In FY25, 46 founders across 27 Indian startups collectively earned ₹837.6 Cr, averaging ₹18.2 Cr each, up 270% from last year. Yet, most of this wasn’t from fixed pay but from ESOP encashments and performance-linked incentives.

At the top, Groww’s four cofounders together pocketed ₹614 Cr, largely through performance incentives. FirstCry’s Supam Maheshwari drew ₹4.9 Cr salary but unlocked an additional ₹53.8 Cr from ESOPs. Similarly, Delhivery’s Sahil Barua made ₹26.5 Cr, while Ola Electric’s Bhavish Aggarwal doubled his pay to ₹6.5 Cr, even as the company posted ₹2,276 Cr in losses.

In contrast, Zomato’s Deepinder Goyal stuck to a zero-salary stance despite profitability, while Nykaa’s Falguni Nayar kept her fixed pay modest at ₹78 Lakh.

The contrast highlights two realities: while some founders prioritise frugality, others ride high on incentives even amid heavy losses. As India’s tech IPO boom continues, founder paychecks are becoming as telling as balance sheets, raising questions about sustainability and accountability.