Zomato's Deepinder Goyal adds his name to Indian Billionaires after Blinkit success

Zomato's Deepinder Goyal, the founder and CEO of Zomato, has achieved billionaire status following an impressive surge in the company’s stock over the past year. Zomato, a leading online food delivery platform, witnessed a remarkable 4% increase in its share price today, reaching an all-time high of ₹232 on the Bombay Stock Exchange (BSE).

The stock’s meteoric rise is even more striking when compared to its low point in July 2023, having soared by over 300% during this period. As a result, Zomato’s market capitalization now exceeds ₹1.9 lakh crore, catapulting Goyal’s net worth beyond ₹8,000 crore. At just 41 years old, Goyal has emerged as India’s wealthiest professional manager.

Goyal’s ownership stake in Zomato stands at 36.95 crore shares, equivalent to 4.24% of the company. However, the driving force behind the stock’s ascent lies in Zomato’s quick commerce business, known as Blinkit. This segment has consistently outperformed competitors like Swiggy Instamart and Zepto, positioning Zomato for sustained success.

Blinkit’s  Growth

Goldman Sachs predicts that Blinkit’s gross order value (GOV) will experience robust growth at a 53% compound annual growth rate (CAGR) from FY2024 to FY2027. By FY2029, both its GOV and EBITDA are expected to surpass those of Zomato’s core food delivery business. Acquired by Zomato in 2022 for $568 million, Blinkit has significantly improved its financial health, making it the most valuable segment in Zomato’s portfolio.

Deepinder Goyal, an IIT Delhi graduate in Mathematics and Computing, co-founded Zomato (originally named FoodieBay.com) while working at Bain & Company. His passion for food led him to focus on the company full-time, with initial funding from Info Edge in 2011. Zomato quickly became a prominent player in India’s food tech industry, achieving unicorn status in 2018.

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