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Zomato Founder and CEO Deepinder Goyal marked his entry into the billionaire’s club after shares of the company climbed to 4.75% on the BSE as of 2:24 pm today to reach an all-time high of Rs 232 apiece as bullish investors responded positively towards the platform fee hike. 

Goyal holds 36.95 crore shares, or 4.1% stake, in the food delivery giants as per the company’s 2022-2023 annual report. During the early hours of trading, Zomato’s stock touched an all-time high of Rs 232 on the NSE and the BSE, valuing Goyal’s stake at about Rs 8,498 crore. 

Zomato raised its platform fee by 20% to Rs 6 per order to pad its bottom line as well as to support expansion. Its quick commerce arm Blinkit also increased its handling fee to Rs 4 per order as Zomato continues to bet on quick commerce growth.

Its peer Swiggy also hiked platform fee on food delivery between Rs 5 to Rs 7 after restaurants disputed its 2% collection fee on food delivery orders. 

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Swiggy and Zomato hike platform fees to Rs 6 in certain areas to improve bottomline

Zomato ended FY24 with a whooping 71%  year-on-year (YoY) growth in revenue from operation to Rs 12,114 crore on a standalone basis and a net profit of Rs 351 crore. It stayed profitable throughout the fiscal year. 

In its fourth quarter, the company earned a net profit of Rs 175 crore and a 73% YoY growth in its revenue from operations to Rs 3,562 crore. It also announced that its quick commerce business turned adjusted EBITDA-positive in March as executives expect the number of monthly transacting users (MTUs) on Blinkit may cross Zomato’s MTU in the near future.