Bhavish Aggarwal, Co-Founder & CEO, Ola Photo Credit: Reuters Bhavish Aggarwal and Ankit Bhati, co-founders of cab-aggregator Ola, may be the proverbial poster boys of Indian e-commerce, but they are the lowest paid among all unicorn—a business valued at more than a billion dollars—founders in the country.
The revelation came to light when the Bangalore-based company, run by ANI Technologies Pvt. Ltd, filed its annual returns with the Registrar of Companies (RoC) last month.
Aggarwal and Bhati drew Rs 39.75 lakh each for financial year ended March 2016, the filings show, which also makes Aggarwal the lowest-paid founder-CEO of an Indian unicorn. Still, this is better than the Rs 24.91 lakh he earned in FY15. Bhati’s annual pay package, however, more than doubled from Rs 17.9 lakh in the previous year. These numbers do not include employee stock option plans (ESOPs).
Sanchit Vir Gogia, chief analyst at Greyhound Research, said, “Taking a modest salary is more of a moral responsibility for the founders than an obligation.” Ankit Bhati, Co-Founder & CTO, Ola However, the duo’s low salaries only show part of the picture. According to Ola’s standalone financial statements for 2015-16, the founders offloaded some shares in the company in May 2015, […]