Futures and Options, derivative contracts that let traders bet on future asset prices) segment. These rules cut exchange transaction charges and raised the STT (Securities Transaction Tax, a tax collected on every trade). Both changes reduced the revenue Zerodha earns per trade.
Nithin Kamath disclosed publicly that brokerage revenue dropped 40% in Q1 FY26 compared to Q1 FY25. The full regulatory impact will show in the FY26 filing. However, Zerodha’s balance sheet remains a fortress. Cash and bank balances of Rs 22,769 Cr give the company room to navigate the slowdown without distress.
How Does Zerodha Compare to Funded Rivals?
The Zerodha founders salary story becomes clearest when placed against its VC-backed competitors in India’s fintech sector. Three rivals stand out: Groww, Upstox, and Angel One.
| Company | Funding Model | Board Control | Founder Pay Transparency |
|---|---|---|---|
| Zerodha | Bootstrapped (100% Kamath family) | Founders control board fully | MCA filing: Rs 96 Cr each in FY25 |
| Groww | VC-backed (Tiger Global, Sequoia, Y Combinator) | Investor seats on board | Board-approved; not publicly disclosed |
| Upstox | VC-backed (Tiger Global, Ratan Tata) | Investor seats on board | Board-approved; not publicly disclosed |
| Angel One | Listed on NSE and BSE | SEBI-regulated corporate governance | Annual report disclosure required |
The single fact driving the difference: Zerodha’s founders own 100% of the company. That ownership concentration is what allows the Zerodha founders salary to hold steady even in a year of declining profits, without any investor pushback.
What’s Next
FY26 will be harder for Zerodha. The 40% brokerage revenue drop in Q1 FY26 signals that the full weight of SEBI’s new F&O rules has not yet shown in the annual numbers. The company is actively diversifying into lending, asset management under Zerodha Fund House, and international trading via the GIFT City framework. Watch for the FY26 MCA filing, expected around late 2026, to see whether the Zerodha founders salary holds at Rs 96 Cr each or adjusts downward in response to a tougher revenue environment. Will a bootstrapped company’s founder pay respond faster to business reality than a board-managed VC-backed rival?
Also Read
- Zerodha Shuts Down Zero1 Creator Initiative Due to Regulatory Concerns: What Happened
- Lawyered Bags $2.5 Mn From Rainmatter and Turbostart: Zerodha Bets on India’s Legal Infrastructure
- Razorpay Eyes Confidential IPO at $5-6 Bn: A 33% Haircut From Its $7.5 Bn Peak
Frequently Asked Questions
What is the Zerodha founders salary for FY25?
The Zerodha founders salary for FY25 is Rs 96 Cr ($11.4 Mn) each for Nithin Kamath (CEO) and Nikhil Kamath (co-founder), as disclosed in the company’s MCA (Ministry of Corporate Affairs) annual filing. This figure covers total directors’ remuneration, including salary, perquisites, and variable components. A third director, Seema Patil, drew Rs 36 Cr. The combined directors’ pay totalled Rs 228 Cr.
Is Zerodha profitable in FY25?
Yes. Zerodha posted a net profit of Rs 4,237 Cr in FY25 (financial year ending March 2025). That is a 23% fall from Rs 5,496 Cr in FY24. Revenue also fell 11.2% to Rs 8,868 Cr. The decline followed SEBI’s new rules tightening the F&O (Futures and Options) segment, which reduced Zerodha’s core brokerage income sharply.
Why did Zerodha’s revenue fall in FY25?
SEBI (Securities and Exchange Board of India) rules introduced in late 2024 curbed speculation in the F&O (Futures and Options) trading segment. Higher STT (Securities Transaction Tax) rates and restrictions on weekly options contracts cut Zerodha’s brokerage income. The company saw a 40% YoY brokerage revenue drop in Q1 FY26, indicating the full impact will only appear in the next annual filing.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. StartupFeed and its authors are not SEBI-registered investment advisors. The analysis above is based on publicly available information and should not be the sole basis for any investment decision. Please consult a SEBI-registered financial advisor before making investment decisions.
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