Indian unicorn founders saw a significant rise in their median salary during FY23, with the overall median remuneration reaching Rs 1.5 crore, according to a study by PrivateCircle Research, a private market intelligence platform. However, the analysis also highlighted a glaring gender disparity, with the median salary of female founders at Rs 1 crore, while their male counterparts earned a median of Rs 1.8 crore.
The study, which covered the top seven sectors by the count of unicorns from a pool of 114 companies valued at $1 billion or more, revealed that the media and entertainment sector topped the charts with a median founder salary of Rs 3.5 crore. The logistics and ed-tech sectors followed closely, with median salaries of Rs 1.9 crore and Rs 1.6 crore, respectively.
While the median figures provide a more representative picture of founder remuneration, the analysis also highlighted significant disparities when it came to average salaries. The logistics sector claimed the top spot for average founder salary at Rs 12.4 crore, potentially skewed by outliers.
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The gender gap was even more pronounced regarding average salaries. The average female founder salary stood at Rs 1.1 crore, significantly lower than the Rs 8.5 crore average for male founders.”The gender disparity in the Indian startup ecosystem is further exemplified by the lack of women directors at unicorn companies,” said a PrivateCircle Research spokesperson. “In a March 2024 analysis, we found that 57 Indian unicorns have zero women on their board.
“The study also uncovered regional variations in founder salaries. Pune emerged as the city with the highest average and median founder salaries, at Rs 20 crore and Rs 3.7 crore, respectively, primarily driven by FirstCry’s Supam Maheshwari’s remuneration of Rs 200.7 crores in FY23. However, Maheshwari’s monthly remuneration witnessed a 49% drop in the first three quarters of FY24, with his total remuneration standing at Rs 77.5 crore, as per the company’s revised draft red herring prospectus (DRHP).
While some founders like Slice’s Rajan Bajaj drew an annual salary of a mere Rs 12, the overall trend points towards a significant increase in founder remuneration. he median salary in FY23 marked a notable rise from Rs 1.2 crores in FY22 and around Rs 90 lakhs in FY20 and FY21.
From: financialexpress
Financial News
