Zomato CEO Deepinder Goyal Becomes Billionaire Amid Stock Surge
- Zomato's shares surged 4%, pushing the stock to ₹232 on the BSE and boosting Goyal's net worth to over ₹8,000 crore.
- Zomato’s quick commerce business, Blinkit has outperformed competitors and is now valued at $13 billion, with Goldman Sachs predicting its GOV and EBITDA will surpass Zomato's core food delivery business by FY29.
Deepinder Goyal, the founder and CEO of Zomato, is now a billionaire thanks to a big rise in Zomato's shares over the past year.
Today, shares of the online food delivery platform jumped 4%, reaching a new high of ₹232 on the Bombay Stock Exchange (BSE). The stock has risen more than 300% since its low in July 2023.
The surge has increased Zomato's market cap to over ₹1.9 lakh crore and boosted Goyal's net worth to more than ₹8,000 crore, making him the richest professional manager in India at 41. Goyal owns 36.95 crore shares, which is a 4.24% stake in the company.
The increase in Zomato's stock price is due to the strong performance of its quick commerce business, Blinkit, which has been doing better than competitors like Swiggy Instamart and Zepto. Zomato has also stated that Blinkit could achieve EBITDA break-even by the first quarter of fiscal 2025.
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According to a report by Goldman Sachs, Blinkit is valued higher than Zomato's core food delivery business. Blinkit's value has jumped to $13 billion from $2 billion in March 2023, with a per-share value of ₹119, compared to food delivery's ₹98.
Furthermore, Zomato's food delivery EBITDA margin is one of the highest globally, and similar results are expected for Blinkit. Goldman Sachs also predicts Blinkit’s gross order value (GOV) will grow at a 53% CAGR from FY2024-27, with GOV and EBITDA surpassing food delivery by FY29.
Blinkit, acquired by Zomato in 2022 for $568 million, has greatly improved its financial health and is now estimated to be worth $13 billion, the highest among Zomato’s businesses.
Edited by Harshajit Sarmah
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