Deepinder Goyal, the co-founder and CEO of Zomato, has recently joined the elite group of billionaires in India. This achievement is a result of his 4.2% stake in the company, which has seen its shares skyrocket by over 300% in just two years.
Goyal, who studied at IIT Delhi, owns approximately 36.95 crore shares in Zomato, which are now worth around Rs 8,400 crore, making him a billionaire in US dollar terms, according to an ET report.Driven by an increase in platform fees, the new-age stock surged over 4% on Monday, reaching a fresh all-time high of Rs 232.
Goyal’s entrepreneurial journey began while working as a management consultant at Bain & Company, where he noticed the daily inconvenience faced by people in the pantry when ordering food.
This problem inspired him to create Foodiebay.com, which eventually evolved into Zomato. Despite his father’s initial doubts about his ability to succeed in the startup world due to their “humble background”, Goyal has proven his mettle and achieved remarkable success.
Zomato, once criticized as a loss-making startup, has experienced a remarkable turnaround since reporting its first-ever profit of Rs 2 crore in Q1 of FY24.
The company’s quick commerce arm, Blinkit, also turned adjusted EBITDA positive in March. In Q4 of FY24, Zomato delivered a consolidated net profit of Rs 175 crore, prompting brokerages to raise their target prices.
Analysts were particularly impressed with Blinkit’s growth, as its GOV increased by 13.7% QoQ, driven by a 17% QoQ increase in orders, despite a 3% QoQ decline in AOV.
The announcement of expanding the dark store count to 1,000 by the end of FY25, up from 525 in Q4, significantly reset expectations and positioning within the quick commerce space for Blinkit.
Goyal, who studied at IIT Delhi, owns approximately 36.95 crore shares in Zomato, which are now worth around Rs 8,400 crore, making him a billionaire in US dollar terms, according to an ET report.Driven by an increase in platform fees, the new-age stock surged over 4% on Monday, reaching a fresh all-time high of Rs 232.
Goyal’s entrepreneurial journey began while working as a management consultant at Bain & Company, where he noticed the daily inconvenience faced by people in the pantry when ordering food.
This problem inspired him to create Foodiebay.com, which eventually evolved into Zomato. Despite his father’s initial doubts about his ability to succeed in the startup world due to their “humble background”, Goyal has proven his mettle and achieved remarkable success.
Zomato, once criticized as a loss-making startup, has experienced a remarkable turnaround since reporting its first-ever profit of Rs 2 crore in Q1 of FY24.
The company’s quick commerce arm, Blinkit, also turned adjusted EBITDA positive in March. In Q4 of FY24, Zomato delivered a consolidated net profit of Rs 175 crore, prompting brokerages to raise their target prices.
Analysts were particularly impressed with Blinkit’s growth, as its GOV increased by 13.7% QoQ, driven by a 17% QoQ increase in orders, despite a 3% QoQ decline in AOV.
The announcement of expanding the dark store count to 1,000 by the end of FY25, up from 525 in Q4, significantly reset expectations and positioning within the quick commerce space for Blinkit.
