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2024 Product Manager Salary Report in India

Salary insights for the
Indian Product Manager

2024 Product Manager Salary Report in India

Salary insights for the Indian Product Manager

Our Purpose

Why did we build this report?

Our goal with this report was to provide salary benchmarks & career insights for Product Managers in India.

This report will help you understand how your product manager salary compares to the industry standards in India, what can you do to increase your earning potential and how important an MBA is for becoming a product manager.

We hope this report is of value to product managers seeking insights about compensation and strategies to increase their earning potential.

600+

Product Managers

between career levels of Associate Product Manager & Chief Product Officer working across 15+ sectors, in B2B and B2C orgs, have shared their salary data to fuel insights within this report.

9000+

Data Points

were considered to generate product manager salary insights reported here. These data points were collected between January and March of 2024, making it the most accurate representation of the current job market.

Who took our survey?

600+ Product Managers provided their salary across 200+ companies like CRED,
 Flipkart, Swiggy, Zomato, Uber, Airbnb and several others

Pie chart showing distribution of company valuations: 31.2% more than $1 Billion, 27.2% between $500M-$1B, 17.7% less than $100 Million, 14.4% publicly listed, and 9.5% between $100M-$500M. Data based on 632 total responses.
Pie chart showing distribution of company valuations: 31.2% more than $1 Billion, 27.2% between $500M-$1B, 17.7% less than $100 Million, 14.4% publicly listed, and 9.5% between $100M-$500M. Data based on 632 total responses.
Pie chart showing distribution of product management roles: 40.6% Product Manager (254 responses), 27.5% Associate Product Manager (172 responses), 24.2% Senior Product Manager (151 responses), 4.7% Principal Product Manager (30 responses), and 3% Others (19 responses). Total of 626 responses across all roles
Pie chart showing distribution of product management roles: 40.6% Product Manager (254 responses), 27.5% Associate Product Manager (172 responses), 24.2% Senior Product Manager (151 responses), 4.7% Principal Product Manager (30 responses), and 3% Others (19 responses). Total of 626 responses across all roles
Bubble chart showing distribution by industry: B2B SaaS leads at 29%, followed by Finance & FinTech at 24.2%, E-commerce & Retail at 14.4%, Others at 11.6%, Education or Ed-Tech at 6.5%, Consumer & Web at 6.3%, Health & Fitness at 3.4%, Gaming at 3%, and Entertainment at 1.6%. Bubble sizes correspond to percentage values.
Bubble chart showing distribution by industry: B2B SaaS leads at 29%, followed by Finance & FinTech at 24.2%, E-commerce & Retail at 14.4%, Others at 11.6%, Education or Ed-Tech at 6.5%, Consumer & Web at 6.3%, Health & Fitness at 3.4%, Gaming at 3%, and Entertainment at 1.6%. Bubble sizes correspond to percentage values.

CTC refers to cost to company

It is a sum of fixed pay, ESOPs/RSUs and variable pay

CTC Breakdown

Product Managers see 650% increase
 in their median salary in 10 years.

Product Manager salary in India ranges between ₹ 8.0 Lakhs to ₹ 55.0 Lakhs
 depending on their years of experience. They get additional ESOPs & variable pay
 as part of their salary. Variable pay ranges from ₹ 1.2 Lakhs to ₹ 10 Lakhs.

Product Manager salary in India ranges between ₹ 8.0 Lakhs to ₹ 55.0 Lakhs
 depending on their years of experience. They get additional ESOPs & variable pay
 as part of their salary. Variable pay ranges from ₹ 1.2 Lakhs to ₹ 10 Lakhs.

Median pay based on years of product management experience

Fixed

ESOPs

Variable

Stacked bar chart showing median pay based on years of product management experience. Ranges from ₹11.2L for less than 1 year to ₹105L for 9+ years. Pay components include Fixed (green), ESOPs (blue), and Variable (orange). Compensation increases with experience, with the most significant jumps in the first 5 years and after 9 years. CTC values are in lakhs per annum.

Median pay based on years of product management experience

Fixed

ESOPs

Variable

Stacked bar chart showing median pay based on years of product management experience. Ranges from ₹11.2L for less than 1 year to ₹105L for 9+ years. Pay components include Fixed (green), ESOPs (blue), and Variable (orange). Compensation increases with experience, with the most significant jumps in the first 5 years and after 9 years. CTC values are in lakhs per annum.

