Zomato‘s founder and CEO Deepinder Goyal has seen a significant boost in his net worth, driven by a sharp rally in the company’s share price. Goyal’s net worth now exceeds INR 10,108.74 Cr ($1.19 Bn).
According to INC42, as per Zomato’s filing for its INR 8,500 Cr qualified institutional placement, the founder holds a 4.18% stake or 369.47 Mn equity shares in the company. This amounts to INR 10,108.74 Cr at the last closing market price.
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Zomato CEO foregoes salary until 2026
However, the founder forfeited his base salary of INR 3.5 Cr per annum till March 31, 2026, starting April 2021. Besides his base salary, Goyal is entitled to variable pay, which is at the discretion of the company’s board, and statutory benefits.
Goyal already entered the coveted billionaire club in July when the foodtech major’s shares touched INR 230 mark. This coincides with Zomato’s QIP that opened yesterday (November 25) and the company set a floor price of INR 265.91 per share for it. Zomato said it may offer a discount of up to 5% on the floor price.
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Zomato stock returns 123.78% to investors
Meanwhile, the stock has witnessed a significant uptrend since the beginning of this year on the back of its improving fundamentals and profitable quarters. On a YTD basis, its stocks have given a return of 123.78% to its investors.
Earlier this week, BSE announced the inclusion of Zomato’s stock in Sensex effective December 23 replacing JSW Steel. Following this, the stocks rose as much as 7.62%. Last week, global brokerage firm Morgan Stanley projected that Zomato stock has the potential to double in value within five years—or even in less than three years under a bullish scenario. It increased its price target to INR 355 per share from INR 278 for the company earlier.
