Zomato's CEO, Deepinder Goyal, achieves billionaire status amidst a historic surge in share value

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.

****************************

TheTalkStreet  is an innovative online digital magazine that amplifies the voices of Entrepreneurs, Bloggers, Celebrity, Startups, Trend setters, Influencers, Peoples, Social empowerment and more. Through our website and social media platforms, we share compelling stories and conduct insightful interviews to connect with our diverse audience. Additionally, we strategically run advertisements across various platforms to help you generate valuable leads.

Embrace the opportunity to showcase your journey, achievements, and vision, establishing you & your brand as a leader in your industry. Join www.thetalkstreet.com , to inspire, engage, and connect with a global community eager to embrace innovative ideas and transformative experiences.

If you have a compelling story to share with our readers, please reach out to us at hello@thetalkstreet.com We will carefully evaluate your submission and may extend an invitation to feature it if it meets our publishing standards.