Deepinder Goyal is, however, entitled to variable pay but the amount is yet to be finalised and will be determined by the board at a later stage
Extending his previous commitment by two more years, Deepinder Goyal, the Chief Executive Officer (CEO) of food delivery platform Zomato has decided that he would forgo his annual salary of Rs 3.5 crore until the end of the financial year 2026 (FY26), as revealed by the company’s Qualified Institutional Placement (QIP) documents according to the media reports.
As far as the details of the decision are concerned, Goyal initially waived his salary for three years starting April 2021. This decision covered the period until this year’s March. However, the recent move by the CEO means that he will not withdraw any salary from the company until 31 March 2026. As per the company’s offer documents, the CEO informed his decision to the board via letters dated 24 March 2021 and 1 April 2024.
However, even after waiving his salary, Goyal will remain in the position of Zomato’s Managing Director (MD) and CEO and will continue to fulfil all his responsibilities. Goyal is entitled to variable pay but the amount is yet to be finalised and will be determined by the board at a later stage. He currently owns a 4.18 per cent stake in the company which is currently valued at over Rs 10,000 crore, based on the closing share price of the company on 25 November.
Zomato has embarked on its first significant fundraising initiative since its initial public offering (IPO) in July 2021, aiming to secure up to Rs 8,500 crore through a qualified institutional placement (QIP). The company has set a floor price of Rs 265.91 per share for the offering, a nearly 3 per cent discount to its recent closing price of Rs 273.60 on the BSE. The fundraising effort comes at a time of intense competition in the quick commerce sector, with rivals such as Swiggy and Zepto also aggressively scaling operations.
