Zomato CEO Deepinder Goyal turns billionaire amid record share rally
Deepinder Goyal’s stake in Zomato is currently valued at around Rs 8,498 crore, marking his entry into the billion-dollar club.
Zomato Founder and CEO Deepinder Goyal marked his entry into the billionaire’s club after shares of the company climbed to 2.75% on the BSE as of 2:24 pm today to reach an all-time high of Rs 232 apiece as bullish investors responded positively towards the platform fee hike.
Goyal holds 36.95 crore shares, or 4.1% stake, in the food delivery giants as per the company's 2022-2023 annual report. During the early hours of trading, Zomato's stock touched an all-time high of Rs 232 on the NSE and the BSE, valuing Goyal’s stake at about Rs 8,498 crore.
raised its platform fee by 20% to Rs 6 per order to pad its bottom line as well as to support expansion.
Its quick commerce arm Blinkit also levies a handling fee of Rs 4 per order
Its rival Swiggy also hiked the platform fee on food delivery between Rs 5 to Rs 7 after restaurants disputed its 2% collection fee on food delivery orders.
Zomato ended FY24 with a whooping 71% year-on-year (YoY) growth in revenue from operation to Rs 12,114 crore on a standalone basis and a net profit of Rs 351 crore. It stayed profitable throughout the fiscal year.
In its fourth quarter, the company earned a net profit of Rs 175 crore and a 73% YoY growth in its revenue from operations to Rs 3,562 crore. It also announced that its quick commerce business turned adjusted EBITDA-positive in March as executives expect the number of monthly transacting users (MTUs) on Blinkit may cross Zomato’s MTU in the near future.
(The copy was updated to correct a factual error.)
Edited by Kanishk Singh