 "In 2010, Jagdeep Singh founded QuantumScape, a company focusing on innovations in battery technology in EVs. Image courtesy: X/@@QuantumScapeCo")
Not Sundar Pichai or Satya Nadella, but Jagdeep Singh was once the world’s highest-paid tech boss. This Indian-origin CEO earned an eye-popping Rs 17,500 crore annually, according to reports in the media.
According to The Times of India, Singh, the founder of QuantumScape—a leading electric vehicle (EV) battery company—raked in an astounding Rs 48 crore every single day, an amount that exceeded the yearly revenue of several well-known companies.
As the tech and clean energy industries continue to grow, the financial rewards for leaders of innovative companies, who are driving transformative change, are also increasing significantly.
But who exactly is Jagdeep Singh? And what does his extraordinary journey entail? Here’s a closer look.
In 2010, Jagdeep Singh founded QuantumScape, a company focusing on innovations in battery technology. Under Singh’s leadership, the company shifted its focus to developing solid-state batteries for electric vehicles (EVs), an idea deemed a game changer for the EV market.
Solid-state batteries are different from traditional lithium-ion batteries as they eliminate the use of liquid electrolytes. This results in safer batteries, faster charging, and increased energy density, improving key issues for electric vehicles (EVs), such as range anxiety and long charging times, making them viable and efficient options for the future of electric vehicles.
Singh’s leadership also attracted significant investments, including big deals with industry giants like Bill Gates and Volkswagen, positioning QuantumScape as a pivotal player in both the EV and clean energy sectors.
In 2010, Jagdeep Singh founded QuantumSpace. Image courtesy: X/ @QuantumScapeco At QuantumScape’s annual shareholders’ meeting, a multi-billion-dollar compensation package was approved, which included stock options reportedly worth $2.3 billion.
Singh’s earnings back then reportedly surpassed those of other industry leaders, such as Hock Tan of Broadcom ($161.8 million) and Nikesh Arora of Palo Alto Networks ($151.4 million).
Also read: Quicksplained: How much do top CEOs of Indian IT companies earn?
On 16 February 2024, Singh stepped down as QuantumScape’s CEO, passing the baton to Siva Sivaram. He waived compensation for his board work and the stock options granted to him under the company’s Extraordinary Performance Award Program were also terminated, say sources. However, Singh continues to serve as chairman of the board. He is now leading a ‘Stealth Startup’, as per his LinkedIn profile.
Singh’s journey to success is underpinned by a strong academic background. He holds a Bachelor’s degree in Computer Science from the University of Maryland, a Master’s degree from Stanford University, and an MBA from the University of California, Berkeley.
Singh holds a Bachelor’s degree in Computer Science from the University of Maryland, a Master’s degree from Stanford University, and an MBA from the University of California, Berkeley. Image courtesy: LinkedIn Before founding QuantumScape, Singh accumulated over a decade of experience in the tech industry, working at companies like HP (Hewlett-Packard) and Sun Microsystems. His entrepreneurial journey includes the founding of multiple startups, including AirSoft in 1992, Lightera Networks in 1998, and Infinera in 2001.
With input from agencies