Deepinder Goyal Becomes Billionaire as Zomato Soars 400% in Two Years | BulletsIn

Deepinder Goyal, cofounder and CEO of Zomato, has joined the billionaire club as the company’s shares surged by over 400% in just two years. With Zomato’s stock reaching INR 232 in early trading, Goyal’s stake in the company, totaling 36.95 Cr shares as of March 2024, is now valued at over INR 8,400 Cr ($1 Bn), marking a significant milestone in his entrepreneurial journey.

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• Zomato’s cofounder and CEO Deepinder Goyal’s net worth surpassed $1 billion following the company’s remarkable stock performance.
• Goyal holds 36.95 Cr shares in Zomato, valued at INR 8,400 Cr as of the latest trading.
• Zomato’s shares hit an all-time high of INR 232, reflecting a staggering 400% increase since July 2022.
• The surge follows Zomato’s profitability in Q1 FY24 and robust growth in its quick commerce business, Blinkit.
• From a low of around INR 40 in mid-2022, Zomato’s stock has multiplied more than fivefold.
• Kotak Institutional Equities predicts strong Q1 FY25 results driven by 23% YoY growth in food delivery GMV.
• Blinkit’s GMV growth of 113% YoY is expected to boost Zomato’s revenue further.
• Zomato reported a net profit of INR 2 Cr in Q1 FY24 and INR 175 Cr in Q4 FY24 on robust operating revenues.
• JM Financial anticipates a strong performance in Q1 FY25 with a price target of INR 230 per share.
• The success underscores Zomato’s turnaround and expansion in India’s competitive food delivery market.