CRED CEO Kunal Shah mocked after revealing his monthly salary of Rs 15,000

Kunal Shah, Chief Executive Officer (CEO) of fintech company CRED, sparked a debate online after revealing his monthly salary during an 'Ask Me Anything' session on Instagram on Sunday. Answering a question, Shah stated that he draws a monthly salary of just Rs 15,000 and gave the reason for the same.

A user asked, “Your salary at CRED is so low? How do you survive?" Responding to the question, Shah wrote, “I don’t believe I should get a good salary till the company is profitable. My salary at CRED is Rs 15,000 per month and I can survive as I sold my company FreeCharge in the past.”

A screenshot of the post was shared on Twitter, which sparked a debate over Shah’s salary and possible hidden agendas behind it.

 

 

The Twitter post has amassed over three thousand likes and 2 lakh views. Shah's response seems to have divided the Internet as some appreciate the CEO's move while others mocked him pointing out that it is simply a trick to save tax.

“He's also an angel investor and has invested in over 500 start-ups. His angel investments will also be giving him income as when he exits from investments,” commented a user.

Another user quipped that he is ready to hire Kunal and in fact pay him more along with allowances.

A third user pointed out that his salary doesn’t matter as he has already sold one of his start-ups and is loaded with cash.

There have been several instances in the past where the CEOs of big companies claimed that they drew a meagre salary. Former Twitter CEO Jack Dorsey was said to draw a salary of $1 per year in 2018, but it was revealed that he was compensated through stock awards and other bonuses.

Shah also explained why his company hasn’t been making a profit. He went into describing how venture capitalism works and India’s current ecosystem of investments in start-ups.

CRED recorded a net loss of Rs 1,279 crore in the financial year (FY) 2022 despite its revenue jumping by almost 340 percent from Rs 95 crore in FY21 to Rs 422 crore in FY22, The Hindu Businessline reported.