Founder Salaries Tracker FY24: How Much Did Startup Founders Earn?

A total of 60 founders of 34 Indian new-age tech companies took home INR 307.08 Cr in cumulative annual salary in the financial year 2023-24 (FY24)!

However, the average founder salary plummeted 25.6% to INR 4.93 Cr in FY24 from INR 6.63 Cr in the previous fiscal year.

It is pertinent to note that the Indian startup ecosystem continued to be in the grip of the funding winter, which began in 2022, in FY24. As investors tightened the purse strings following the start of the Russia-Ukraine war in 2022, there was mayhem in the Indian startup ecosystem, which was riding high on the bull run of 2020 and 2021.

Consider this: The total funding raised by Indian startups fell to $25 Bn in 2022 from $42 Bn a year ago. This number further plummeted to $10 Bn in 2023 and no respite in 2024 with a total funding raised worth $12 Bn.

This acute funding crunch has meant that Indian startups have had to take drastic measures to cut their costs and extend their runways. Following the onset of the funding winter, startups reduced their advertising and marketing budgets to cut losses or turn profitable in FY23. They also resorted to massive restructuring exercises which resulted in thousands of employees losing their jobs. Some of them even shut down operations.

Amid all these, Inc42 launched ‘Founder Salaries Tracker FY23’ to keep you updated with the salaries of the founders at a time when employees were losing jobs and taking pay cuts.

Continuing that, we are bringing to you the tracker for FY24, which was not much different from FY23. Consolidation remained the main theme in FY24 as well, as startups looked to improve their bottom lines even if they had to compromise on growth in their top lines.

As per the data collated by Inc42, the aforementioned startups posted a cumulative operating revenue of INR 81,937 Cr in FY24. Of these, nine startups reported a combined loss of INR 7,198 Cr, whereas the remaining reported a total profit of INR 7,960 Cr. 

For a deep dive into the financial numbers, take a look at Inc42’s ‘FY24 Financials Tracker’.

Now, let’s delve deeper into the salaries that the startup founders earned in the last financial year. The tracker will keep you informed about the remuneration earned by the founders in FY24, the percentage increase/ decrease in their salaries compared to FY23, and more.

Editor’s Note: This list is not a ranking of any kind. The companies have been placed alphabetically. This is a running list and will be updated periodically.

Founder Remuneration Tracker FY24

Companies are placed in alphabetical order | Data has been sourced from MCA filings, annual reports, and DRHPs |

*Note: Includes Share-based payments, reimbursements, bonus, variable pay, among others

Supam Maheshwari | FirstCry

Supam Maheshwari, the founder of recently listed ecommerce marketplace FirstCry, retained the top spot in terms of annual remuneration in FY24 as well. As per the startup’s red herring prospectus, the founder took home INR 103.8 Cr as remuneration in FY24, which was almost 50% lower than INR 200.7 Cr a year ago.

However, it needs to be highlighted that this amount includes short-term employment benefits, share based payments accrual, and excludes provisions for gratuity, compensated absences and other long term employment benefits which have been actuarially determined and the amounts pertaining to the key managerial personnel (KMP) are not material.

FirstCry reported an operating revenue of INR 6,480 Cr, with a loss of INR 321.5 Cr in FY24. 

Kamath Brothers | Zerodha

Nikhil and Nithin Kamath, founders of Zerodha, clinched the second spot in terms of annual salaries in FY24. Nithin took home INR 33.5 Cr as gross salary during the year, a 30% decline from INR 48 Cr he took home last year. Similarly, Nikhil’s gross salary stood at INR 33.9 Cr in FY24, down 29% from INR 48 Cr in FY23.

However, including the income clubbed under ‘other’ head, their total remuneration stood at INR 96 Cr each. 

Zerodha reported an operating revenue of INR 9,372.1 Cr, while its profit jumped to INR 5,496.3 Cr in FY24. 

Aneesh Reddy | Capillary Technologies

Aneesh Reddy, the founder of SaaS startup Capillary Technologies, was at the third spot in the list. He took home INR 13.3 Cr in the last financial year, an increase of 1,480% from the gross salary of INR 84 Lakh in FY23. Aneesh received a share-based payment of INR 23.1 Cr in FY23, which plummeted to INR 50 Lakh this year. The startup, earlier this year, extended its Series D funding round to $140 Mn, securing $90 Mn in its secondary transaction. 

Bhanu Chopra | RateGain

Publicly listed RateGain’s Bhanu Chopra took home INR 5.8 Cr in FY24, and was fourth on the list. However, his gross salary declined 5% compared to INR 6.1 Cr in FY23. The company’s net profit rose 114% to INR 146.3 Cr in FY24 from INR 68.4 Cr in the previous fiscal year. Operating revenue jumped 69% to INR 957 Cr from INR 565 Cr in FY23. 

Vijay Shekhar Sharma | Paytm

Vijay Shekhar Sharma, the founder, chairman, MD and CEO of fintech giant Paytm, was at the fifth spot with an annual remuneration of INR 4.4 Cr during the year under review. Sharma, who is one of the most active angel investors in the county, saw a 10% hike in his annual remuneration in FY24 from INR 4 Cr in the previous fiscal year.

Varun Alagh | Mamaearth

Varun Alagh, the CEO of publicly listed beauty care startup Mamaearth, took home INR 3.97 Cr in annual remuneration in the recently concluded financial year. He received a hefty increment of 166.4% compared to INR 1.49 Cr he took home in the previous year. 

In comparison, his wife Ghazal Alagh, who is the cofounder of the startup, took home INR 1.79 Cr in remuneration in FY24, a jump of 80.8% higher than INR 99 Lakh in the previous fiscal year. 

The Delhi NCR-based startup reported an operating revenue of INR 1,919.9 Cr during the year under review with a profit of INR 110.5 Cr.

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Edited By Vinaykumar Rai

Last Updated On April 11, 6:00 PM IST