(Image Credit Kunal Shah Twitter)
CRED CEO Kunal Shah has revealed why he draws a salary of Rs 15,000 per month in an Instagram story. The revelation came in response to a follower’s question during an Instagram Q&A. The follower had expressed curiosity about the relatively low salary and wanted to know how Shah managed to survive on that. Shah replied that he believes he should not receive a good salary until the company is profitable. He added that he can survive on the salary as he sold his previous company, FreeCharge.
A screengrab of Shah’s Instagram story, along with the revelation, was shared on Twitter. While some Twitter users praised Shah’s decision, others pointed out that it is a common practice among CEOs. Some users also called the move “smart.”
There has been a trend among some startup founders and CEOs to take a minimal salary until the company becomes profitable. This is because, in the early stages, startups may not have the financial resources to offer high salaries to their executives. However, it’s not just about saving money for the company. It’s also a way for the founders to show that they are fully invested in the company’s success and are willing to make sacrifices to achieve that.
Shah’s decision to draw a minimal salary may be seen as an example of this trend. The fact that he sold his previous company may have given him the financial cushion to take a lower salary. Nonetheless, it’s an admirable decision that shows his commitment to the success of CRED. While some may criticize his decision, it’s a reminder that success is not just about high salaries and flashy perks, but also about a deep commitment to the company’s mission.
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