CEO Deepinder Goyal pledges ESOP proceeds to Zomato Future Foundation
Zomato CEO Deepinder Goyal has pledged returns on his vested stocks to the tune of Rs 700 crore to the company's foundation meant to benefit delivery partners.
Founder and CEO of publicly listed food technology player , Deepinder Goyal, informed the staff of the company on Friday that he will donate the proceeds of his recently vested employee stock options to Zomato Future Foundation (ZFF). The ESOPs were worth nearly Rs 700 crore according to news reports.
In his letter to the employees, Deepinder said that funds from ZFF will cover the education of up to two children of Zomato delivery partners at the rate of upto Rs 50,000 per annum. It is applicable to partners who have been a part of Zomato’s fleet for over five years and have achieved a certain service quality. For delivery partners completing 10 years with Zomato, the amount per child will go upto Rs 1 lakh per annum.
ZFF will also introduce ‘prize money’ for girl children of delivery partners once they complete their Class XII and graduation. Apart from this, the foundation will also offer scholarships for higher education for students with high potential.
Deepinder, in his letter, also said that the foundation will also offer livelihood support to families of service partners, irrespective of their tenure, if they encounter accidents on the job.
The company will set up a separate governance board for the foundation and has opened it up for donation from the other employees as well.
The move by Deepinder comes at a time when food delivery and quick commerce delivery companies have been criticised for their compensation policy for delivery partners. Delivery partners have previously complained about the drop in earnings and soaring fuel prices.
Edited by Kanishk Singh