Zomato co-founder and CEO Deepinder Goyal has joined the growing but elite club of billionaires in India on the back of his firm's stock jumping over 300 per cent in just two years.
Goyal, who studied Mathematics and Computing at IIT Delhi, holds 36.95 crore or 4.24 per cent shares in Zomato. The stock set a record of Rs 230, and the stock's market capitalisation also crossed the Rs 2 lakh crore mark.
Goyal's stake alone in the company is now worth Rs 8,400 crore, making him a billionaire in US dollar terms, as per Money Control.
Since the start of 2023, the stocks of his company have been rising majorly due to Zomato's quick commerce division, Blinkit, which is expected to turn profitable sooner than anticipated. The company earlier announced that Blinkit will gain EBITDA break even by the first quarter of FY25.
According to analysts, Blinkit has grown by 13.7 per cent QoQ driven by 17 per cent in orders offset by a 3 per cent QoQ decline in AOV.
Blinkit now has a higher implied value than the company's core food delivery business. It is valued at $13 billion, higher than $2 billion in March 2023, with a per-share value of Rs 119, surpassing food delivery at Rs 98.
Goyal left his job to start a food delivery platform in 2008 after he realised that people had to stand in line in the pantry to look for the menu. He cofounded FoodieBay.com which was later renamed Zomato.com. The company started showing growth and became a unicorn in 2018.
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