Zomato CEO Deepinder Goyal Won't Take Rs 3.5 Crore Salary Until FY26 - Here's Why

Zomato CEO Deepinder Goyal has voluntarily extended his salary waiver, deciding not to take his annual remuneration of Rs 3.5 crore until the end of the financial year 2026 (FY26). This decision announced through the company’s qualified institutional placement (QIP) documents, marks an additional two years beyond his previous commitment to forgo his salary until March 31, 2024.

Earlier Salary Waiver Decision
At the beginning of FY21, Goyal had pledged to forgo his salary for 36 months, ending on March 31, 2024. However, in a new move, he has extended this for two more years, meaning he will not be drawing any salary until the end of FY26. According to the company’s QIP offer document, Goyal officially waived his salary starting April 1, 2021, with the waiver now extended until March 31, 2026.

No Salary, But Continues as CEO
Despite forgoing his salary, Goyal will continue to perform his duties as Managing Director (MD) and CEO of Zomato. The company noted that he will still be entitled to variable pay, with the exact amount to be decided by the board at a later date.

Goyal’s Stake in Zomato Surges 
Deepinder Goyal’s stake in Zomato has grown substantially. As of November 25, 2024, he owns 4.18 per cent of the company, which is valued at over Rs 10,000 crore due to a surge in the company’s stock price. Zomato’s shares have risen more than 140 per cent year-to-date, trading at Rs 277.35 per share on November 26, 2024.

Zomato’s Market Cap Reaches Rs 2.45 Lakh Crore
Zomato, a leader in the food-tech sector, currently boasts a market capitalization of Rs 2,45,243 crore (approximately $28.8 billion) as of November 26, 2024. This positions the company as one of the most valuable new-age firms in India. In comparison, its closest rival, Swiggy, has a market capitalization of Rs 99,845 crore (around $11.8 billion).