Zomato’s founder and CEO, Deepinder Goyal, has joined the billionaire ranks as a result of the company’s remarkable stock performance. Since hitting a low point in July 2023, Zomato’s shares have soared by more than 300%, reaching an all-time high of Rs 232 on the Bombay Stock Exchange.
Goyal’s net worth has surged to over Rs 8,000 crore, propelled by Zomato’s market capitalization surpassing Rs 1.9 lakh crore. At 41 years old, Goyal now stands as India’s wealthiest professional manager.
The surge in Zomato’s stock price is largely attributed to the robust performance of its quick commerce division, Blinkit. Goldman Sachs has valued Blinkit higher than Zomato’s core food delivery business, estimating its worth at $13 billion. This represents a significant increase from $2 billion in March 2023, highlighting Blinkit’s rapid growth trajectory.
Acquired by Zomato in 2022, Blinkit is poised to achieve profitability ahead of expectations, potentially reaching EBITDA break-even by the first quarter of fiscal 2025. Analysts anticipate Blinkit’s gross order value (GOV) to outpace that of Zomato’s food delivery business, solidifying its position as a key revenue driver for the company.
Deepinder Goyal, an alumnus of IIT Delhi with a background in Mathematics and Computing, co-founded Zomato (originally FoodieBay.com) in 2008. Under his leadership, Zomato quickly emerged as a leader in India’s food tech industry, achieving unicorn status in 2018.
Looking ahead, Zomato plans to bolster investments in Blinkit to strengthen its market presence amidst fierce competition in the quick commerce sector. Analysts remain optimistic about the company’s future profitability, citing potential gains from advertising income, improved operational efficiencies, and sustained growth in Blinkit’s GOV.
The rise of Deepinder Goyal as a billionaire underscores Zomato’s transformative journey in the digital economy, propelled by innovative strategies and a strong market position in India’s burgeoning food delivery and quick commerce sectors.
