 "Zomato's Deepinder Goyal")
Goyal, who is not a promoter, saw his shareholding value spike to over Rs 8,000 crore. Goyal holds a total of 36.95 crore shares or 4.19 per cent. (Source/X)
As Zomato’s share touched an all-time high of Rs 232 per share, Deepinder Goyal, founder and chief executive officer of the company, entered the billionaire club.
The company’s market cap crossed the Rs 2 trillion mark on Monday. Zomato’s market cap at the end of the trading session was Rs 202,226 crore.
Goyal is only the second entrepreneur from the new-age listed firms to have joined the coveted billionaire club. Falguni Nayar, founder and chief executive officer of FSN eCommerce Venture, which owns the beauty and fashion e-commerce platform Nykaa, is the only other new-age entrepreneur in the billionaire club.
However, what differentiates Goyal and Nayar is the fact that the former holds a mere 4.19 per cent stake in the company. Nayar, along with her family, holds about a 52.22 per cent stake in the company.
The food aggregator’s share price touched a 52-week high of Rs 232 per share during intra-day trading, surging almost 200 per cent from the low of Rs 76.50 per share in July last year. Zomato’s share closed at Rs 229.10 per share at the end of the trading session.
Goyal, who is not a promoter, saw his shareholding value spike to over Rs 8,000 crore. Goyal holds a total of 36.95 crore shares or 4.19 per cent. At the current share price of Rs 229 per share, his shareholding in the company is now valued at Rs 8,461.55 crore.
The firm’s share price has been improving owing to the improvement in the firm’s performance, especially its quick commerce business, Blinkit. Additionally, the company has hiked its platform fee to Rs 6 from Rs 5 in some cities. This will allow the company to improve its performance.
Post its Q4 FY24 results, Zomato had said that Blinkit will expand its store footprint to 1,000 by the end of FY25. This is doubling from its current base of 526, as of March 31, 2024. This comes after they added 75 stores in just one quarter, i.e., the fourth quarter of FY24.
Blinkit also overtook the food delivery business in terms of growth.
The gross order value (GOV) of Blinkit has doubled in Q4 FY24 to Rs 4,027 crore from Rs 2,046 crore in Q4 FY23. GOV grew 13.7 per cent sequentially. Compared to the food delivery business, GOV at Rs 8,439 crore grew 28 per cent. But sequentially, the growth was marginally down by 0.6 per cent.
First Published: Jul 15 2024 | 3:50 PM IST