Zomato Co-founder and CEO Deepinder Goyal has decided to forego his salary till March 31, 2026. This means that he won’t be taking home any remuneration for five years, from April 1, 2021 till the end of financial year 2026.
According to documents filed to the bourses for its qualified institutional placement (QIP) issue, the entrepreneur has voluntarily extended the waiver of his annual remuneration of Rs 3.5 crore.
“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,” the offer document read.
However, Goyal will be entitled to variable pay, which will be decided by the board later.
The Zomato chief also holds a 4.18% stake in the company, which translates to over Rs 10,000 crore. Zomato’s share price jumped 2.52% to Rs 280.21 on the NSE at the end of trading day on November 26. The company currently has a market cap of nearly $29 billion.
The foodtech major has set the floor price at Rs 265.91 per share for the Rs 8,500-crore QIP issue.
In a filing with the stock exchanges, Zomato said the issue will be open on November 25 and the issue price will be determined by the company in consultation with the book-running lead manager appointed for the issue.
The fundraise comes at a time when competition has intensified with the entry of its key rival Swiggy as a publicly listed company and the rapid adoption of quick commerce business.
Zomato’s fundraise is also expected to bring about a change in its capable, giving further ownership to domestic investors.
The company will also be a part of BSE Sensex.
