As we move through 2025, the startup ecosystem in India remains volatile, with many companies still grappling with funding shortages, cost-cutting measures, and layoffs. While the common employee is dealing with uncertainty in the workplace, the situation for startup founders is often strikingly different. In fact, some Indian startup founders in 2024 saw jaw-dropping salaries that raise serious questions about the ethics of these paychecks. While their companies struggle with profitability and workforce downsizing, these founders are cashing in on massive salaries, leaving employees and stakeholders questioning the true focus of leadership.
In this article, we’re diving deep into the 2024 salary data of India’s highest-paid startup founders to give you a clearer picture of the stark divide between what these founders earn and how their companies are actually performing. Could it be that these founders care more about their personal paychecks than steering their companies toward long-term profitability and keeping their employees safe from layoffs? Let’s find out.
1. Supam Maheshwari – FirstCry
- Salary: ₹103.8 Crore
- Company Revenue: ₹6,480 Crore
- Profit/Loss: Loss of ₹321.5 Crore
Leading the pack in 2024 is Supam Maheshwari, the founder of FirstCry, with a massive ₹103.8 crore salary. While FirstCry continues to rake in impressive revenue figures, its losses of ₹321.5 crore paint a different picture. As a result, the FirstCry founder’s enormous paycheck raises questions: Is it ethical for Supam Maheshwari to pocket such a high salary while his company faces significant losses? And when employees across India are being laid off to “cut costs,” should founders be taking home such lavish amounts? The widening gap between company performance and founder salary is glaring and hard to ignore.
2. Nikhil Kamath & Nithin Kamath – Zerodha
- Salary: ₹33.9 Crore (Nikhil), ₹33.5 Crore (Nithin)
- Company Revenue: ₹9,372.1 Crore
- Profit: ₹5,496.3 Crore
Zerodha founders Nikhil and Nithin Kamath both earned more than ₹33 crore each in 2024, which might seem justified, given the firm’s remarkable revenue and profits. But the question is: Do founders deserve such hefty paychecks when millions of people in India are struggling with job cuts and pay cuts? Zerodha’s massive profits don’t seem to make the Kamaths’ salaries any less controversial, especially when the broader economic context suggests that such riches should be reinvested in company growth and employee welfare instead of personal gains.
3. Aneesh Reddy – Capillary Technologies
- Salary: ₹13.3 Crore
- Company Revenue: N/A
- Profit/Loss: N/A
With a 1,400% salary increase in 2024, Aneesh Reddy of Capillary Technologies takes home ₹13.3 crore. But with no revenue or profit figures disclosed, the sudden rise in Reddy’s salary is certainly questionable. How can a founder demand such a massive payout when their company is not clearly succeeding? Is this a reflection of bad governance and mismanagement, or simply a case of corporate greed?
4. Bhanu Chopra – RateGain
- Salary: ₹5.8 Crore
- Company Revenue: ₹957 Crore
- Profit: ₹146.3 Crore
Bhanu Chopra, founder of RateGain, earned ₹5.8 crore in salary in 2024, which seems fair enough considering the company’s revenue. However, when you compare his salary with the tens of thousands of Indian employees who are being laid off for even smaller financial inefficiencies, is this really the best example of responsible leadership? Shouldn’t profits be reinvested into the workforce and the company rather than into one individual’s paycheck?
5. Vijay Shekhar Sharma – Paytm
- Salary: ₹4.4 Crore
- Company Revenue: ₹9,977.8 Crore
- Loss: ₹1,422.4 Crore
Vijay Shekhar Sharma of Paytm might be one of the most well-known names in the Indian startup world, but his ₹4.4 crore salary amidst a ₹1,422 crore loss raises serious concerns. It’s clear that Paytm’s massive revenue is offset by considerable losses, yet the founder continues to collect a hefty salary. At a time when the company is struggling to regain profitability, should Sharma be prioritizing his own earnings over the financial health of his company and the jobs of thousands?
6. Varun Alagh – Mamaearth
- Salary: ₹3.97 Crore
- Company Revenue: ₹1,919.9 Crore
- Profit: ₹110.5 Crore
Varun Alagh of Mamaearth took home ₹3.97 crore in salary in 2024. While Mamaearth continues to thrive in the beauty sector, is it right for a founder to pocket this much while other entrepreneurs and employees are seeing their paychecks shrink? The profit margins are decent, but is this the right time for the company to keep rewarding its founder when many are still struggling to break even?
7. Ashish Hemrajani & Parikshit Dar – BookMyShow
- Salary: ₹4.2 Crore (Both)
- Company Revenue: ₹1,396.8 Crore
- Profit: ₹108.6 Crore
BookMyShow co-founders Ashish Hemrajani and Parikshit Dar each earned ₹4.2 crore in 2024. In a year where the entertainment industry was still recovering from pandemic losses, how ethical is it for these founders to take home such high salaries? Shouldn’t the focus be on rebuilding and reinvesting in their companies and employees, instead of indulging in such luxury paydays?
8. Aman Gupta & Sameer Mehta – boAt
- Salary: ₹2.5 Crore (Each)
- Company Revenue: ₹3,117.7 Crore
- Loss: ₹79.7 Crore
Aman Gupta and Sameer Mehta of boAt earned ₹2.5 crore each, despite the company posting a ₹79.7 crore loss. When most startups are barely keeping afloat, how can a loss-making company justify such high payouts? It begs the question: Shouldn’t founders set an example of sacrifice during difficult times, rather than continuing to live lavishly at the expense of their struggling businesses?
9. Sahil Barua & Kapil Bharati – Delhivery
- Salary: ₹2.89 Crore (Sahil), ₹3 Crore (Kapil)
- Company Revenue: ₹8,141.5 Crore
- Loss: ₹249.1 Crore
Delhivery’s founders, Sahil Barua and Kapil Bharati, earned close to ₹3 crore each in salary, despite the company facing significant losses of ₹249 crore. While they posted impressive revenue, the massive salary payouts in the face of ongoing losses raise ethical questions. Why are they taking home such big paychecks when the company’s finances are struggling?
10. Rajesh Kumar Yabaji – BlackBuck
- Salary: ₹2 Crore
- Company Revenue: ₹296.9 Crore
- Loss: ₹193.9 Crore
Rajesh Kumar Yabaji of BlackBuck earned ₹2 crore in 2024, despite the company posting a loss of ₹193.9 crore. With so many startups struggling to survive, should the founder of a company facing such significant losses be pocketing such a large sum?
The salary data from 2024 paints a worrying picture of the priorities of some startup founders. With massive paychecks being handed out while their companies struggle with profits and employee layoffs, one has to question whether these founders are truly focused on building sustainable businesses or simply enriching themselves at the expense of their teams. If 2025 is any indication, it’s clear that the startup ecosystem is going to need to take a long, hard look at the ethics of founder pay in the face of mounting financial and human costs.
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