Nikhil Kamath is the co-founder of Zerodha. (File)
Nikhil Kamath, one of many nation’s youngest billionaires, has signed the Giving Pledge, which entails donating massive chunks of non-public wealth to charity. The initiative was based by Warren Buffet, Bill Gates and Melinda Gates in 2010. Kamath is the co-founder of Zerodha, a bootstrapped startup whose revenue in FY 2022 was Rs 2094 crore.
Nikhil Kamath mentioned within the pledge that he was dedicated to positively impacting the world and making a extra equitable society. He has dedicated to provide away 50 p.c of his wealth in direction of areas like local weather change, training and well being care.
Rohini and Nandan Nilekani, Azim Premji, Kiran Mazumdar-Shaw, Anil Agarwal, Shobha Menon are the opposite high-wealth people who signed the Giving Pledge prior to now. So far, 241 philanthropists from 29 international locations have signed the pledge.
Kamath’s brother Nithin Kamath can also be a billionaire. They had donated Rs 100 crore last year, in response to the EdelGive-Hurun India Philanthropy List 2022.
In 2021, the brothers had been planning to provide again Rs 750 crore over the subsequent three years.
Who is Nikhil Kamath?
Nikhil Kamath was born on September 5, 1987. He did not like faculty. He began working at a young age of 17. His first job was at a name centre. His first wage was Rs 8000. Along with the job, he began inventory buying and selling. He did not pay a lot consideration to the aspect hustle till he began making important revenue on this discipline.
He began Zerodha in partnership with brother Nithin Kamath. Later, he began a hedge fund named True Beacon. He additionally began the fintech incubator Rainmatter. At the age of 34, he turned a billionaire.
The mixed net worth of the brothers is a whopping 3.45 billion {dollars} (over Rs 28,000 crore).
They are additionally part of the Young India Philanthropic Pledge. Under this, people are required to donate 25 p.c of their wealth.
According to the Forbes World’s Billionaires List, Nithin Kamath’s net worth was 2.7 billion {dollars}. Nikhil Kamath’s net worth was 1.1 billion {dollars} (Rs 9000 crore).
In 2021, Hindu reported that Nikhil Kamath’s wage package deal can be Rs 100 crore per year. His month-to-month wage would entail Rs 4.16 crore wage, Rs 2 crore home hire allowance, Rs 1.6 crore different perquisites and Rs 41 lakh as different allowances.
Nithin Kamath had later clarified the report in a sequence of tweets.
“We are a private company & no obligations to clarify, but we thought maybe we should, as there are folks who are misinterpreting this. Firstly the reported figure isn’t the actual salary being drawn. This is an enabling resolution that allows us as working promoters to draw salaries up to the number in case of liquidity requirements,” he wrote.
“Running a business is like trading, you can be up or down very easily. It is important to take liquidity out when you are “up” to de-risk,” he added.
He mentioned they’d at all times taken out 15 p.c of income to de-risk.
