A total of 51 founders from 28 Indian new-age startups collectively earned ₹283.5 crore as salaries in FY24. Reportedly, the average salary of startup founders in India dropped significantly, witnessing a 26.9% decline from ₹7.6 crore in FY23 to ₹5.55 crore in FY24.
This notable shift comes despite the consistent growth of startups across sectors, showcasing varied trends in founder compensation.
Supam Maheshwari of FirstCry tops the list
Supam Maheshwari, the founder of e-commerce platform FirstCry, emerged as the highest-paid founder in FY24, with a salary of ₹103.8 crore. However, this was nearly 50% lower than his ₹200.7 crore earnings in FY23. FirstCry reported an operating income of ₹6,480 crore but also incurred a loss of ₹321.5 crore during the period.
Zerodha Founders follow closely
Nikhil and Nithin Kamath, founders of Zerodha, ranked second on the list. Each earned ₹33.8 crore in FY24, down from ₹48 crore in FY23. Zerodha showed remarkable financial performance, with an operating income of ₹9,372.1 crore and a profit of ₹5,496.3 crore during the same year.
Aneesh Reddy, founder of Capillary Technologies, witnessed the most significant salary increase, earning ₹13.3 crore in FY24, a staggering 1,480% rise from ₹84 lakh in FY23.
Meanwhile, Bhanu Chopra, founder of RateGain, saw a slight dip in compensation from ₹6.1 crore in FY23 to ₹5.8 crore in FY24. RateGain’s operating income soared by 69%, reaching ₹957 crore, while posting a profit of ₹146.3 crore.
Key trends in startup Founders’ salaries
Other notable names included Vijay Shekhar Sharma, MD and CEO of Paytm, who earned ₹4.4 crore in FY24, reflecting a 10% increase from FY23. Varun Alagh, CEO of Mamaearth, earned ₹3.97 crore in FY24, a 166.9% increase from FY23. His wife and co-founder, Ghazal Alagh, earned ₹1.79 crore, up 80.8% from the previous year. Mamaearth’s operating income reached ₹1,919.9 crore, with a profit of ₹110.5 crore.
A shifting paradigm
The FY24 trends in founder salaries highlight a mix of cost optimization and sectoral growth. While some founders faced pay cuts, others experienced significant increases, reflecting the dynamic nature of India’s startup ecosystem. With innovation and investment driving these businesses, founder compensations will likely continue evolving in tandem with market realities.
