INSUBCONTINENT EXCLUSIVE:
Deepinder Goyal (Source/X)4 min read Last Updated : Jul 15 2024 | 11:38 AM IST
Deepinder Goyal, the founder and CEO of Zomato, has joined
reached a new peak of Rs 230 on Monday morning, gaining up to 2 per cent in a single day and pushing its market capitalisation beyond Rs 1.8
trillion.
This surge has elevated Goyal, aged 41, to the position of India's wealthiest professional manager, with his net worth now
exceeding Rs 8,300 crore, the report claimed.
Goyal holds 36.95 crore shares, representing a 4.24 per cent stake in Zomato.
This comes
days after food delivery majors Zomato and Swiggy increased their platform fees to Rs 6 in key markets like Bengaluru and Delhi
This marks an increase of 20 per cent from the Rs 5 that the two platforms were charging until now in these markets.Also Read:Swiggy, Zomato
increase platform fee to Rs 6 per order for revenue boost
Zomato market-cap touches Rs 2 trillion
On Monday, Zomato entered the
prestigious league of companies with a market capitalization of Rs 2 trillion
This milestone was achieved after the company's stock price reached a new peak of Rs 230, increasing by 4 per cent during intraday trading
on the BSE.
Zomato's market cap hit an intraday high of Rs 2.01 trillion on the BSE, highlighting the significant growth of the food
146.85, recorded on June 4
is largely attributed to the promising performance of Zomato's quick commerce division, Blinkit, which is expected to turn profitable sooner
The company previously announced that Blinkit might achieve EBITDA break-even by the first quarter of FY25
competitors like Swiggy Instamart and Zepto, has further fuelled investor optimism
Reports suggest that Zomato will increase investments in Blinkit, potentially after it reaches EBITDA break-even
This strategy aims to enhance Blinkit's gross order value (GOV) beyond that of Zomato's food delivery segment sooner than expected,
solidifying its competitive edge.
Zomato will focus on growth investments rather than immediate profitability to capture new market
opportunities and establish long-term dominance, the report said, citing analysts.
Consequently, Blinkit's path to sustainable EBITDA
margins (4-5 per cent of GOV) might take longer compared to the food delivery segment
However, various factors, such as advertising revenue, take-rates, and operational efficiencies at different levels, are expected to drive
gradual profitability.
A recent Goldman Sachs report highlights Blinkit's increasing value, now estimated at $13 billion, significantly
higher than Zomato's core food delivery business
Blinkit's per-share value of Rs 119 surpasses the food delivery segment's Rs 98
Goldman Sachs projects Blinkit's gross order value will grow at a 53 per cent compound annual growth rate (CAGR) from FY24-27, with both GOV
background to a billionaire began with his graduation in Mathematics and Computing from IIT Delhi
Passionate about food, he co-founded FoodieBay.com, later renamed Zomato.com, while working at Bain and Company
Recognizing the potential for streamlining food ordering, Goyal and his team received initial funding from Info Edge in 2011, enabling them
to focus entirely on Zomato
The company became a Unicorn in 2018.First Published: Jul 15 2024 | 11:38 AMIST
