BENGALURU: Food delivery platform Zomato’s CEO Deepinder Goyal will forgo his annual salary of Rs 3.5 crore until FY26. Its qualified institutional placement (QIP) documents revealed Goyal has voluntarily waived his salary for a period starting from April 1, 2021 till March 31, 2026. Earlier in FY21, the CEO had said he would forgo his salary for about 36 months till the end of FY24.
The company will raise Rs 8,500 crore via QIP and has set a floor price of Rs 265.91 for the issue, as per the filings with the exchanges. This comes at a time when quick commerce players are investing in dark stores. Zomato also has plans to increase the number of warehouses that are used for Blinkit.
Zomato also announced shutdown of its operations in Qatar. It announced the liquidation of Zomato Internet LLC (ZIL), step down subsidiary of Zomato with effect from November 20, 2024.
“As disclosed in our red herring prospectus dated July 6, 2021 and prospectus dated July 19, 2021, ZIL didn’t have active business operations and was under process of liquidation,” as per the filings.
Its consolidated adjusted revenue grew 58% YoY (13% QoQ) to Rs 5,127 crore in Q2FY25 and consolidated adjusted EBITDA rose by Rs 289 crore YoY to Rs 330 crore driven by improvement in margins across all our businesses.