Zomato Founder Deepinder Goyal Is Now A Billionaire. A Look At His Impressive Net Worth

New Delhi: Deepinder Goyal, the founder and CEO of Zomato, has entered the billionaire ranks following a massive rally in the company's shares over the past year. Today, shares of the online food delivery service surged by 4%, reaching a new all-time high of Rs 232 on the Bombay Stock Exchange (BSE). This represents a remarkable rise of over 300% from their lowest value in July 2023.  

This impressive growth has propelled Zomato's market value beyond Rs 1.9 lakh crore and boosted Goyal's net worth to over Rs 8,000 crore, making him India's wealthiest professional manager at 41 years old. Goyal holds 36.95 crore shares, representing a 4.24% stake in the company.

The sharp rise in Zomato's stock price is primarily due to the outstanding performance of its quick commerce division, Blinkit. Blinkit has been outpacing rivals such as Swiggy Instamart and Zepto and is expected to reach profitability sooner than initially projected.

Zomato has suggested that its instant commerce segment, Blinkit, might reach EBITDA break-even by the first quarter of fiscal 2025. The growing profitability of Zomato's core food delivery service has also boosted investor confidence.

Analysts expect that once Blinkit achieves break-even, Zomato will likely increase its investments in the segment, potentially leading to Blinkit’s gross order value (GOV) exceeding that of Zomato's food delivery business sooner than expected. This strategy aims to reinforce Zomato's market position amidst increasing competition.

Although Blinkit may take longer to achieve sustainable EBITDA margins, improvements in advertising revenue, take rates, and operational efficiencies are expected to enhance profitability in the long run.

A recent note from Goldman Sachs reveals that Blinkit now has a higher implied value compared to Zomato's core food delivery business. Blinkit’s valuation has surged to $13 billion from $2 billion in March 2023, with a per-share value of Rs 119, compared to Rs 98 for Zomato's food delivery segment.

Goldman Sachs forecasts that Blinkit’s GOV will grow at a 53% compound annual growth rate (CAGR) from FY2024 to FY2027, with its GOV and EBITDA expected to surpass those of the food delivery segment by FY2029.

Acquired by Zomato in 2022 for $568 million, Blinkit has improved its financial performance, making it the most valuable segment within Zomato’s portfolio.

Deepinder Goyal's Net Worth Exceeding Rs 8,300 Cr

• Billionaire Status: Deepinder Goyal, the founder and CEO of Zomato, has surpassed a net worth of Rs 8,300 crore, making him one of the wealthiest individuals in India.
• Significant Shareholding: Goyal’s substantial net worth is largely due to his ownership of 36.95 crore shares in Zomato, equating to a 4.24% stake in the company.
• Stock Surge Impact: The increase in Goyal’s net worth is a result of a remarkable surge in Zomato’s share price, which has risen by over 300% from its low in July 2023.
• Market Capitalization Boost: The rise in Zomato’s share price has also pushed the company’s market capitalization beyond Rs 1.9 lakh crore, reflecting the overall growth and investor confidence in the firm.
• Strategic Growth: Goyal’s wealth growth is supported by Zomato’s successful ventures, particularly its quick commerce business, Blinkit, which is expected to further enhance Zomato’s financial performance and market position.

Who is Deepinder Goyal?

Deepinder Goyal is the founder and CEO of Zomato, a leading online food delivery platform. Goyal, who holds a degree in Mathematics and Computing from IIT Delhi, co-founded Zomato while working at Bain & Company.

The company was initially launched as FoodieBay.com in 2011, with early funding from Info Edge. Zomato quickly emerged as a big player in India’s food tech sector, leveraging its innovative approach to revolutionize the way people discover and order food.

Under Goyal’s leadership, Zomato has grown rapidly and achieved unicorn status in 2018, marking it as one of the most valuable startups in India.

His vision and strategic direction have been vital in positioning Zomato as a dominant force in the industry, with the company's expansion into quick commerce and other sectors further solidifying its market presence.