Median pay based on years of product management experience

Years of PM Experience

Fixed Pay

ESOPs

Variable Component

Total CTC

Number of Responses

Less than 1 year

8

2

1.2

11.2

25

1-2 years

15

6.75

2

23.75

125

2-3 years

21.25

12

2.5

35.75

148

3-4 years

28.61

10

3

41.61

98

4-5 years

33

20

4

57

65

5-6 years

38

18

5

61

47

6-7 years

40

22.5

5

67.5

44

7-8 years

55

30

10

95

26

8-9 years

51.5

22.5

5

77

24

9+ years

55

40

10

105

25

Note: All values are in lakhs per annum

Note: All values are in lakhs per annum

As your responsibilities grow,
 your variable pay and ESOPs grow.

Median Product Manager salary in India starts at ₹ 12 Lakhs and goes up to ₹ 44 Lakhs as they grow into a Senior Product Manager.

Median Product Manager salary in India starts at ₹ 12 Lakhs and goes up to ₹ 44 Lakhs as they grow into a Senior Product Manager.

Median pay based on designation or seniority

Fixed

ESOPs

Variable

Stacked bar chart showing median pay based on product management designation or seniority. Ranges from ₹18.1L for APM to ₹108L for PPM/GPM. Includes VP of Product/CPO at ₹104.5L, SPM at ₹69L, and PM at ₹39.4L. Pay components are Fixed (green), ESOPs (blue), and Variable (orange). Compensation increases significantly with seniority. CTC values in lakhs per annum

Median pay based on designation or seniority

Fixed

ESOPs

Variable

Stacked bar chart showing median pay based on product management designation or seniority. Ranges from ₹18.1L for APM to ₹108L for PPM/GPM. Includes VP of Product/CPO at ₹104.5L, SPM at ₹69L, and PM at ₹39.4L. Pay components are Fixed (green), ESOPs (blue), and Variable (orange). Compensation increases significantly with seniority. CTC values in lakhs per annum

Median pay based on designation or seniority

Designation

Fixed Pay

ESOPs

Variable Component

Total CTC

Top 25 Percentile (CTC)

APM

12

4.25

1.85

18.1

20

PM

25

12

2.4

40

43.6

SPM

44

20

5

69

76

PPM / GPM

64.5

37.5

6

108

172

VP of Product / CPO

60

36

8.5

104.5

372

Note: All values are in lakhs per annum

Note: All values are in lakhs per annum

If you are looking to make a
transition to product management

This is the sign you were waiting for...

Get Started

51% APMs got their first product break at
startups with less than $100M in valuation.

Only 15% APMs were able to break into their first job at Unicorns.

Median Salary of Associate Product Managers (APMs)

Company Valuation

Total CTC

Fixed

Variable

ESOP

< $100M

12.5

9

1.5

2

$100M - $500M

19.45

13.5

1.45

4.5

$500M - $1BN

21

15

2

4

>$1BN

27

17

2

8

Publicly Listed

28

16.4

1.6

10

Note: All values are in lakhs per annum

Chart showing median salaries of Associate Product Managers (APMs) across different company valuations. Includes breakdown of Total CTC, Fixed, Variable, and ESOP components in lakhs per annum. Pie chart displays distribution of APMs by company valuation, with 50.6% at companies valued under $100M.

As you gain 2+ years of experience,
breaking into unicorns gets easier.

Median Salary of Product Managers (PMs)

Company Valuation

Total CTC

Fixed

Variable

ESOP

< $100M

34

22

2

10

$100M - $500M

30.5

22.5

2

6

$500M - $1BN

49.3

27

2.3

20

>$1BN

44.3

27

2.3

15

Publicly Listed

44.8

28.3

4

12.5

Note: All values are in lakhs per annum

Chart displaying median salaries of Product Managers (PMs) across different company valuations. Table shows Total CTC, Fixed, Variable, and ESOP components in lakhs per annum. Pie chart illustrates distribution of PMs by company valuation, with largest segment (31%) at companies valued over $1BN.

As you gain 5+ years of experience,
breaking into publicly listed companies gets easier.

Median Salary of Senior Product Managers (SPMs)

Company Valuation

Total CTC

Fixed

Variable

ESOP

< $100M

50.25

32

5

13.25

$100M - $500M

59.25

36.75

5

17.5

$500M - $1BN

60.5

42.5

4.5

13.5

>$1BN

81

46

5

30

Publicly Listed

74.5

45

8.5

20

Note: All values are in lakhs per annum

Chart illustrating median salaries of Senior Product Managers (SPMs) across various company valuations. Table breaks down Total CTC, Fixed, Variable, and ESOP components in lakhs per annum. Pie chart shows distribution of SPMs by company valuation, with largest segment (30.4%) at companies valued over $1BN. Highest total CTC of 81 lakhs for $1BN+ companies.

