Deepinder Goyal (CEO of Zomato) became a billionaire after Zomato had a hike in growth along with Blinkit. Zomato shares have risen over 300% considering one year previously.
Moneycontrol announced, that Deepinder Goyal became a billionaire after Zomato shares had risen over 300% one year previously, and reached a recent market cap of 1.8 lakh crores. With a net worth of the past ₹8,300 crore, the CEO had become India’s richest professional manager.
According to an Inc42 article, Deepinder Goyal comes from a middle-class family. In 2008, He co-founded food delivery giant Zomato and in the initial days, it was known as, ‘Foodiebay,’ along with Pankaj Chaddah. Both worked in the same company (Bain & Company) at that time as analysts. Both graduated from IIT Delhi and Deepinder Proficient in Mathematics and Computing.
At that time, In just nine months ‘Foodiebay’ became the largest restaurant directory in Delhi-NCR and after two years it was relabelled Zomato, with time getting investments from companies like Info Edge India, Sequoia, Vy Capital, Singapore-brd investment firm Temasek, and Alibaba’s Ant Financial.
In 2018-19, Pankaj Chaddah left the company. In the same year, The company became a unicorn following Ant Financial’s $200 million investment.
Deepinder Goyal presently holds 3.95 crore shares in Zomato, amounting to a 4.24% stake in the company of food delivery which also owns quick commerce giant Blinkit.
Why has Zomato’s share price grown so much?
The primary reason for the Zomato share rises because of the rise of Blinkit. Moneycontrol recently announced on Goldman Sachs note that Zomato’s core food delivery business has lesser implied value than Blinkit.
Blinkit is presently valued at 13 billion dollars. Zomato obtained it in 2022 for $568 million, having owned around 10% of the company since the year previous. It is now growing faster than its competitors like Swiggy’s Instamart and Zepto.
On Monday, the Economic Times reported that share prices rose high of ₹232 on the Bombay Stock Exchange after the food delivery aggregator announced a platform fee hike of ₹6 per order for markets like Delhi and Bangalore.
Zomato shares are currently trading at ₹227.75 on the Bombay Stock Exchange as of July 15, 11:45 am, a 2.38% growth from the previous day.