Deepinder Goyal, co-founder and CEO of Zomato, has ascended to the billionaire club amid a monumental rally in Zomato’s shares, driven by the rapid growth of Blinkit and recent adjustments in platform fees. Zomato’s market capitalization has skyrocketed to ₹1.8 lakh crore, marking a significant milestone in Goyal’s entrepreneurial journey.

Background of Deepinder Goyal and Zomato’s Foundation

Originally from a middle-class background, Deepinder Goyal co-founded Zomato in 2008 under the name ‘Foodiebay’ alongside Pankaj Chaddah. Both alumni of IIT Delhi and former analysts at Bain & Company, their vision quickly transformed Foodiebay into the leading restaurant directory in Delhi-NCR within nine months. The platform later evolved into Zomato, attracting investments from prominent firms such as Info Edge India, Sequoia, Vy Capital, Temasek, and Alibaba’s Ant Financial. Zomato achieved unicorn status in FY 2018-19, marking a pivotal milestone in the company’s growth trajectory.

Zomato’s Recent Growth and Share Price Surge

Over the past year, Zomato’s shares have surged by over 300%, reaching unprecedented highs fueled by the exceptional performance of Blinkit, a key component of its diversified portfolio. Blinkit, valued at $13 billion post its acquisition in 2022 for $568 million, has outpaced competitors like Swiggy’s Instamart and Zepto in rapid growth and market share.

Recently, Zomato’s shares hit a peak of ₹232 on the Bombay Stock Exchange following the announcement of a platform fee increase of ₹6 per order in major markets such as Delhi and Bangalore. As of July 15, Zomato shares are trading at ₹227.75, reflecting a 2.38% increase from the previous day’s closing.

Future Outlook and Strategic Initiatives

Looking ahead, Zomato remains focused on leveraging Blinkit’s robust growth momentum and strategic initiatives to strengthen its market position. The company continues to capitalize on opportunities within the quick commerce sector and expand its footprint across key markets.

Deepinder Goyal’s journey to billionaire status underscores his pivotal role in steering Zomato through significant milestones and expansions within the competitive food delivery industry.

Conclusion

With Zomato’s robust performance driven by Blinkit’s success and strategic decisions, Deepinder Goyal emerges as a prominent figure in India’s entrepreneurial landscape, solidifying his position as one of the country’s richest professional managers. As Zomato continues to innovate and expand, its influence on the global food delivery market remains profound.

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