Zomato's Founder and CEO, Deepinder Goyal, recently ascended to the billionaire's elite following a remarkable surge in the company's shares on the BSE, reaching an unprecedented high of Rs 232 per share. With a substantial stake of 4.1% in the food delivery giant, Goyal's stock value peaked at about Rs 8,498 crore during early trading hours today.
The positive response from bullish investors towards the platform fee hike, coupled with Zomato's strategic move to increase its platform fee by 20% to Rs 6 per order, is not only boosting the company's financial standing but also fueling its expansion plans.
Blinkit's quick commerce arm also charges a handling fee of Rs 4 per order, while its competitor Swiggy increased the platform fee for food delivery from Rs 5 to Rs 7 following objections from restaurants regarding its 2% collection fee on food delivery orders.
Zomato closed out FY24 with an impressive 71% year-on-year (YoY) surge in operational revenue, reaching Rs 12,114 crore on a standalone basis, with a net profit of Rs 351 crore. Maintaining profitability throughout the fiscal year, the company also reported a net profit of Rs 175 crore in the fourth quarter, alongside a 73% YoY increase in operational revenue to Rs 3,562 crore. Notably, Zomato's quick commerce business achieved positive adjusted EBITDA in March, with executives anticipating that the number of monthly transacting users (MTUs) on Blinkit could soon surpass Zomato's MTU.
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