Zomato CEO and founder Deepinder Goyal has opted to extend his salary waiver for another two years, according to the company’s Qualified Institutional Placement (QIP) report. Goyal has decided to forgo his salary until March 31, 2026.
The food delivery company’s FY24 annual report noted that Goyal had initially waived his salary for 36 months starting April 1, 2021. With this latest decision, he will go five years without drawing a salary.
“Vide letters dated March 24, 2021 and April 1, 2024, addressed to our Board, Deepinder Goyal has voluntarily waived his salary for a period starting from April 1, 2021 till March 31, 2026 and shall continue to discharge his roles and duties as managing director and chief executive officer during this period,” QIP document said.
Goyal’s decision to forgo his salary aligns with his substantial ownership stake in Zomato. As of November 25, his 4.18% shareholding in the company is valued at approximately ₹10,000 crore, based on Zomato’s closing share price.
Zomato’s stock has seen remarkable growth in 2023, surging over 140% year-to-date (YTD). On November 26, the shares were trading at ₹279.84 on the Bombay Stock Exchange (BSE). The company’s market capitalization now stands at Rs 2,45,243 crore (approximately $28.8 billion), significantly outpacing its competitor Swiggy, which has a valuation of Rs 99,845 crore (around $11.8 billion).
Zomato’s shares rose by up to 6% during early trading on November 25, driven by two key developments. Firstly, the company became the first new-age tech firm to join the 30-stock Sensex, India’s flagship stock market index. Secondly, Zomato received approval for its Rs 8,500 crore ($1 billion) Qualified Institutional Placement (QIP), boosting investor confidence.