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Nithin Kamath of Zerodha allegedly gave workers expensive cars as gifts, according to a LinkedIn post.
Praising the action as strategic compensation, the post went viral. (Photo Credits: Instagram)
In a nation fixated on year-end reviews and elusive bonuses, a LinkedIn post recently provided corporate India with the ultimate heartwarming tale: billionaire co-founder of Zerodha, Nithin Kamath, reportedly gifted his best employees more than 20 luxury cars, including Mercedes, Audis, and BMWs, in 2023.
According to Business Today, the internet was blown away by the post made by Minal Udeshi, a finance educator. Instead of calling it extravagant, she praised it as the pinnacle of “strategic compensation.” She contended that the goal was not only to reward loyalty but also to do so in a way that was heartfelt, tax-efficient, and sophisticated enough to make spreadsheets jealous, reports add.
“There’s no dividend tax. No ESOP paperwork. No reporting chaos. Just a depreciating asset turned into a company expense,” the post, now deleted, declared. “This isn’t just gifting. It’s wealth distribution with the steering wheel pointed toward retention,” the post added.
The post naturally went viral. Why would it not? The ideal balance of financial acumen and aspirational content was achieved. However, a plot twist.
As the cheers started to reverberate across WhatsApp forwards and social media feeds, the man at the centre of it all weighed in, with a single, scathing slash of denial.
According to a report by Business Today, the billionaire co-founder of Zerodha responded, saying, “What!!! Unless there is some other Nithin Kamath from Zerodha, this is definitely not true.”
In the era of social media virality, Kamath’s statement not only ruined the viral narrative but also sparked debate on how easily fiction may turn into reality. It turns out that Zerodha never included the cars in their reward scheme.
The post by Minal Udeshi, a finance educator, touched a nerve for a reason, even if it was refuted. It contributed to the growing interest in how India’s ultra-wealthy pay and retain top staff. It’s hardly a novel notion that emotional effect, like the keys to a new car, might surpass a few more zeroes on a wage cheque. However, it had the feel of contemporary myth-making when presented as an emotionally astute, loophole-savvy corporate strategy.
Despite the factual errors in the claims, the discussion they generated was far from meaningless.
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Delhi, India, India