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81.5% Product Managers
 work from office.

Collaboration and stakeholder management is at the core of a PM job. It's no surprise that 40.7% PMs work from office, and 40.8% PMs have a hybrid work setup.

Remote

18.5 %

In Office

40.7 %

Hybrid

40.8 %
Infographic on Product Manager work modes in India. 81.5% work from office: 40.7% in-office, 40.8% hybrid, 18.5% remote. Map shows PM distribution: 59.5% in Bengaluru, 20.4% in NCR, 9.5% in Mumbai, 6% in Hyderabad, 3% in Chennai, 1.6% in Pune. Emphasizes importance of collaboration in PM role.

Product Managers in Bengaluru have
 20% higher CTCs compared to PMs in
 other cities.

Product Manager salary in Bengaluru ranges from ₹ 17 Lakhs to ₹ 75 Lakhs
 compared to Mumbai where it ranges from ₹ 8 Lakhs to ₹ 35 Lakhs and NCR
 where it ranges from ₹ 12 Lakhs to ₹ 55 Lakhs.

Median CTCs for PMs in different cities

Bengaluru

NCR

Hyderabad

Mumbai

Bar graph showing median CTCs (Cost to Company) for Product Managers in Indian cities across experience levels. Compares salaries in Bengaluru, NCR, Hyderabad, and Mumbai for 0-12 years of experience. Bengaluru consistently offers highest compensation, peaking at 121.5 LPA for 9-12 years experience. Data grouped by experience ranges: <1 year, 1-3 years, 3-6 years, 6-9 years, and 9-12 years.

Median CTCs for PMs in different cities

Bengaluru

NCR

Hyderabad

Mumbai

Bar graph showing median CTCs (Cost to Company) for Product Managers in Indian cities across experience levels. Compares salaries in Bengaluru, NCR, Hyderabad, and Mumbai for 0-12 years of experience. Bengaluru consistently offers highest compensation, peaking at 121.5 LPA for 9-12 years experience. Data grouped by experience ranges: <1 year, 1-3 years, 3-6 years, 6-9 years, and 9-12 years.

Median CTC of PMs in different cities

Years of PM Experience

Bengaluru

NCR

Hyderabad

Mumbai

Less than 1 year

17

12

not enough data

8

1-3 years

30

19.6

19.5

19.3

3-6 years

54

38

34

31

6-9 years

75

55

49

35

9-12 years

121.5

not enough data

104

not enough data

Note: All values are in lakhs per annum

Note: All values are in lakhs per annum

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Women are paid 14% lower than men

85% of our respondents were male, while 15% were female. Women Product Manager salary in India is 14% lower than men.

Median salaries for both genders based on their years of experience

Male

Female

Line graph comparing median salaries for male and female employees based on years of experience. Shows salaries in LPA (Lakhs Per Annum) for 1-3, 3-6, and 6-9 years of experience. Male salaries increase from 21L to 76L, while female salaries rise from 19L to 65L, indicating a gender pay gap that widens with experience.

Median salaries for both genders based on their years of experience

Male

Female

Line graph comparing median salaries for male and female employees based on years of experience. Shows salaries in LPA (Lakhs Per Annum) for 1-3, 3-6, and 6-9 years of experience. Male salaries increase from 21L to 76L, while female salaries rise from 19L to 65L, indicating a gender pay gap that widens with experience.

Only 26% of Product Managers were Engineers before.

The remaining 74% is spread across Data Analysts, Strategy & Ops, Program Managers, Sales, Marketing, Consulting and others.

Many of us believe coding experience is required. This data suggests 70%+ PMs do not have coding experience.

The remaining 74% is spread across Data Analysts, Strategy & Ops, Program Managers, Sales, Marketing, Consulting and others.

Many of us believe coding experience is required. This data suggests 70%+ PMs do not have coding experience.

Roles held by our survey respondents before transitioning to product management:

Past Roles

Percentage

Developer

26.22 %

Business / Data Analyst

21.11 %

Strategy & Operations

11.37 %

Project / Program Manager

10.21 %

Others

10.21 %

Consultant

8.12 %

Marketing

6.96 %

Sales

4.18 %

Entrepreneur

1.62 %

Note: Others consists of various roles like curriculum designers, interior designers, finance, and many more.

