Deepinder Goyal, the founder and CEO of Zomato, has stepped down from the board of Urban Company. He made the decision because Blinkit, a company owned by Zomato, has decided to enter the home services category, which is the main focus of Urban Company. In March 2022, Goyal became an independent director on the company’s board.
Zomato recently acquired Blinkit, a company that specializes in home chef services. The acquisition cost Zomato a whopping $568 million. Blinkit is already operating under the name ChefKart, providing their unique culinary services. The company has not made an official statement about this yet. In the December 2022 quarter, Zomato, the company founded by Goyal, reported a loss of Rs 346.6 crore.
Despite the losses, Goyal believes that he can transform Zomato into a company worth over a billion dollars within the next 7-8 years. He recently mentioned that Zomato wants to prioritize long-term growth goals and not be overly concerned about short-term growth pressures.
Deepinder Goyal Bio and Net Worth
Zomato was founded by Deepinder Goyal in 2008. He currently owns 5.5% of the company. In 2020, he had 7.7 percent of shares, but in 2022, he reduced it to 5.5 percent. Goyal was born in the state of Punjab. His parents worked as teachers. In 2005, he completed his studies at IIT Delhi and earned a degree in Mathematics and Computing. While working for Bain and Company in the national capital, he realized that his colleagues needed menu cards. In 2008, he saw an opportunity and began his own startup called Foodiebay. Later in 2010, he changed the name to Zomato.
He is married to Kanchan Joshi, whom he met in college. She has a Master of Science degree in mathematics.
In 2021, Zomato purchased its initial public offering (IPO). At that time, Goyal had a net worth of 650 million dollars. As per our research his net worth is Approx. Rs 2030 crore.
In 2020, Goyal earns a high salary. He used to earn more than Rs 3 crore per year. In FY 21, the salary decreased to 1.96 crore. He later announced that he will not be accepting any salaries for the next three years. The Chief Technology Officer (CTO) of Zomato, Gunjan Patidar, earns a salary of Rs 1.5 crore, while the Chief Financial Officer (CFO), Akshant Goyal, earns a salary package of Rs 3.2 crore. The CEO of the company’s food delivery service, Rahul Ganjoo, earns a salary package of Rs 2.9 crore.
In 2022, Goyal received shares worth Rs 387 crore as Employee Stock Ownership Plan (ESOP). He gave away his ESOP earnings, which were valued at Rs 700 crore, to the Zomato foundation. The foundation focuses on helping the company’s delivery partners.
Goyal is someone who invests in multiple things. He has invested in startups such as SquadStack, Bira 91, HyperTrack, and TerraDo.
Conclusion
In summary, Deepinder Goyal, the founder and CEO of Zomato, has recently made strategic moves in the industry, including stepping down from the board of Urban Company due to Zomato’s expansion into home services. Despite financial challenges, he remains focused on long-term growth goals. Goyal’s entrepreneurial journey and contributions to the industry highlight his dedication and vision. His current net worth is approximately Rs 2030 crore, and his investments in startups reflect his commitment to innovation.