DBT Bureau
Bengaluru, 15 July 2024
The surging share price of Zomato has now pushed its Founder, Deepinder Goyal into the billionaire club.
With Zomato shares jumping nearly 300% in the last two years, Goyal’s net worth has now touched around Rs 8,400 crore. This makes him a dollar billionaire on the back of his stake in the company.
Share price of Zomato closed 3% up at Rs 229.25 on Monday in NSE. The 41-year-old Goyal, who studied Mathematics and Computing at IIT Delhi, owns around 36.95 crore shares in Zomato.
Zomato has shown impressive growth in recent years with both its food delivery platform along with quick commerce one gaining momentum in recent quarters.
In the first quarter of FY24, the company achieved its maiden profit of Rs 2 crore. Zomato’s quick commerce arm Blinkit also turned adjusted EBITDA positive in March.
However, the company has since witnessed a surge in its net profit on a consolidated basis. It delivered a net profit of Rs 175 crore in Q4 of FY24 after which its stock saw a slew of rerating.
The group’s quick commerce platform, Blinkit witnessed an impressive 13.7% rise in its GOV (Gross Order Value). It has announced the increase of the dark stores count to 1,000 by the end of FY25 from 525 in Q4 of FY24. This move is likely to increase the market share of Blinkit in the quick commerce space in the coming quarters.
The food-delivery major has again gone for a platform fee hike, which will boost its earnings. According to the company, customers now have to pay Rs 6 an order on Zomato, a 20% increase from Rs 5 earlier.
According to the company, the new fee will be charged in Bengaluru and Delhi to start with and will gradually see an increase across the country.
