Zomato, led by CEO Deepinder Goyal, achieved a significant milestone on Monday, becoming the first Indian startup to join the prestigious Sensex 30, the Bombay Stock Exchange’s index of India’s top 30 companies.
The food delivery giant replaced JSW Steel Ltd, signaling a shift in the composition of India’s leading stock market index.
Zomato’s Major Milestone
This change, effective December 23, brought in estimated inflows of approximately ₹4,362 crore ($513 million) for Zomato, while JSW Steel experienced outflows of around ₹2,143 crore ($252 million). The inclusion of Zomato marks a pivotal moment, with tech-driven businesses making their presence felt alongside traditional industries in India’s financial ecosystem.
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Zomato’s stock performance in the months leading up to its Sensex debut has been remarkable. Over the last six months, the company’s share price rose by 38-43%, with annual gains of 114-126%. As of December 23, Zomato’s market capitalization stood at a staggering ₹2.64 lakh crore.
Zomato’s Strong Financial Performance
The company’s strong financial performance further solidifies its market leadership. In the second quarter of the fiscal year, Zomato reported revenue of ₹4,799 crore, reflecting a 68.5% increase from ₹2,848 crore in Q2 FY24. Even more notable was its net profit, which soared to ₹176 crore—a nearly fivefold jump compared to the same period last year.
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By contrast, its closest competitor, Swiggy, reported a net loss of ₹625 crore on revenue of ₹3,601 crore during the same quarter, underscoring Zomato’s dominance in the food delivery space. This historic Sensex inclusion highlights the growing prominence of tech-driven startups in shaping India’s economic future.
