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Zomato CEO Deepinder Goyal turns billionaire amid record share rally


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.


Edited by Kanishk Singh



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