Deepinder Goyal’s stake in Zomato is now worth more than $700 million

• CEO Deepinder Goyal owns about 5.5% stake in the company.
  
• His net worth was estimated to be around $295 million in 2020.
  
• Goyal also has been granted ESOPs worth over $600 million.

The market value of cofounder and chief executive officer (CEO) Deepinder Goyal’s stake in the newly-listed company Zomato has surged to a whopping ₹5,500 crore ($738 million).

Goyal, who founded Zomato along with Pankaj Chaddah in 2018, owns about 5.5% stake in the company. The value of his stake has almost nearly doubled from ₹2,211 crore ($297 million) market value in February 2021, when Zomato was valued at $5.4 billion by external investors.

According to a Hurun ‘India 40 & under self-made rich list, 2020’ report, Goyal’s net worth in 2020 was around ₹2,200 crore ($295 million, at current conversion rate) in 2020. The report noted that Goyal’s wealth had increased 16% compared to 2019. However, it has not mentioned any other specifications like the increase in net worth over the years.

Goyal received an annual remuneration of ₹1.9 crore (excluding employee stock ownership plan or ESOPs) in the financial year 2021. He has been appointed as the managing director and CEO of Zomato for the next five years until March 2026, with a basic salary remuneration of ₹3.5 crore. However, he has voluntarily waived off his updated remuneration for a period of 36 months from April 1, 2021 onwards.

Goyal has also been granted 36.85 crore shares under the ESOP plan.

Zomato made a strong debut on the stock exchanges on Friday, July 23. The company’s shares opened at ₹116 on the national stock exchange (NSE), representing more than a 51% premium over the issue price of ₹76. The company ended the first day of trade about 8% above the listing price, at ₹125.30.

It also breached the market cap of ₹1 lakh crore at 10.16 a.m, only 16 minutes after listing.

The market value of shares held by Info Edge, which is the largest stakeholder in the company, has increased to ₹15,000 crore (roughly $2 billion).Meanwhile, Uber’s share has crossed ₹9,000 crore ($1.2 billion) without investing a single penny in the food aggregator business.

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