Top Earning Startup CEOs in Fiscal Year 2023

According to data from Inc42, out of the 54 new-age Indian tech companies that disclosed their financials in FY23, 39 reported a combined loss of INR 25,905.21 Cr. Despite the prevalent trend of losses and layoffs, there were notable changes in the compensation of some founders.

Nitish Mittersain, the CEO and co-founder of nazaradotcom, emerged as one of the highest-paid founders in FY23, receiving INR 4 Cr. This marked a 21% increase from the INR 3.3 Cr he earned in the previous fiscal year. Nazara, the company he leads, experienced significant growth, with operating revenue reaching INR 1,091 Cr in FY23, a 75% surge from INR 621.7 Cr in the previous fiscal year. The net profit also rose by 21%, reaching INR 61.4 Cr compared to INR 50.7 Cr in FY22.

Dinesh Agarwal of indiamart secured the second-highest salary in FY23, showing an 11.8% increase from INR 3.4 in the preceding year. Indiamart reported an operating revenue of INR 985.3 Cr in FY23, reflecting a 31% rise from INR 753.4 Cr in the previous fiscal year. However, the profit dipped by around 5% to INR 283.8 Cr from INR 298 Cr in FY22.

In contrast, delhivery_official witnessed a 5% growth in operating revenue, reaching INR 7,225.3 Cr in FY23, compared to INR 6,882.2 Cr in the previous fiscal year. The company's loss remained almost unchanged at INR 1,007.7 Cr in FY23, compared to INR 1,011 Cr in FY22.

Despite challenges, the traveltech SaaS startup reported a remarkable 714% surge in net profit, reaching INR 68.4 Cr in FY23 from INR 8.4 Cr in the previous fiscal year. Additionally, its revenue from operations experienced a substantial increase, rising over 54% to INR 565 Cr from INR 366 Cr in FY22.