If you are looking to make a
transition to product management

This is the sign you were waiting for...

Get Started

Switch to Product within the initial
 6 years to minimize pay cut.

Deciding when to transition to product management can be challenging.

Deciding when to transition to product management can be challenging.

Based on the salary data of our survey respondents, we see:

a.

People who transition between 1-3 years of experience are paid 8% lower than the median salary of a product manager.

b.

People who transition between 3-6 years of experience are paid 15% lower than the median salary of a product manager.

c.

People who transition between 6-9 years of experience are paid 30% lower than the median salary of a product manager.

Median CTC (fixed + variable + ESOPs) of PMs from various backgrounds based on total work experience:

Previous Role

1 - 3 years

3 - 6 years

6 - 9 years

Median CTC (for comparison)

33.4

61.75

86

Sales

18.56

32.8

43.88

Marketing

22.27

40.52

56.16

Strategy & Operations

25.98

42.45

57.92

Business/Data Analyst

25.98

46.31

63.18

Project/Program Manager

29.69

54.03

61.43

Developer

29.69

54.03

70.2

Note: All values are in lakhs per annum

Note: All values are in lakhs per annum

Myth or Reality: You need to have an MBA to become a Product Manager.

Only 36.1% of our respondents
have an MBA prior to becoming a PM

There's no single degree that prepares you to become a product manager.
56.6% of PMs who took our survey only have a bachelor's degree and only 36.1% have an MBA.

Myth or Reality: You need to have an MBA to become a Product Manager.

Only 36.1% of our respondents have an MBA prior to becoming a PM

There's no single degree that prepares you to become a product manager. 56.6% of PMs who took our survey only have a bachelor's degree and only 36.1% have an MBA.

Pie chart debunking the myth that an MBA is required to become a Product Manager. Shows 56.6% of PMs have only a bachelor's degree, 36.1% have an MBA, and 7.3% have other qualifications. Emphasizes diverse educational backgrounds in product management careers.
Pie chart debunking the myth that an MBA is required to become a Product Manager. Shows 56.6% of PMs have only a bachelor's degree, 36.1% have an MBA, and 7.3% have other qualifications. Emphasizes diverse educational backgrounds in product management careers.

Median CTCs for PMs based on highest education qualification:

Years of PM Experience

PMs with only a Bachelor's degree

PMs with an MBA

PMs with other Master's degrees

Less than 1 year

8.25

12

7.6

1-3 years

22

32.5

18

3-6 years

44

46

29

6-9 years

75

58

not enough data

9-12 years

133

96

not enough data

Note: All values are in lakhs per annum

Note: All values are in lakhs per annum

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Gaming & Entertainment pay
20% premium to their PMs.

This data can be used to answer → Does your pay really depend on the industry you work in?

Key observations:
  1. E-commerce, FinTech and Consumer Web industries pay 15% more than the median product management salary.
  2. Specialising in the gaming or media industry pays 20% more than the median salary.

Years of Product Management Experience

1 - 3 years

3 - 6 years

6 - 9 years

Median CTC (in LPA)

33.4

61.75

86

15% Premium - (E-commerce/Consumer Web/FinTech)

Median CTC (in LPA)

38.41

69.78

96.32

20% Premium (Gaming/Media & Entertainment)

Median CTC (in LPA)

39.75

72.25

103

Difference in salaries based on industry

Median PM Salary

15% Premium

20% Premium

Bar chart comparing median PM salaries across experience levels (1-3, 3-6, and 6-9 years) with 15% and 20% premium tiers. Shows salary growth trends and premium differences in product management careers.

Difference in salaries based on industry

Median

15% Premium

20% Premium

Bar chart comparing median PM salaries across experience levels (1-3, 3-6, and 6-9 years) with 15% and 20% premium tiers. Shows salary growth trends and premium differences in product management careers.

What kind of Product Managers
make a salary of 50 Lakhs?

12%

have designation of a PM. Rest are SPM or above.

25%

have less than 3 years of experience.

90%

are men.

50%

don't have an MBA.

60%

work with unicorns or publicly listed companies.

What kind of Product Managers
make a salary of 1 Crore?

40%

are SPMs with 6+ years of PM experience.

89%

are men.

54%

don't have an MBA.

70%

work with unicorns or publicly listed companies.

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